Daewon Pharma to export $3 mn worth of Pelubi to Indonesia

South Korea's Daewon Pharmaceutical Co. will export its nonsteroidal anti-inflammatory drug (NSAID) Pelubi to the Indonesian market. It's South Korea's 12th homegrown new drug. 

The company announced on Monday that it has signed an exclusive export supply contract for the finished product of Pelubi Extended-release Tablet (locally known as Pelubi CR Tablet) with its local partner in Indonesia PT Interbat.

The contract is for a period of five years, with a total contract value of $3 million. Pelubi Extended-release Tablet is an improved version of the Pelubi, designed to enhance ease of use for patients.

Since its launch in South Korea in 2015, Pelubi has gained various indications, including anti-inflammatory and analgesic effects, relief from pain due to trauma and primary dysmenorrhea. It is the top-prescribed product in its category in South Korea, with annual sales of approximately 40 billion won ($29.9 million).

In addition to entering the Indonesian market, Daewon Pharmaceutical plans to pursue new export deals in the Philippines and Mexico in the second half of this year. The company is also in the process of product registration in Vietnam as part of its expansion into overseas markets.

"As Pelubi has been classified as a new drug even in Indonesia, this export is significant in terms of introducing domestic new drugs to foreign markets," CEO of Daewon Pharmaceutical Baek In-hwan said. "It is expected to significantly contribute to expanding our presence in the Asian and global markets."

Indonesia is a country with high demand for pharmaceuticals in Asia, accounting for 27% of the total ASEAN market size. The overall pharmaceutical market size in Indonesia amounted to approximately $3 billion as of 2021.

Write to In-hyuk Park at hyuk@hankyung.com