Inibio has received domestic marketing authorization for its botulinum toxin product for the forehead, INIBO 100 units.
INIBO currently has supply contracts worth about KRW 1 trillion in three countries, Brazil, China, and Peru. With this approval, the company is expected to significantly expand its presence in the domestic market.
On the 19th, the Ministry of Food and Drug Safety (MFDS) gave final approval to the product license for 100 units of INIBO, which was submitted by Inibio in August last year.
INIBO was approved for export two years ago. After verification of medicinal efficacy and safety and efficacy screening, the product can be sold domestically from today.
It is a botulinum toxin product that has the effect of temporarily improving glabellar wrinkles caused by brow furrowing muscles and frowning muscles. It has the advantage of being able to return to daily life immediately after treatment.
INIBO is Clostridium botulinum toxin type A, the same type as the previously licensed products from Jonggeun-dang, Daewoong Pharma, and Hugel.
The company aims to launch the product this year. In China, the company plans to submit a Phase III IND within the year.
Last month, Inibio signed a supply contract worth 500 billion won with Brazilian pharmaceutical company Arella Pharmaceutica. Brazil's botulinum toxin market is expected to be worth about 400 billion won in 2021.
In February, Inibio signed a distributor agreement worth about 460 billion won with a local Chinese company. During the same period, it also signed an exclusive distribution contract worth about 3 billion won with Peru's Pharma Solutions. It is currently pursuing supply contracts in the United States and Europe.
According to the industry, the global botulinum toxin market was valued at about $7.23 billion (KRW 9.16 trillion) last year. It is expected to grow at an average annual rate of 5.1% to reach a total of $10.62 billion (KRW 13.46 trillion) by 2030.
See about this product in our shop: https://www.koreabeautytech.com/en-in/products/inibo
