Daewoong Pharmaceutical announced on November 14 that it has signed new export contracts for its diabetes treatment “Envlo Tablet” (ingredient: Enavogliflozin) with eight additional Latin American countries, marking a major step forward in the global expansion of the Korean-developed novel drug.
The newly signed contracts amount to approximately KRW 33.7 billion, bringing the company’s cumulative export value in Latin America to about KRW 143.3 billion when combined with previous agreements. Daewoong stated that the expanded supply network demonstrates significant progress in its global market strategy.
Working with its partner M8 (Moksha8), Daewoong Pharmaceuticals has added Ecuador, Costa Rica, Guatemala, Nicaragua, Honduras, Panama, the Dominican Republic, and El Salvador to its existing markets in Brazil and Mexico. With this expansion, Enblo will now be supplied to a total of 10 countries across the region. The company aims to strengthen its presence in Latin America and further diversify its global business portfolio.
Latin America is one of the world’s fastest-growing markets for diabetes therapies. According to IQVIA, the region’s diabetes drug market is valued at around KRW 8.2 trillion as of 2024. Notably, the SGLT-2 inhibitor segment more than doubled, growing from KRW 860 billion in 2022 to KRW 1.85 trillion in 2024, reflecting strong demand.
Daewoong expects that securing supply channels in this key region of the global diabetes market will give momentum to its strategic initiative dubbed “Global One Product, One Trillion Won.” The company also plans to extend its reach into emerging markets in the Middle East and Africa.
Envlo is the 36th domestically developed Korean novel drug and the nation’s first SGLT-2 inhibitor for diabetes. It works by inhibiting glucose and sodium reabsorption in the kidneys, thereby lowering blood glucose through urinary excretion. The drug is also recognized for potential benefits in blood pressure, weight management, and kidney and cardiovascular health.
Daewoong CEO Sungsoo Park stated, “This agreement marks a pivotal milestone in Envlo’s global expansion. 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.”
