Croma-Pharma expands reach in aesthetics market

SEOUL – Family-owned, Austrian company Croma-Pharma has signed a 10-year comprehensive and important distribution agreement with Hugel Inc, the leading producer of anti-aging and Botulinum toxin products in South Korea and Asia.

The agreement expands the reach of Croma-Pharma in the fast-growing global aesthetics market by adding Hugel products to its well-established range of hyaluronic acid fillers. Distribution rights include EU, North-America and Australia markets.

Andreas Prinz, managing director and owner of Croma-Pharma said at the signing: “Croma-Pharma is always committed to bringing the most advanced anti-aging and medical products to patients and doctors alike. With this agreement Croma-Pharma will add the most sophisticated Botulinum toxin products to its well established range of filler products sold by the brand-name of Princess?.”

These Princess? Fillers (Rich, Volume and Filler), produced by Croma-Pharma itself, are all based on Hyaluronic Acid.

Croma-Pharma will become the exclusive distribution partner and will be responsible for conducting the required clinical trials and studies in Europe, North America and Oceania markets. The company expects to invest an estimated two-digit million Euro amount for conducting these studies. Following the final approval of FDA, EMA and other authorities, Croma-Pharma will then market the new products Croma-Pharma will promote the new products under their own brand. Products shall enter the markets in 2018. Forecast of sales until 2021 estimate returns of more than 100 million Euro in this dynamically growing market.

Intensive research and experience have made Croma-Pharma the leading European producer and specialist of hyaluronic acid-based products. “These new Botulinum toxin-based products will perfectly complement our existing portfolio, meeting the demands of both aesthetic doctors and customers as well,” Mr Prinz said.

Hugel CEO, Dr Kyeong-Yeop Moon, said in a statement: “Since 2001, Hugel has focused its research on only one area in order to develop the best possible anti-aging products available anywhere. We do our very best to develop innovative, top-quality products that completely satisfy our customers. With Croma-Pharma, we have found the perfect partner to distribute and market our products everywhere outside Asia.”

Hugel is a market leader in the South Korean aesthetic market with a portfolio of products that includes cosmeceuticals, neurotoxins and dermal fillers. The company has enjoyed rapid growth in recent years and is focused on developing or acquiring innovative new products and technologies in the pharmaceutical, cosmetic, and medical device fields that complement its existing portfolio.