Bioplus makes inroads into overseas market by upgrading hyaluronic acid filler
Chung Hyun-kyu, CEO of the Bioplus “Let’s make history together for a further, higher leap,”
[Econo News = Choi Aram Reporter] Bioplus has announced its second start-up.
Bioplus held a ceremony to mark the completion of its second plant in Sungnam, Gyeonggi Province, last 18th.
▲ An official from Bioplus is attending a beauty fair in Ukraine and meeting with industry officials.
[Economic Review= Hwang Jin-Joong Reporter] Amid steady growth in the market as anti-aging has become a trend in the beauty treatment industry, global small and medium-sized companies that are using advanced and differentiated strategies through their own technologies are drawing attention.
In particular, attention is focused on Bioplus’ move. In order to develop differentiated products compared to existing products and receive recognition for them, Bioplus is turning its eyes to overseas markets where technical skills can be evaluated instead of domestic markets where price competition has intensified. Bioplus, which has been speeding up its supply in major foreign countries such as Europe and Japan, is drawing keen attention.
Filler and facial beauty markets continue to expand thanks to growth.
The facial beauty market is expanding due to the improvement of the quality of life. In the area of facial beauty, dermal layer filler and Botox, which are used to treat skin aging such as wrinkles or retractions, are used. The dermal layer filler is a treatment aimed at restoring elasticity of the face, improving the pale contour, and relieving wrinkles.
Market research firm GBI Research predicts that the global hyaluronic acid filler market will grow from 1.98 trillion won in 2016 to 3.14 trillion won in 2020.
▲ BioPlus officials, including CEO Chung Hyun-kyu, are cutting tapes at a ceremony to mark the completion of its second plant in Sungnam on 18th.
Bioplus explained that it has completed construction of Sungnam’s second plant because it is difficult to handle the expansion of supply due to increased demand with the size of its existing first plant and research center in Daejeon.
“We expanded our second plant in order to preemptively expand our production base for new products as well as the need to increase supply capacity due to external growth,” said a representative for Bioplus.
Accordingly, a 3,000-square-meter second plant and research space have been set up in Sungnam Urim Lions Valley 2cha.
Bioplus has been speeding up its efforts to explore overseas markets by releasing new products such as Interblock and Synopil, a joint tissue recovery agent, after receiving approval for anti-adhesive agent.
It also obtained permission to manufacture medical devices for animals and entered the pet market with domestic and export permits for animal filler and anti-adhesive agents.
The pet market is expected to grow steadily around the world.
Meanwhile, Bioplus was the first in the domestic filler industry to obtain the medical device single audit program (MDSAP) certification through the BSI (British Association of Standards and Technology) which made it possible to obtain permission at once.
As a result, Bioplus can significantly reduce the time and cost of quality certification procedures not to mention five advanced countries such as the U.S. and the U.K’s certification procedures.
▲ The size of the global hyaluronic acid filler market (Unit: trillion won). Source=GBI Research
As life expectancy is extended, the proportion of the elderly continues to increase, and “active seniors” who actively invest in health and youth based on stable assets are emerging. “Looks have also become competitiveness.” said a representative for an industry. “We sometimes see this as a standard for self-management,” he said. “Life styles that value young looks are strongly popular.”
The reason for the steady expansion of the facial beauty market is that the effect of the procedure is temporary. Consumers usually utilize botulinum toxin and hyaluronic acid filler for low cost and convenience in daily life after treatment. This has transient efficacy so it requires repeated treatment to maintain the effect.
“The botulinum toxin and filler are simple and inexpensive to be treated, but they have to be treated again as their effects decrease over time,” an industry source said. “It is an area where profits can be generated.”
Hyaluronic acid filler is considered a relatively safe procedure in the facial beauty market. The main ingredient that makes up this is a human body component that leads to collagen production, which can be biodegradable and does not include toxicity that causes side effects. “The hyaluronic acid filler is less inconvenient,” an industry source said. “It is a major factor that can lead to rapid growth in the market.”
