Daewoong Pharmaceutical Initiates Global Export of 'Novel Drug' Launching 'Fexuprazan' in the Philippines
Aug 16, 2023
PRNewswire
Seoul [South Korea], August 16: Daewoong Pharmaceutical (CEO Jeon Seng-ho, Lee Chang-jae) announced that 'Fuxuprazan' is officially launched in the Philippines on the 27th.
This release marks the first successful global expansion for Daewoong Pharmaceutical within just one year since the initial release of Fexuprazan. Developed independently with Daewoong Pharmaceutical's proprietary technology for 13 years since 2008, Fexuprazan is a pure domestic novel drug with five key strengths, including rapid onset of action, quick and significant symptom improvement, excellent nighttime symptom relief, convenience of administration, low drug interactions and consistency of efficacy.
Jeon Seng-ho, the CEO of Daewoong Pharmaceutical, stated, "With the start of sales in the Philippines, we will take significant steps in the global gastroesophageal reflux disease market and aim to achieve one trillion won in global sales by 2030." He further added, "We will continue to secure additional indications beyond the current treatment of mild erosive gastroesophageal reflux disease and acute and chronic gastritis mucosal lesions, and expand the formulation to enhance competitiveness in terms of administration convenience."
Meanwhile, Daewoong Pharmaceutical's partner, PNSV Asia, a subsidiary of the SV More Group, is responsible for distribution, sales, and marketing locally. The SV More Group has been in charge of sales and marketing of gastrointestinal products, including Daewoong Pharmaceutical's liver function improvement drug 'Udcacid' and digestive medicine 'Bearse' for over 10 years. With this partnership, Daewoong Pharmaceutical expects rapid penetration of Fexuprazan for gastroesophageal reflux disease market in the Philippines.
Forward-Looking Statements
This press release contains forward-looking statements that are based on the current beliefs and expectations of Daewoong Pharmaceutical's management. Factors that could cause or contribute to such differences include, but are not limited to: (1) Regulatory and governmental approvals: The approval process for pharmaceutical products is subject to extensive regulations and may involve uncertainties and delays. Any failure to obtain necessary approvals or the occurrence of delays in the approval process could adversely affect Daewoong Pharmaceutical's business and results of operations; and (2) Clinical trials: The success of Daewoong Pharmaceutical's products depends on the results of clinical trials. The results of early clinical trials may not be indicative of the results of later-stage or larger-scale clinical trials.
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