With the ranks of pet owners swelling in South Korea, pharmaceutical companies are increasingly turning to this burgeoning market as a new frontier for growth. (Image courtesy of Yonhap)
SEOUL, May 16 (Korea Bizwire) – With the ranks of pet owners swelling in South Korea, pharmaceutical companies are increasingly turning to this burgeoning market as a new frontier for growth, rolling out a diverse array of products ranging from medications to health supplements for furry companions.
According to industry sources on May 14, Dong-A Pharmaceutical recently unveiled its Vetple brand of nutritional supplements for pets.
The name is a portmanteau of “vet,” the English word for veterinarian, and “pleasure,” alluding to the joy pets bring. The lineup includes joint, eye, and stress relief supplements tailored for dogs.
Daewoong Pet, a pet healthcare company, has successively launched a multi-strain probiotic and a digestive enzyme supplement. Notably, the Bearse Pet enzyme supplement was developed from Daewoong Pharmaceutical’s Bearse digestive aid, adapted for four-legged friends.
Yuhan Corporation is researching a pet-friendly version of its popular Yupan C vitamin line. While the products have yet to hit shelves, the company says it has secured trademarks for products for dogs and for cats with the Korean Intellectual Property Office.
At its annual general meeting in March, Chong Kun Dang Pharmaceutical resolved to add “manufacturing and sales of animal pharmaceuticals, single-ingredient and compound feeds” to its business objectives, signaling its intent to venture into the pet medication market.
HLB Life Science is conducting phase 3 clinical trials for Ribociclib, a treatment for mammary gland cancer in dogs. Along with skin cancer, mammary gland tumors are among the most prevalent cancers afflicting canine companions.
The company is also researching applications for lymphoma, mast cell tumors, and other indications in animals.
Some firms are aiming for overseas expansion after establishing a domestic foothold.
GNT Pharma, a novel drug developer, recently contracted with Pfizer CentreOne, a subsidiary of the global pharmaceutical giant Pfizer, to manufacture the finished drug product for Zedacure, its medication for cognitive dysfunction syndrome in dogs.
Having already launched in South Korea through Yuhan Corporation, Zedacure is reportedly being prescribed at over 18,000 veterinary clinics nationwide.
Lina Jang (linajang@koreabizwire.com)
