Daewoong Pharmaceutical, a major player in South Korea’s biopharmaceutical industry, has taken a bold step to expand its reach in Latin America’s booming aesthetics market. On August 26, 2025, the company announced a significant export contract worth 34.1 billion won (approximately $24.5 million) with Colombian drugmaker Valentech Pharma for its flagship botulinum toxin product, Nabota. This agreement is poised to accelerate Daewoong’s strategy to solidify its presence in Colombia, a country rapidly emerging as a key destination for beauty procedures and medical tourism in the region.
This latest deal follows Nabota’s successful rollout in other major Latin American markets, including Brazil, Mexico, and Argentina. Colombia, according to the International Society of Aesthetic Plastic Surgery (ISAPS) 2024 statistics, now ranks as the third-largest market for cosmetic and plastic surgery in Latin America, trailing only Brazil and Mexico. The country’s competitive pricing, advanced medical infrastructure, and high standards have contributed to its reputation as a rising hub for medical tourism—especially for those seeking non-invasive treatments such as botulinum toxin injections.
Market research from Grand View Research underscores the rapid expansion of Colombia’s non-invasive cosmetic procedure sector. The market, valued at $940 million in 2023, is projected to soar to $2.61 billion by 2030. That’s an average annual growth rate of 15.7%—a figure that would catch the attention of any global pharmaceutical company looking to expand its footprint. Non-invasive procedures, including treatments like Nabota, are seen as the primary drivers behind this remarkable growth.
Valentech Pharma, Daewoong’s Colombian partner, brings to the table a track record of securing regulatory approvals for rare disease therapies and biosimilars. The company has recently pivoted towards the aesthetics sector, and its experience navigating Colombia’s regulatory landscape is expected to be a major asset for Daewoong. As Daewoong explained, Valentech’s expertise in both pharmaceuticals and regulatory affairs will help ensure a swift and smooth rollout of Nabota across Colombian clinics and hospitals.
But what sets Nabota apart in a market already familiar with established brands like AbbVie’s Botox? Daewoong is keen to emphasize Nabota’s proven efficacy and safety, which have been demonstrated through comparative clinical trials and equivalence studies with Botox—the current market leader. The company also points to the product’s quality, which has been recognized by major health authorities worldwide, including the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), and Health Canada. This kind of global regulatory recognition is no small feat in the pharmaceutical industry and serves as a mark of trust for both practitioners and patients.
Daewoong and Valentech have set ambitious goals for Nabota’s performance in Colombia. According to both companies, the plan is to launch Nabota quickly and leverage its clinical strengths and global reputation to capture a 30% market share within five years. If successful, this would position Nabota as the second-leading botulinum toxin brand in Colombia, a market characterized by discerning consumers and fierce competition. Localized marketing campaigns and educational outreach to medical professionals are expected to play a key role in achieving this target.
Yoon Jun-soo, head of the Nabota Business Division at Daewoong Pharmaceutical, expressed optimism about the partnership’s potential. "Through this partnership, we have established a foundation for expanding Nabota in Colombia, a major beauty and plastic surgery consumer market in Latin America that has also recently gained attention as a medical tourism destination. We will strive to introduce Nabota quickly to local medical professionals and consumers," Yoon said, according to Daewoong’s official statement. His remarks highlight the dual strategy of targeting both the domestic Colombian market and the growing influx of international patients seeking aesthetic procedures in the country.
In a similar vein, Yun Jun-soo, also identified as the head of Nabota Business Division at Daewoong, noted, "Through this partnership, we have secured a foothold in Colombia, one of Latin America’s major aesthetic markets and an emerging medical tourism hub. We will work closely with our partner to introduce Nabota to local physicians and consumers as quickly as possible." These statements reflect a sense of urgency and commitment to making Nabota a household name among Colombian practitioners and patients alike.
The Colombian market’s appeal isn’t limited to its size or growth rate. The country’s reputation for high-quality, affordable procedures has drawn patients from across Latin America and beyond, fueling the rise of medical tourism. Many international patients now travel to Colombia for cosmetic enhancements, lured by the combination of skilled surgeons, modern facilities, and lower costs compared to North America or Europe. This trend has created an environment ripe for the introduction of innovative products like Nabota, which offer both efficacy and regulatory pedigree.
For Daewoong, this contract represents more than just a business transaction—it’s a strategic move to establish Nabota as a leading brand in a region where aesthetics are deeply woven into the cultural fabric. The company’s approach, combining regulatory expertise, clinical evidence, and aggressive market goals, is emblematic of the fierce competition in the global aesthetics industry. With the Colombian market projected to nearly triple in value by 2030, the stakes couldn’t be higher.
Valentech Pharma’s involvement is equally significant. The company’s experience with rare disease treatments and biosimilars positions it as a knowledgeable and credible partner for Daewoong. By leveraging Valentech’s regulatory know-how and established local networks, Daewoong hopes to accelerate Nabota’s entry into clinics and hospitals, ensuring that the product reaches both established practitioners and new entrants in the field of aesthetic medicine.
Industry observers note that the partnership between Daewoong and Valentech is also a sign of the increasing globalization of the aesthetics market. As more patients seek treatments across borders, and as companies look for ways to stand out in crowded markets, collaborations like this one are likely to become more common. The focus on non-invasive procedures, in particular, reflects changing consumer preferences—many patients now favor less risky, more convenient options over traditional surgery.
With the ink barely dry on the contract, all eyes will be on how quickly Nabota can carve out its intended market share in Colombia. The coming years will test whether Daewoong’s strategy—anchored in strong local partnerships, clinical validation, and global regulatory recognition—can deliver on its ambitious promises. For now, the company’s move signals a new phase in the competition for Latin America’s rapidly expanding aesthetics market, with Colombia at the center of the action.
As Daewoong and Valentech set their sights on transforming the Colombian landscape for non-invasive cosmetic treatments, the outcome could reshape not only the market dynamics in Latin America but also the global conversation around beauty, innovation, and cross-border healthcare.
