Daewoong Pharmaceutical, a leading South Korean drugmaker, has made headlines with its ambitious push into the global diabetes treatment market. On November 14, 2025, the company announced that it had inked a series of new export contracts for its diabetes medication, known as Enblo or Envlo Tablet (active ingredient: Enavogliflozin), with eight additional Latin American countries. This move marks a significant milestone in Daewoong’s expanding international presence and signals a bold step forward for Korean pharmaceutical innovation on the world stage.
According to statements released by Daewoong Pharmaceutical and reported by multiple outlets including NSP News and The Korea Economic Daily, the newly signed contracts are valued at approximately 33.7 billion won. When these are combined with previous agreements in the region, the total cumulative export value for Daewoong’s diabetes drug in Latin America now stands at a remarkable 143.3 billion won. The eight new countries joining the roster are Ecuador, Costa Rica, Guatemala, Nicaragua, Honduras, Panama, the Dominican Republic, and El Salvador. These join existing markets in Brazil and Mexico, bringing the total number of Latin American countries importing Enblo to ten.
The company’s CEO, Park Seong-su (also rendered as Sungsoo Park in some reports), was quick to underscore the strategic importance of these deals. "This contract with eight Latin American countries is an important turning point for Enblo to expand its position in the global market as a Korean new drug," he stated, according to The Korea Economic Daily. He added, "We will expand our market entry to the Middle East and Africa in the future to achieve our goal of 1 trillion won per product and strengthen our status as a global leading pharmaceutical company." NSP News echoed this sentiment, quoting Park as saying the agreements represent "a turning point for Envlo Tab to expand its position in the global market as a domestically produced new drug."
Daewoong’s expansion could not be more timely. Latin America is currently the fastest-growing region in the global diabetes treatment market, according to pharmaceutical market research firm IQVIA. The region’s diabetes drug market reached a size of approximately 8.2 trillion won in 2024. Even more striking is the performance of the SGLT-2 inhibitor segment—a class of drugs that includes Enblo. Sales in this category have soared, more than doubling from 860 billion won in 2022 to 1.85 trillion won in 2024. This rapid growth reflects both a rising prevalence of diabetes in Latin America and a strong demand for innovative therapies that go beyond traditional blood sugar control.
So, what makes SGLT-2 inhibitors like Enblo such a game changer? These drugs work by inhibiting the reabsorption of glucose and sodium in the kidneys, encouraging their excretion through urine. This mechanism not only helps lower blood glucose levels but also offers additional benefits in blood pressure control, kidney and heart health, and even weight management. As explained in Daewoong’s official materials, Enblo is Korea’s 36th new drug and the nation’s first SGLT-2 inhibitor-class diabetes treatment. The company is proud to highlight that this innovation was developed using domestic technology, positioning it as a symbol of Korean pharmaceutical progress.
Industry observers see Daewoong’s aggressive push into Latin America as part of a broader strategy to diversify its global business portfolio. The company’s partnership with M8 (Moksha8), a regional pharmaceutical distributor, has been instrumental in securing these new contracts and expanding supply channels across Central and South America. By establishing a presence in ten countries across the region, Daewoong is laying the groundwork for what it calls its "Global One Product, One Trillion Won" initiative—a bold plan to achieve one trillion won in sales per key product.
But Daewoong isn’t stopping there. The company has set its sights on emerging markets in the Middle East and Africa, regions that are also experiencing rising rates of diabetes and increasing demand for advanced treatments. "We will continue to widen our reach to the Middle Eastern and African markets, strengthening our position as a global pharmaceutical company and accelerating our goal of achieving one trillion won in sales per key product," CEO Park emphasized, as quoted by The Korea Economic Daily.
The significance of Daewoong’s achievement is not lost on industry experts. The rapid growth of the SGLT-2 inhibitor segment is expected to continue, fueled by both the increasing global burden of diabetes and a growing recognition of the need for therapies that address multiple aspects of the disease. Traditional diabetes treatments have long focused on lowering blood sugar alone, but SGLT-2 inhibitors represent a new treatment paradigm—one that also targets cardiovascular, renal, and metabolic health. This multi-pronged approach is particularly valuable in regions like Latin America, where healthcare systems are grappling with the complex, interconnected challenges posed by chronic diseases.
For Daewoong, the export contracts represent more than just a commercial victory—they are a validation of years of investment in research and development. The company’s ability to bring a novel, domestically developed drug to international markets is a point of pride for Korea’s burgeoning pharmaceutical sector. It also signals a shift in the global pharmaceutical landscape, as more companies from Asia establish themselves as key players in the development and export of innovative medicines.
Of course, the road ahead is not without challenges. While Daewoong’s expansion into Latin America has been met with enthusiasm, entering new markets in the Middle East and Africa will require navigating a patchwork of regulatory environments, healthcare infrastructures, and competitive dynamics. Nevertheless, the company’s recent success suggests it is well positioned to tackle these hurdles.
It’s worth noting that Daewoong’s global ambitions are unfolding against the backdrop of a broader transformation in diabetes care. As the prevalence of diabetes continues to rise worldwide, the demand for next-generation therapies is only expected to grow. According to IQVIA, the global diabetes drug market shows no signs of slowing down, and companies that can offer innovative, effective, and accessible treatments stand to benefit the most.
In summary, Daewoong Pharmaceutical’s recent series of export contracts marks a pivotal moment for both the company and Korea’s pharmaceutical industry. By leveraging homegrown innovation and forging strategic partnerships, Daewoong is charting a course toward becoming a truly global player in the fight against diabetes. If the company’s ambitions are realized—and if its expansion into the Middle East and Africa proceeds as planned—it may well set a new standard for what Korean pharmaceuticals can achieve on the world stage.
As the company eyes new horizons, its journey will be closely watched by competitors, healthcare providers, and patients alike—each hoping to see how far Korean innovation can go in changing the landscape of diabetes treatment worldwide.
