News
2023.07.18
DxVx, a microbiome-based healthcare company, embarks on selling its pharmaceutical product in the Chinese market, renowned as the largest antibiotic market in the world. To facilitate its entry into China, DxVx has joined forces with Coree Group, a prominent healthcare company.
On the 18th, DxVx BJ announced that the signing of an exclusive sales contract with the Sinopharm Shantou Jinshi Pharmaceutical, facilitated through Coree Group.
Jinshi is one of the member companies of Sinopharm, the largest state-owned pharmaceutical company in China, and holds the qualification of a Marketing Authorization Holder. The collaboration aims to manufacture and supply the Azithromycin antibiotic product in China.
The distribution of antibiotics in the Chinese market will be conducted through one of Coree’s Chinese affiliates, which holds a GSP certificate granted to pharmaceutical distributors in China. As part of the agreement, DxVx BJ will receive the deposit of 1 billion won to establish local marketing and sales networks, along with monthly usage fees for the usage of DxVx trademark.
The Chinese pharmaceutical market is worth about 225.4 trillion won annually, making it the second largest in the world, trailing the United States. In particular, the Chinese antibiotic sector alone is worth about 37trillion won annually, making the largest antibiotic market globally. Notably, Coree Group has recorded annual antibiotics sales, surpassing 60 billion won.
DxVx views the introduction of antibiotic products a s a pivotal step to march into the Chinese healthcare sector. The company has ambitious plans to expand its product lines, encompassing a wide range from general medicines to best-in-class products and new drugs. Currently, multiple products, including treatments for atopic skin and trench mouth, and supplements for arthritis and eye diseases, are at the final stage of approval and set for release shortly.
An official from DVC stated, “As we venture into the Chinese market for the first time, we are conservatively estimating the sales performance of our antibiotics. […] However, with the expansion of our products lines in the second half of this year, we anticipate significant sales growth in the subsequent periods.”
[Source: Korea Pharmaceutical Bio Association 2022 Pharmaceutical Bio Industry Data, 2022-2027 China Antibiotics Industry Market Development Status and Investment Prospect Report - Huajing Industrial Research Institute]
https://www.huaon.com/channel/trend/762278.html