Bioplus "Accelerates Global Entry with Premium Filler"
Chung Hyun-kyu, CEO of Bioplus, said, "We will dominate the global beauty medical device market in the world."
Bioplus Exports more than half of the total filler sales to Europe and Japan
Also Plans to establish a large factory in China...and penetrate Indian market
Mediapen | Reporter Kim Kyun-Hee | email@example.com
▲ Chung Hyun-kyu, CEO of Bioplus./Photo=Bioplus
“We will use Hainan, a free trade port in China, as a forward base to dominate the global filler market.”
“This year, despite the new Covid-19 pandemics effect, we have solidified our internal stability,” said Chung Hyun-kyu, CEO of Bioplus.
Earlier in October last year, Bioplus, a beauty medical device company, announced its plan to expand its second plant and integrate its research center in Sungnam, declaring the era of “Bioplus Season 2.”
According to the plan at the time, Sungnam’s second plant was recently completed, and its research center and headquarters were also merged here. With the establishment of the Sungnam base, the company’s maximum monthly production capacity has increased to 1.2 million units, including its first and second plants. Its main products are Hyaluronic acid filler ‘Hyal dew’ and ‘Skin Plus Hyal’ that are applied with MDM technology.
Bioplus’s performance is also growing day by day. According to the company, it recorded 3.5 billion won in sales in 2017, followed by 17 billion won in sales last year, nearly a five-fold increase. Despite the influence of Covid-19, the amount is expected to be slightly over 23 billion won this year.
Filler sales account for a higher proportion of exports than domestic sales. Sixty percent of the total production is sold to Europe and Japan, including Spain and Turkey. Bioplus is also trying to lay the foundation for expanding its global market. The company recently completed the application for the sale of the site for the establishment of a joint venture in Hainan, China, and the establishment of a large-scale factory in Gangdong New district, Haikou City. The company intends to create a “classical bio-beauty platform” to mass-produce filler and target markets. Hainan, China, is where President Xi Jinping declared the development of a free trade port last June.
“We are planning to produce filler directly in China and sell and export it to Hong Kong and Southeast Asian markets as well as to China. Along with this, we will form strategic alliances with hospitals located in the Boaoleocheng Medical Tourism Zone in Haenam, China, and have a well-being-health medical hospital franchise,” said CEO Chung.
“The Hainan base will serve as a catalyst for Bioplus’ entry into the Chinese market as well as for the expansion of the global market,” he said.
▲ A bird’s-eye view of ‘Bio-Beauty Platform’ planned to be built in Gangdong New District, Haikou City/Photo=Bioplus
Not only this but company also recently obtained approval for its products in India. Bioplus established its local branches in Dubai and New Delhi in 2018 for approval.
India has 1.3 billion people, second only to China, and is considered a market with great potential to purchase beauty products. Although there is a huge cultural gap with Korea, the industry judges that the interest in beauty is comparable to that of developed countries.
CEO Chung cited product quality as the reason why he was able to obtain permission for items in India. Bioplus’ product uses hyaluronic acid as a material like existing filler, but it is explained that it creates 3D space by weaving thread-shaped hyaluronic acid (cross link). MDM filler manufacturing method also obtained patents.
The company explains that making fillers with the corresponding technique will solve problems such as turning off of the repair area and lack of molding that can create shapes after the procedure.
“Bioplus is making efforts to actively introduce non-face-to-face marketing methods at a time when overseas business trips have become somewhat difficult due to the influence of Covid-19,” CEO Chung said. “We will preoccupy the global market with our business know-how through the influence of the Korean Wave and the establishment of high-end brands.”
Since its establishment in 2003, Bioplus has been a Korean bio company that develops and sells bio products such as filler and anti-adhesion drugs with the aim of “upgrading the Beauty.” Currently, the company has selected Kiwoom Securities as a listed company and is currently working on the KOSDAQ IPO.