Thai pharma firm forms new partnership with Korean company to target SE Asian beauty market
Aestec Pharma, Thailand's top supplier of pharmaceuticals and medical devices globally, has strengthened its collaboration with South Korean pharmaceutical firm Hugel Inc, in order to position Thailand as a health and beauty powerhouse in Southeast Asia.
The partnership will go beyond both companies' current responsibilities as importers and distributors of Aestox anti-wrinkle chemicals from Korea, said Kasikit Phuangpinyo, Aestec Pharma CEO, at a press conference over the weekend.
He explained that both parties are now forming an exclusive partnership in order to encourage significant growth and further penetrate Thailand's beauty and wellness markets.
"With this development, we are committed to providing an exceptional experience for Thai consumers while reinforcing trust in Korean beauty products that have gained global acceptance," he said.
The collaboration also includes organising medical knowledge annual conferences in Thailand on a regular basis to exchange and refresh aesthetic medical information among doctors, nurses and related workers.
To commemorate the new collaboration, Hugel announced that the HELF 2023 medical seminar will be held this year in Thailand under the theme "Towards Genuineness: In Pursuit of Aesthetic Strategies for All Ages".
The seminar's goal is to promote natural beauty for people of all genders and ages.
"The conference will primarily focus on improving knowledge and expertise in the use of popular products such as Botulinum toxin Type A [commonly known as anti-wrinkle agents] and Hyaluronic Acid fillers, both of which are widely used in Thailand," Kasikit explained.
Hugel's HELF Conference is a major event attended by over 300 skincare and beauty specialists, as well as medical professionals from around the world, Hugel managing director and head of the Global Business Unit, Jun Lee, said.
Aside from commemorating a new relationship, Lee said that Thailand has been chosen as the host country this year due to the presence of highly competent professionals with knowledge of current medical technology, as well as the ongoing expansion of the health and beauty sector.
"After years of working with Aestec Pharma, this experience has instilled in us the belief that they will continue to flourish in Thailand and achieve our shared goals," he said.
He explained that Aestec Pharma and Hugel will collaborate extensively across multiple dimensions.
This will encompass cooperative marketing and medical operations, investments in research and advanced technique training, the construction of a training centre in
Thailand to serve as Asia's Aesthetic Destination in Southeast Asia, and the launch of new Hugel Inc goods in the Thai market.
"Simultaneously, we will continue to drive Aestox to be the foremost brand throughout Thailand," he said.
Meanwhile, Kasikit also unveiled this year a comprehensive plan to invest more than 1 billion baht in three primary objectives: world-class quality standards, well-being innovation, and an amazing care service experience.
Besides, he added that the organisation is determined to establish Thailand as an academic centre by partnering closely with prestigious institutions such as Siriraj Hospital and Chulalongkorn Hospital in order to become more than just suppliers.
He pointed out that the company is planning to increase its business footprint in Southeast Asia by focusing on extending its product lines in the health and beauty sector.
However, the main focus is still Aestox, the Botulinum toxin type A substance for wrinkle reduction from Korea which has been the top-selling brand for two consecutive years in Thailand and for seven consecutive years in South Korea.
The decision was made at a time when the regional beauty market is expanding. The Asean cosmeceuticals industry is expected to increase from US$5.70 billion in 2021 to $14.75 billion in 2028, according to a Fortune Business Insights analysis.
Kasikit said he was highly optimistic about market expansion because age-reversing medical research has made significant progress and has gained widespread appeal. The company has a consistent annual growth rate of around 20% in Thailand in particular.
Aestec Pharma also recognises the need to give correct knowledge for the effective use of medical products, including Aestox botulinumtoxin type A, as an importer of such products, he said.
