Croma-Pharma Announces Two Major Milestones in China
- Intradermal-Filler Princess® V
OLUME successfully approved in China by the CFDA.
- Austria-based Croma-Pharma forms Joint Venture with Sihuan Pharmaceutical to market premi
um Intradermal-Filler in China, Hong Kong and Macao
The registration of Princess® VOLUME and the signed Joint Venture open the fastest growing market for aesthetic medicine “Made in Austria”. Croma-Pharma is one of only two European producers of Intradermal Fillers approved in China.
Asia in general and China in particular are the fastest growing markets for minimally-invasive aesthetic medicine. The Chinese market sees fierce competition, mostly from local manufacturers. High-end western products, such as Princess® VOLUME, are very rare. At the end of May 2017, Sihuan Pharmaceutical Holdings Group Ltd. (via its affiliate SunMoral HK Limited) and Croma-Pharma entered a far reaching and long term cooperation. License and Distribution Agreements will combine each partner’s assets in the newly founded joint venture company SunCro Aesthetics & Cosmetic International Co. Limited. Financial details were not disclosed by the parties.
Croma-Pharma will contribute its products, experience and related intellectual property rights, whereas Sihuan Pharma Ltd will provide its multi-channel distribution and marketing knowledge in Mainland China. Within the next weeks, another Croma-product – Princess® VOLUME Lidocaine – will be submitted for registration by the CFDA.
The JV aims to market a complete minimally-invasive aesthetic portfolio. Sales of Princess® VOLUME will begin as early as July 2017, as traditionally September is the strongest month in sales for similar products in China. A genuine botulinum toxin will be added by Sihuan Pharma Ltd. to the growing portfolio of the JV’s premium aesthetic products by 2019.
The cooperation between Sihuan Pharmaceutical and Croma-Pharma will have a major impact on the aesthetic medicine market in China, which had an average growth of over 20% annually over the past years. This caused an increasing demand for safe, high-quality and efficient micro-cosmetic surgery products such as hyaluronic acid facial injections or Botox. The JV’s launch of premium intradermal-fillers is expected to change the Chinese market as a whole and to eventually drive products of low quality out.
Dr. Guo Weicheng, Deputy Chairman and CEO of Sihuan Pharmaceutical, said: “Sihuan Pharmaceutical has established an extensive marketing channel and demonstrated strong sales capabilities over the past years. That, together with Croma-Pharma‘s expertise in pre-filled viscoelastic injectables for orthopaedics and aesthetic indications, will lead to rapid market expansion. With the establishment of the JV, the Group has extended its business into aesthetic medicine which has immense growth potential in China.“
Andreas Prinz, CCO and Co-Owner of Croma Pharma: “Croma-Pharma incorporates more than 40 years of experience in R&D of viscoelastic products. Our fully automated production lines in Austria deliver six million pre-filled injectables per year. We are rightfully considered leading european experts in Hyluronic Acid. With Sihuan, we have found the perfect partner to merge our strengths and assets to successfully enter the fast growing Chinese market. Sihuans ambitions and excellent distribution channels will help Croma Pharma to sustainably prosper in Asia.”