Bioplus

BioPlus is currently working with Chinese medical company Zimming Group in Hainan Medical Tourism Zone to promote a franchise business that provides beauty and plastic surgery to local customers. BioPlus is in charge of providing products such as fillers and dispatching domestic medical staff. It is also discussing with Hainan health authorities the import permit procedure necessary to supply filler products produced in Korea for the franchise business to Hainan. Permission is likely to be granted early next year. The business in Hainan is expected to add strength to BioPlus' future expansion across China. BioPlus has decided to use the treatment data of medical devices to be used in Hainan starting next year to obtain product approval from China's Central Government Food and Drug Administration (CFDA). In order to secure related data, it has formed partnerships with hospitals that have entered the Hainan Medical Tourism Special Zone. BioPlus is also pushing for the establishment of a local factory to prepare for the expansion of its Chinese business. The factory site has already been secured. The specific establishment plan is expected to be finalized after the medical device approval process progresses to some extent. For BioPlus, which accounts for more than 85% of the filler business, entering the Chinese filler market is important. According to market research firm DRG Medtech, the filler market in the Asia-Pacific region is expected to grow from 2022 compared to the U.S. market, reaching $1.59 billion by 2025. Among them, the Chinese market is expected to account for $1.293 billion. In fact, China will stand tall as the largest filler market. If BioPlus succeeds in entering China, it will wing its sales growth. BioPlus is likely to collect 26.3 billion won in cumulative sales in the third quarter of this year, achieving 30 billion won in annual sales. Bioplus sales are growing rapidly from 17 billion won in 2019 to 24.4 billion won in 2020.