Mediogen, a leading South Korean research and manufacturing company specializing in probiotics, has announced a strategic partnership with Indian comprehensive healthcare company Maypharm Life Science, paving the way for its entry into the Latin American market. On April 24th, Mediogen revealed that it has signed a 5-year exclusive distribution agreement with Maypharm Life Science for its core functional probiotic strain, 'MED-02', in the Mexican and Brazilian markets.
This agreement is expected to serve as a significant stepping stone for Mediogen to make a full-fledged entry into the high-growth potential Latin American market. Maypharm Life Science is a rapidly growing healthcare company in India with local subsidiaries in São Paulo, Brazil, and Mexico. It is a global pharmaceutical distribution company with a strong distribution network and market understanding in the Latin American region. Maypharm Life Science's extensive network and market expertise are anticipated to play a crucial role in the successful establishment of Mediogen's high-quality probiotic products in the Latin American market.
Under the agreement, Maypharm Life Science will exclusively distribute and sell Mediogen's diet-functional probiotic, MED-02, in Mexico and Brazil. Notably, the contract guarantees a total purchase volume of KRW 5 billion worth of MED-02 from Mediogen over the next five years, which is expected to significantly contribute to Mediogen's stable overseas revenue. This can be interpreted as evidence of the global recognition of Mediogen's excellent technology and product competitiveness.
MED-02 is a highly functional probiotic strain developed through Mediogen's proprietary research and development capabilities, with particular efficacy in body fat reduction and weight management. Numerous clinical studies have scientifically proven MED-02's effectiveness in reducing body fat, improving gut health, and its safety for human consumption. These clinical findings are expected to enhance the credibility of MED-02 among Mexican and Brazilian consumers and positively impact lowering the barriers to market entry.
Kim Joon-hwan, Head of Strategic Planning Division at Mediogen, expressed strong determination, stating, "Following our entry into the Southeast Asian market, this entry into the Latin American market will further accelerate Mediogen's global market expansion strategy." He also emphasized, "Based on our top-tier research and development capabilities in probiotics and the largest manufacturing facility in Korea, we will continue to develop and expand our functional strategic items in areas such as diet, women's health, gut health, oral health, and skin health, and further dedicate ourselves to overseas exports." Mediogen plans to establish a leading position in the global probiotics market based on its accumulated technology and infrastructure.
Established in 2000, Mediogen has been a leader in the Korean probiotics market through consistent research and development and innovation in the field. In 2020, it secured growth momentum through strategic investments from Yuhan Corporation and GI Innovation, with Yuhan Corporation currently being the largest shareholder. Hong Joon-ho, CEO of GI Innovation, also serves as the CEO of Mediogen, enhancing management efficiency. Mediogen produces various high-quality probiotic products, including Yuhan Corporation's representative probiotic brand, 'WiseBiome Family Series,' and GI Innovation's 'GI Biome No.7,' contributing to the health improvement of Korean consumers. This entry into the Latin American market is expected to be a significant turning point for Mediogen to grow from a company with successful experience and technology in the domestic market to a globally recognized enterprise.
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