Hugel has officially entered the Indian market with its flagship botulinum toxin product, Letybo, as announced on Wednesday.
The company unveiled Letybo at the Global Aesthetics Summit (GAS), a prestigious international aesthetic medicine conference held in Goa, India, from July 19 to 22, marking its formal entry into the local market.
India, boasting the world’s largest population of about 1.5 billion and a swiftly expanding middle class, represents a burgeoning market for aesthetic medical services. The current low penetration rate of botulinum toxin procedures in the country signals substantial growth potential. Hugel aims to swiftly establish its presence in this nascent market, targeting a 9% share of India’s aesthetic sector this year.
At the conference, Hugel collaborated with its local distribution partner, Aakaar Medical, to boost brand recognition and cultivate a network of key opinion leaders (KOLs) in the field.
Dr. Benjamin Chan, a renowned Australian plastic surgeon who spoke at the event, highlighted Letybo’s unique Narrow Diffusion characteristic, emphasizing its capacity to deliver more predictable and precise treatment outcomes.
The company plans to continue its market penetration efforts with local launch events and hands-on workshops until July 24. Looking ahead, Hugel intends to expand its academic exchanges with medical professionals to further solidify its brand position in the Indian market.
This strategic move is part of Hugel’s broader plan to establish India as a pivotal hub for its expansion across the Asia-Pacific region.
Jang Doo-hyun, Chief Executive Officer (CEO) of Hugel, remarked that India shows significant enthusiasm for K-aesthetics. It plans to leverage the decade-long experience as South Korea’s leading botulinum toxin provider to spearhead the expansion in the Indian market and secure new avenues for global growth.
It’s worth noting that Hugel’s botulinum toxin has already gained regulatory approvals in over 70 countries worldwide, including major markets such as the U.S., Europe, and China. The company’s international success is reflected in its robust overseas sales, which now constitute nearly 70% of its total revenue.