Medytox, South Korea’s leading producer of botulinum toxin products, set up a joint venture firm MedyCeles with Celeste (Thailand) Co Ltd to strengthen its business in Southeast Asia, according to a report in The Korea Herald, last week.
While Medytox already has the largest market share in Thailand, it expects that the JV will help it expand it further through its partner’s extensive sales network and brand awareness.
“Entering directly into the Thai market via the JV is a meaningful step for Medytox as Thailand is an important market that leads Southeast Asia’s aesthetic surgery industry,” Jung Hyun-ho, the company’s chief executive Jung Hyun-ho told the Korean media.
Celeste (Thailand), founded in 2004 by a group of Thai pharmacists and executive managers, aims to be provide bio-similar products at the reasonable price. Apart from Medytox, it is also a sole distributor of Medikan and Benev Inc in Thailand.
The Korean firm hit the new record last year when its consolidated sales surged 51 per cent to 133.3 billion won ($117.68 million) and the profit increased 46 per cent to 75.2 billion won due mainly to the growth of its exports to 60 countries.