(Health Korea News / Lee Chang-yong) The 37th domestically produced P-CAB new drug, ‘Jaqbo’, is advancing into 19 Central and South American countries following China and India.
Onconic Therapeutics, a subsidiary of Jeil Pharmaceutical, announced on the 12th that it signed a technology export agreement for its new gastroesophageal reflux disease treatment drug ‘Jacubo (ingredient name: Zastaprazan)’ with Laboratorios Sanfer (SA de CV), a global pharmaceutical company in Mexico.
This is the first time that Onconic Therapeutics has entered Central and South America through technology transfer beyond Asia, including China and India. The terms of the contract were not disclosed according to the agreement between the two companies.
Sanfer was founded in 1941. It is a global pharmaceutical company that ranks first in sales and market share among local pharmaceutical companies in the Mexican specialty pharmaceutical market (Source: MFP Audit Market, Knobloch Information Group 2023). Sanfer has subsidiaries and branches in 19 countries in Central and South America, including Mexico. This is why Jacubo expects even faster expansion in the Central and South American market in the future.
This contract covers a total of 19 countries in Central and South America, including Mexico, Argentina, Chile, and Colombia. This technology transfer was made four months after the technology transfer contract with an Indian global pharmaceutical company in May. Following China and India, where contracts have already been signed, Jaqbo has now entered a total of 21 countries.
According to IQVIA Korea, the pharmaceutical and biotechnology industry market in South America recorded a compound annual growth rate of 6.6% from 2017 to 2022. It is expected to accelerate to 7.8% from 2022 to 2027. The pharmaceutical market in Central and South America recorded a growth rate of 19.2% in 2023 and is expected to achieve a compound annual growth rate of 22% from 2022 to 2027. Central and South America is attracting attention as the fastest-growing region among major markets around the world.
“Jaqbo’s entry into a market with high growth potential such as South America will be an important milestone in our global market expansion,” said an Onconic Therapeutics official. “Onconic Therapeutics will continue to provide innovative technologies in more countries through collaborations with trustworthy pharmaceutical companies and establish a solid position in the global pharmaceutical market.”
The company did not disclose the export amount.
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