Nibec gets approval for its bone graft biomaterials in Colombia, Mexico

South Korea's bioactive peptide technology company Nibec Co. said on Friday that it has obtained product approval for the sale of two types of dental bone graft material OCS-B and collagen convergence bio-material OCS-B Collagen in Colombia and Mexico.

Sales in the South American market will be carried out through existing local partners. The company said it had already begun marketing preparations for full-scale sales in these markets.

Nibec plans to secure a foundation for stable growth by advancing into neighboring Latin American markets including Brazil following the latest approval in Colombia and Mexico.

The company explained that it is already improving its performance in the biomaterials business with bone graft materials in the main in Europe. As the number of orders continues to increase in Europe, it will complete the construction of a new plant by the end of June this year.

"Even though the Latin American dental materials market is considered one of the largest in the world, most of the materials are imported. Our company plans to build a sales network through international partners that have already built brand awareness and infrastructure locally to successfully enter the market," said an official of Nivec.

"Currently, we are in the middle of preparing for full-scale sales in Mexico. Given we are in the process of obtaining licenses in Brazil, we will do our best to create synergies in entering the region's market," he added.

Write to Jeong Min Nam at peux@hankyung.com