Kolon Pharma, Dongbang Medical to export medical threads to Brazil

Kolon Pharma, the pharmaceutical affiliate of South Korea's Kolon Group, announced on Thursday that it has signed a business agreement with Dongbang Medical, a specialized medical device company, to enter the Brazilian aesthetic market.

Brazil is the world's second-largest aesthetic market. Kolon Pharma and Dongbang Medical plan to supply medical threads used in aesthetic surgical procedures, totaling over $18 million, for a period of five years. Dongbang Medical will be responsible for production, while Kolon Pharma will handle distribution. The two companies plan to diversify distribution channels to gradually expand their market share.

"The Brazilian aesthetic market is the second-largest in the world and will play a crucial role in our company's global expansion. With our entry into the Brazilian market, we aim to actively pursue opportunities for further global expansion in the pharmaceutical industry," said Jeon Jae-kwang, CEO of Kolon Pharma.

During the agreement ceremony, the three companies pledged to donate $10,000 from the sales revenue of Brazilian aesthetic products to support the treatment of domestic children with facial disorders, totaling $30,000. "In line with our global business expansion, we are committed to actively engaging in various social contribution activities as part of our ESG management," a Kolon Pharma source said.  

Write to Ji-Hyun Lee at bluesky@hankyung.com