Daewoong Pharmaceutical announced on the 14th that it has signed an export contract for the diabetes treatment 'Enblo (ingredient name: Inavogliflozin)' with eight countries in Latin America. The contract is valued at approximately KRW 33.7 billion, and when combined with existing contracts (Brazil, Mexico), the total value amounts to approximately KRW 143.3 billion.

The countries involved in this contract are Ecuador, Costa Rica, Guatemala, Nicaragua, Honduras, Panama, the Dominican Republic, and El Salvador. In collaboration with Brazilian partner Moksha8, Daewoong Pharmaceutical has confirmed its entry into 10 Latin American markets, including existing markets in Brazil and Mexico. Daewoong Pharmaceutical plans to use this contract as a stepping stone to accelerate its global market expansion strategy.

Particularly, the Latin American region is considered a key area with the fastest growth rate in the global diabetes treatment market. According to pharmaceutical market research firm IQVIA, as of last year, the region formed a market worth approximately KRW 8.2 trillion. The SGLT-2 inhibitor market, which is the same class as Enblo, grew from approximately KRW 860 billion in 2022 to about KRW 1.85 trillion last year, more than doubling, and has continued a steep growth rate of about 100% over the past two years. Daewoong Pharmaceutical expects this contract to inject momentum into its 'Global One Product One Trillion (achieving KRW 1 trillion in sales with one product)' strategy. Additionally, the company plans to gradually expand into emerging markets such as the Middle East and Africa, based on its proven technological capabilities.

Enblo is the 36th new drug developed with domestic technology and is also the first SGLT-2 inhibitor class diabetes treatment in Korea. SGLT-2 inhibitors work by inhibiting the reabsorption of glucose and sodium in the kidneys, leading to their excretion in urine. They are expected to improve blood sugar control, blood pressure, kidney, heart, and weight management, and are regarded in the industry as a new treatment paradigm.

Park Sung-soo, CEO of Daewoong Pharmaceutical, stated, “The contract with eight Latin American countries is a significant turning point for Enblo to expand its presence in the global market as a domestic new drug,” and added, “We will continue to expand our reach to regions such as the Middle East and Africa, achieving the 'One Product One Trillion' goal and strengthening our position as a leading global pharmaceutical company.”

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