Bioplus makes inroads into foreign markets with differentiated filler
Filler market is feared to grow slow due to excessive price competition in the Korean market.
Among the ways to survive the competition are to prove that there is a low chance of side effects through several procedures, to have various product lineups, or to enter the global niche market.
Bioplus has turned to foreign countries to avoid price competition.
“Bioplus has differentiated and superior characteristics thanks to ‘new concept hyaluronic acid filler’ that is leading the second revival of hyaluronic acid filler. We have set a strategy to enter overseas markets such as Europe and North America where technical skills can be evaluated rather than domestic market where price competition has taken place.” said a representative for Bioplus.
▲ Bioplus hyaluronic acid filler product group.
Bioplus has produced filler by applying ‘DVS’ bridging technology that is difficult to implement without securing capabilities related to biomaterial handling technology.
As it is recognized as a high-end filler, it is evaluated that it has joined the ranks of luxury filler in terms of price and quality.
In order to utilize the advanced and differentiated strategy, Bioplus participated in global companies such as the Monaco AMWC, Dubai ARAB Health, and Moscow Intercharm to promote their products.
An official from Bioplus said, “We started to have ordering from major foreign countries such as the UK, Spain, Greece, Turkey, and Japan.” adding, “Our sales continued to grow since 2015 until this year.”
▲ Lee Soo-sang, director of Sky Plastic Surgery, is participating in MEDEX, Russia, explaining bioplus products to local doctors.
This year alone, Bioplus aggressively participated in about 15 global exhibitions. Bioplus also formed a group of skin and plastic surgeons in the region, held seminars, and used strategies to promote the technology of products. Bioplus has secured overseas sales networks in more than 60 countries. Overseas subsidiaries have been established in China, India, the United Arab Emirates and Brazil to secure overseas sales bases, and corporate establishment is also underway in the United States, Europe and Vietnam.
As one of the international quality certifications, Bioplus has acquired the Medical Device Single Audit Program (MDSAP), a medical device certification from five countries: the United States (FDA), Canada (Health Canada), Japan (MHLW), Australia (TGA), and Brazil (ANVISA). This will give them preferential treatment for full or partial exemption from medical device certification screening.
Starting from this year In Canada, sales can only be made when MDSAP certificates are available.
Due to expansion of overseas orders and product lines, ‘Sungnam 2nd plant is completed’…accelerating 2020 listing
To meet orders coming from abroad and to develop new products and expand production capacity, Bioplus recently expanded its second plant and research center in Sungnam, Gyeonggi Province.
“We are going to expand our second plant to increase supply capacity and expand production base for new products due to external growth,” said a representative for Bioplus.
An official from Bioplus also explained, “We are adjusting our posture to use marketing to promote product specialties and strengths. We are discussing with foreign companies such as China, Saudi Arabia, Russia, and Switzerland to accelerate technology and plant exports.”
▲ Chung Hyun-kyu, CEO of Bioplus, is giving a commemorative speech at the completion ceremony of Sungnam 2nd Plant.
Bioplus is carrying out a strategy to strengthen sales distribution in Korea through pharmaceutical companies such as Chong Kun Dang to have a sales consignment partnership.
Based on minced polymer synthesis and refining technology through filler development, Bioplus is expanding their product line to related product fields.
In addition to products that are close to fillers such as scalp care hair filler and PDRN filler, bioplus products are not only anti-adhesive agent for vertebrae that have already completed clinical and approval in Korea, but also therapeutic materials such as tissue regenerative materials for joint and urinary organs. “We are also making efforts to diversify our business by releasing medical devices for animals, which are rapidly growing products for pets,” a bioplus official added.
Bioplus is a small and medium-sized company specializing in filler and is speeding up its business with the aim of listing on KOSDAQ in 2020. “Bioplus will open the era of the second bioplus,” said CEO Chung Hyun-kyu at a ceremony to mark the completion of its second plant.
Hwang Jin-joong, reporter | email@example.com |