K-CAB to treat gastroesophageal reflux disease, has made entry into the Peruvian market
October 16, 2023
K-CAB, the latest drug by HK inno.N to treat gastroesophageal reflux disease, has made entry into the Peruvian market
Peru marks the second market for K-CAB to enter, out of a total of 18 countries in Latin America that the drug aims to be launched in. To date, the drug is commercially available in seven countries around the world.
Application for approval by the Chilean authorities has been submitted, and approval from other Latin American countries is also expected to be sought by the end of this year.
Having launched in China, Mongolia, the Philippines, Mexico, Indonesia, Singapore and now Peru, K-CAB is fast affirming its presence in global markets.
HK inno.N's new drug for gastroesophageal reflux disease, K-CAB, has been launched in Peru, making the country the second following Mexico, among the 18 Latin American countries it aims to enter. With an application for approval recently submitted to the Chilean drug authorities, K-CAB has amped up its drive to foray into Latin America.
HK inno.N's CEO, Dal Won Kwak, announced October 16th that K-CAB, the company’s latest drug for treating gastroesophageal reflux disease, had officially launched in Peru as of the 12th.
Marketed in Peru as Ki-CAB, the drug’s local marketing and distribution will be handled by Laboratorios Carnot. This is in accordance with an agreement that HK inno.N signed with Laboratorios Carnot in 2018, under which the former will export finished drug products of K-CAB tablets to 17 Latin American countries including Peru.
The company is currently aiming to make the drug available in a total of 35 countries outside of Korea, including major markets such as the U.S.A., China and Brazil, either via a technological transfer or an export of finished drug products. As for Latin America, the goal is to enter 18 countries, and HK inno.N has already signed export agreements accordingly. K-CAB has already been launched in Mexico, the region’s second largest market, in May, and this achievement is now followed by a launch in Peru. Application for approval has recently been submitted to Chilean authorities, too, and the company expects to continue its wave of applications in major Latin American countries to establish a strong presence in the regional market worth an annual KRW 75 trillion.
HK inno.N's CEO, Dal Won Kwak commented, "K-CAB has been quick to expand its footprint in global markets including Latin America, Southeast Asia and Northeast Asia, boosting the status of Korean-made novel drugs. As approvals for other markets are expected to be granted in the coming months and years, the company is gearing up more than ever to ensure that K-CAB becomes a world class novel drug.”
K-CAB, the 30th new drug to be developed in South Korea, is a P-CAB class drug for the treatment of gastroesophageal reflux disease. Its notable features include rapid onset of action within 30 minutes after administration and proven efficacy and safety even with long-term use for up to six months. It saw KRW 114.1 billion worth being prescribed to outpatients between January and September this year alone, recording a rapid growth of 19% in sales year-on-year. Since its launch in Korea in 2019, it has maintained its position as the No.1 seller in the market for peptic ulcers drug market for four consecutive years. From 2019 to 2022, a cumulative 350.3 billion worth of K-CAB was prescribed to patients.
Meanwhile, out of the 35 countries in which K-CAB is aiming to launch, the drug has already become commercially available in the seven countries of China, Mongolia, the Philippines, Mexico, Indonesia, Singapore and Peru.
[Reference]
▶ P-CAB: Potassium Competitive Acid Blocker
▶ A total of 18 Latin American countries in which K-CAB is seeking to commercially launch: Brazil, Mexico, Argentina, Colombia, Peru, Chile, Ecuador, Uruguay, Paraguay, Bolivia, Venezuela, Dominican Republic, Guatemala, Honduras, Nicaragua, Costa Rica, Panama, El Salvador (Of these countries, 17 countries will see the marketing and distribution handled by Laboratorios Carnot)
▶ Based on the exchange rate as of October 13, 2023 which stands at KRW 1,349.3 / USD 1.00
▶ Source of the outpatient prescription sales in South Korea: UBIST
▶ Size of the Latin American pharmaceutical market: USD 56.2 billion, IQVIA from 2020 to 2022
▶ The figures for the markets in Brazil, Mexico, Argentina, Central America, Chile, Ecuador, Colombia, Peru, Venezuela, Dominican Republic and Uruguay etc. have been compiled to calculate the total market size of the region