Two too many anti-impotency drugs
By Kim Tae-gyu
On top of six erectile dysfunction drugs available in the country a couple more are poised to compete in a market worth over 100 billion won a year.
There are three imports ― Viagra by Pfizer, Cialis from Lilly, and Bayer’s Levitra ― to treat impotence in men as well as the locally-developed Zydena from Dong-A, Yaila by Chong Kun Dang, and Mvix from SK Chemicals.
Two more domestic pharmaceutical corporations, Joongwea and Dongkook, soon plan to release their products to take on the above-mentioned six. This has prompted debate as to whether the number is appropriate.
``A country of about 50 million population typically does not have so many drugs for the same syndrome,’’ said an official from a global drug company, who asked not to be named.
``Even bigger markets with far larger populations do not have that many drugs for erectile dysfunction. We are currently struggling to understand why there are so many drugs in the same segment.’’
Most observers agree that at some 100 billion won per annum Korea’s market size is too small for eight such drugs although their growth rates have been robust.
Since their debut in the early 2000s, the market has more than doubled from a mere 40 billion won in 2002 to 86.2 billion won in 2009 with Viagra, Cialis and Zydena reigning as the big three.
Yet, they point out that there is a black market for these products.
``For some reason, many Koreans tend to purchase erectile dysfunction drugs, prescription medicines, on the black market, the size of which is estimated to be as big as the legitimate market,’’ Hyundai Securities analyst Kim Hye-rim said.
``Hence, the legitimate market has a great upside potential but foreign drug makers try not to be involved in a competition dominated by Viagra, Cialis and Levitra. In this climate, local players seemingly want to carve out a niche.’’
Ha Tae-gi at SK Securities concurs.
``From the perspective of domestic pharmaceutical firms, the market is too attractive to give up because the development of generic drugs does not need that big an investment,’’ Ha said.
``In addition, they can tap into the global markets based on experiences in Korea. Should they join hands with good partners, I think they have a shot at chalking up success on the global scene.’’
The effects of the rising number of erectile dysfunction drugs are also being felt in the oriental medicine market, whose size continues to fall since peaking at 2.42 trillion won in 2006.
Oriental therapy was sought for various reasons and one of the strongest was the belief that it helps men strengthen their sexual stamina. With Viagra and Cialia on hand, however, they don’t have to rely on the time-consuming oriental medication.
대한민국, 발기부전제 공화국?
현재 시중에 발기부전제 치료제가 6개나 되는데 추가로 출시를 기다리는 제품들이 있어 작은 시장에 경쟁이 너무 심하다는 지적이 대두되고 있다.
현재 한국에는 다국적 회사의 치료제인 비아그라, 시알리스, 레비트라를 비롯해서 국내 제약사에서 출시한 자이데나, 야일라, 엠빅스가 약 1,000억원 시장을 형성하고 있다.
이에 중외제약과 동국제약도 조만간 자사의 제품을 출시할 예정이어서 총 8개 제품이 경쟁할 것으로 보인다.
한 다국적 기업의 임원은 “한국 정도의 시장 규모에 비하면 너무나 많은 수의 발기부전 치료제가 시장에 나와있다. 다른 선진국에 비해도 숫자가 턱없이 많다. 그 이유를 알아보려고 리서치를 진행 중”이라고 밝혔다.
한편 국내 전문가들은 비아그라, 시알리스, 레비트라가 시장을 삼분하는 글로벌 판도에서 국제적인 제약사들이 추가로 시장진입을 꺼리고 있어 한국 업체들이 그 틈새를 노리고 있다는 주장을 펼치고 있다.