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| Medytox CEO Jung Hyun-ho, right, shakes hands with Dubai Science Park CEO Marwan Abdulaziz Janahi, after signing a memorandum of understanding on building a toxin production plant in Dubai, at the Rixos Marina Hotel in Abu Dhabi, Monday. Courtesy of Medytox |
By Kim Jae-heun
Medytox plans to build a botulinum toxin plant in the United Arab Emirates (UAE), seeking to capitalize on the country's rapidly growing market for cosmetic beauty products.
The Korean biopharmaceutical company said Tuesday that it signed a memorandum of understanding (MOU) with Dubai Science Park, owned by state-run Tecom Group, to construct a toxin production facility. The MOU was signed during the Korea-UAE Business Forum held at the Rixos Marina Hotel in Abu Dhabi, Monday. Medytox CEO Jung Hyun-ho is part of the economic mission of President Yoon Suk Yeol's visit this week to UAE.
At the planned facility, Medytox will be able to produce MT10109L, the world's first and only non-animal liquid toxin drug. The company then plans to market the halal-certified product in Muslim markets around the world as well as Europe.
"Securing a local production plant is essential for a bio company to go global. Our first halal-certified plant in Dubai will serve as a bridgehead for the company to expand in the global market with a toxin product developed with the world's best R&D capability," the Medytox CEO said. "I am also proud to have joined the economic delegation of the president's overseas trip to create an exemplary case of cooperation."
The UAE succeeded in attracting the biopharmaceutical production plant, which was one if its key projects in preparation for the post-oil era, while creating a representative economic cooperation case with Korea.
Medytox has long been reviewing the construction of a production facility abroad in conjunction with various overseas companies to actively and efficiently respond to the expanding global toxin market. The company picked Dubai as an ideal location with the advantage of entering Middle Eastern and European markets and for its business environment that favors foreign companies.
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