LG Chem's Osteoarthritis Injection 'Synovian' China Business in earnest
Jul 03, 2024
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Sinovian is a new drug developed by LG Chem with its own technology and released in Korea in 2014 to treat knee osteoarthritis with a crosslinking hyaluronic acid (HA) component, and is characterized by a treatment effect similar to that of the existing multi-dose formulation with only one dose.
Based on Sinovian's convenience in medication, its leading position in the domestic market, and business experience, LG Chem has signed a business partnership contract with China's Yipan Pharmaceutical and has been preparing for the business step by step.
Lee Pan Pharmaceutical started phase 3 clinical trials in August 2019, applied for a sales license in December 2021, and obtained a sales license in April 2023. After about a year of negotiations with the Chinese government, Sinovian was listed on the National Remediation Drug List (NRDL), signaling a successful market settlement.
According to IQVIA, a pharmaceutical market research firm, the Chinese market for osteoarthritis HA injections is worth 200 billion won, the third largest market in the world after the United States and Japan. Currently, Sinovian is the only one-dose formulation in the Chinese market, so it is expected to have a clear competitive advantage over the five-dose formulation (one-week, five-week dose) mainly prescribed in China.
LG Chem is planning to actively support Lee Pan Pharmaceutical's local sales and marketing activities through the development of academic content for doctors and academic exchanges between Korea and China to help Lee Pan quickly absorb Sinovian's domestic business experience.
"We will accelerate market penetration through the establishment of a strategic collaboration system for Chinese arthritis patients who want new treatment options. Based on the competitiveness of Sinovian, the first single-dose arthritis treatment in China, we will lead the change in the treatment paradigm," said Hwang In-cheol, managing director of LG Chem's Primary-Care business division.
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