Seoul Pharmaceuticals will export Korean-made impotence treatment drugs to Azerbaijan in Eastern Europe.
Seoul Pharmaceuticals said on June 26 that it has signed a contract with Azerbaijan's Loghman Pharm. to supply 10 milligrams and 20 milligrams of Tadalafil ODF, a film-type impotency drugs.
The contract period is five years, and the five-year expected exports amount to $1,284,600 (1.5 billion won), with licenses and trademark rights held by Seoul Pharmaceuticals.
The Azerbaijan drug market stood at $700 million as of 2016, with imported drugs accounting for most of the market. Loghman Pharm. is a company that sells more than 80 products in Azerbaijan.
"The contract is meaningful in that products made with our technology will be the first to enter the Commonwealth of Independent States (CIS). As Azerbaijan's approval period is expected to take four months, we expect to obtain permission by the end of this year and make our first shipment of exports early next year," a Seoul Pharmaceuticals official said.
In 2012, Seoul Pharmaceuticals succeeded in commercializing its patented technology for manufacturing orally disintegrating film "smart film," which blocks bitter taste, and signed a contract to export film products to the Asia Pacific, China, Indonesia, the Middle East and Peru.
