Daewoong Pharmaceutical is set to enter the Middle East and Africa (MENA) market with its diabetes treatment, Enblo (ingredient name: inavogliflozin).
On July 2, Daewoong Pharmaceutical announced that it has signed an export supply contract for Enblo with Ashino, a subsidiary of the Arcelor Group, targeting eight countries in the region. The countries include Saudi Arabia, the United Arab Emirates (UAE), Qatar, Kuwait, Oman, Bahrain, Iraq, and Egypt.
The contract is valued at approximately ₩145.2 billion, making it the largest export deal for Enblo globally.
Enblo, developed by Daewoong Pharmaceutical, is an SGLT-2 inhibitor used to treat type 2 diabetes by preventing glucose reabsorption in the kidneys, thereby lowering blood sugar levels. The company aims to establish Enblo as a key product with annual sales of ₩1 trillion, positioning it as a blockbuster brand.
Daewoong Pharmaceutical plans to obtain product approval in Saudi Arabia within this year and aims to secure approvals in other major countries next year to launch the product locally. This marks the first entry of a domestically developed SGLT-2 inhibitor diabetes drug into the Middle East and Africa market.
Park Seong-soo, CEO of Daewoong Pharmaceutical, stated, "This contract is significant as it represents the largest global export case for Enblo and marks our first entry into the Middle East and Africa. We will work with local partners to expand our market presence."
* This article has been translated by AI.
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