ChoA Pharmaceutical (034940.KQ) is expanding its sales channels in Africa's pharmaceutical market after signing a contract to export its iron supplement NuHeme Forte Syrup to the Democratic Republic of the Congo. The company plans to secure local distribution networks and widen overseas supply, focusing on emerging markets with strong demand for iron supplementation.
ChoA Pharmaceutical said on the 12th that it had signed an export contract for NuHeme Forte Syrup with KinMed Pharma, a pharmaceutical manufacturer and distributor in the Democratic Republic of the Congo. NuHeme Forte Syrup is an over-the-counter drug used to prevent and treat iron-deficiency anemia and iron deficiency, and comes in a liquid syrup form designed for easier dosing.
The Democratic Republic of the Congo's pharmaceutical market is worth about 900 billion won ($630 million) and relies heavily on imports. Demand for iron supplements has been sustained, particularly among pregnant women and other women, due to iron deficiency linked to nutritional imbalances. ChoA Pharmaceutical plans to work with KinMed Pharma to expand supply in a local iron supplement market dominated by products from French drugmakers.
ChoA Pharmaceutical is developing NuHeme Forte Syrup and NuHeme Syrup as key products for its overseas business. The NuHeme line, which includes both products, posted exports of about 700 million won across four countries in 2023. The company is targeting 2.2 billion won in exports from six countries this year and 2.5 billion won from seven countries next year as it steps up its push into African and Southeast Asian markets.
The overseas expansion is also showing up in export figures. ChoA Pharmaceutical's total exports in the first half of this year came to 4.64 billion won, up 78.1% from a year earlier. The company plans to diversify its export products and distribution channels to match the characteristics of each market and to deepen cooperation with local partners.
"This export contract is meaningful in that it expands our overseas supply channels for pharmaceuticals," said Park Hyun-kyu, a general manager on ChoA Pharmaceutical's second overseas sales team. "We will build a stable distribution base and continue to expand pharmaceutical exports in Africa and other overseas markets."