Croma-Pharma announces two major milestones in China
VOLUME successfully approved in China by the CFDA.
Austria-based Croma-Pharma forms Joint Venture with Sihuan Pharmaceutical to market premium Intradermal-Filler in China, Hong Kong and Macao.
The registration of Princess® VOLUME and the signed Joint Venture open the fastest growing market for aesthetic medicine "Made in Austria". Croma-Pharma is one of only two European producers of Intradermal Fillers approved in China.
Hongkong, 12 June 2017 - Asia in general and China in particular are the fastest growing markets for minimally-invasive aesthetic medicine. The Chinese market sees fierce competition, mostly from local manufacturers. High-end western products, such as Princess® VOLUME, are very rare. At the end of May 2017, Sihuan Pharmaceutical Holdings Group Ltd. (via its affiliate SunMoral HK Limited) and Croma-Pharma entered a far reaching and long term cooperation. License and Distribution Agreements will combine each partner’s assets in the newly founded joint venture company SunCro Aesthetics & Cosmetic International Co. Limited. Financial details were not disclosed by the parties.
Croma-Pharma will contribute its products, experience and related intellectual property rights, whereas Sihuan Pharma Ltd will provide its multi-channel distribution and marketing knowledge in Mainland China. Within the next weeks, another Croma-product - Princess® VOLUME Lidocaine - will be submitted for registration by the CFDA.
The JV aims to market a complete minimally-invasive aesthetic portfolio. Sales of Princess® VOLUME will begin as early as July 2017, as traditionally September is the strongest month in sales for similar products in China. A genuine botulinum toxin will be added by Sihuan Pharma Ltd. to the growing portfolio of the JV’s premium aesthetic products by 2019.
The cooperation between Sihuan Pharmaceutical and Croma-Pharma will have a major impact on the aesthetic medicine market in China, which had an average growth of over 20% annually over the past years. This caused an increasing demand for safe, high-quality and efficient micro-cosmetic surgery products such as hyaluronic acid facial injections or Botox. The JV’s launch of premium intradermal-fillers is expected to change the Chinese market as a whole and to eventually drive products of low quality out.
Dr. Guo Weicheng, Deputy Chairman and CEO of Sihuan Pharmaceutical, said: “Sihuan Pharmaceutical has established an extensive marketing channel and demonstrated strong sales capabilities over the past years. That, together with Croma-Pharma’s expertise in pre-filled viscoelastic injectables for orthopaedics and aesthetic indications, will lead to rapid market expansion. With the establishment of the JV, the Group has extended its business into aesthetic medicine which has immense growth potential in China.”
Andreas Prinz, CCO and Co-Owner of Croma Pharma: "Croma-Pharma incorporates more than 40 years of experience in R&D of viscoelastic products. Our fully automated production lines in Austria deliver 6 million pre-filled injectables per year. We are rightfully considered leading european experts in Hyluronic Acid. With Sihuan, we have found the perfect partner to merge our strengths and assets to successfully enter the fast growing Chinese market. Sihuans ambitions and excellent distribution channels will help Croma Pharma to sustainably prosper in Asia."
About Croma-Pharma GmbH- leading experts in Hyaluronic Acid
Croma-Pharma, a family owned pharmaceutical company based in Austria is globally acclaimed for its expertise in pre-filled viscoelastic injectables for opthalmology, orthopaedics and aesthetic indications. Annual output of 6 million injectables makes Croma one of the major producers of high-end injectables worldwide.
Croma-Pharma is one of only two European companies having obtained market authorization for a product by the Chinese authority CFDA. The success is based on research and development at the company headquarters in Austria. The owners follow a clear vision for high-quality technologies and boldly seize opportunities for the acquisition of complementary companies or technologies. Croma-Pharma currently employs 320 people and operates 12 subsidiaries in Europe, North-America, Brazil and Australia. Through distribution partnerships, its products are marketed in more than 70 countries all over the world. Croma-Pharma is a multi-award winning company and celebrated its 40th anniversary in 2016.
About Sihuan Pharmaceutical Holdings Group Ltd.
Founded in 2001, Sihuan Pharmaceutical Holdings Group Ltd. is a leading Chinese pharmaceutical corporation and the largest cardio-cerebral vascular drug franchise in China’s prescription drug market by market share. The Company is also the fourth largest pharmaceutical company in terms of hospital purchase in China’s hospital market by the end of 2016. The success of the Company can be attributed to its differentiated and proven sales and marketing model, extensive nationwide distribution network, young and diversified product portfolio, and strong R&D capabilities. The Company’s current products encompass the top five medical therapeutic areas in China: cardio-cerebral vascular system, central nervous system, metabolism, oncology and anti-infectives.