Specialising in aesthetic dermatology, Croma-Pharma’s Princess Volume intradermal-filler has received approval from the China Food and Drug Administration (CFDA). The company has also entered into a joint venture with Sihuan Pharmaceutical to position its premium anti-ageing products in China, Hong Kong and China.
Croma-Pharma’s Princess range is a hyaluronic acid-based injectable that is free from animal origins. Marketed to “unveil your natural beauty”, the products seeks to treat a variety of anti-ageing skin care concerns including wrinkles, folds and scars. It also helps to replenish facial volume, hydrate and rejuvenate the skin, and augment the lips.
The company is one of only two producers in Europe to receive approval for intradermal fillers by China’s regulatory body, CFDA.
“Asia in general and China, in particular, are the fastest growing markets for minimally-invasive aesthetic medicine,” the company stated in its recent press release.
“The Chinese market sees fierce competition, mostly from local manufacturers.”
Through its CFDA approval and prestige range of cosmetics products, Croma-Pharma aims to enter into the Chinese aesthetics markets.
“Sales of Princess Volume will begin as early as July 2017, as traditionally September is the strongest month in sales for similar products in China,” added the company.
Sihuan Pharma will contribute a further product, botulinum toxin, to the aesthetics range by 2019.
Entering a joint venture
In May 2017, Sihuan Pharmaceutical, via its affiliate SunMoral, and Croma-Pharma, entered into a long-term cooperation. Through its license and distribution agreements, the duo will combine each partner's assets and create the newly founded joint venture company, SunCro Aesthetics & Cosmetic International. No financial details relating to the deal were disclosed.
Croma-Pharma will supply its products and deliver insights based on experience and related intellectual property rights, while Sihuan Pharma will supply information on multi-channel distribution and marketing in Mainland China.
Commenting on the market potential for aesthetic medicine such as intradermal-fillers, the duo stated: “The cooperation between Sihuan Pharmaceutical and Croma-Pharma will have a major impact on the aesthetic medicine market in China, which had an average growth of over 20% annually over the past years."
As a result, this led to a demand by consumers in China and throughout Asia for “safe, high-quality and efficient micro-cosmetic surgery products such as hyaluronic acid facial injections”.
"With the establishment of the JV, the Group has extended its business into aesthetic medicine which has immense growth potential in China," emphasised Dr Guo Weicheng, Deputy Chairman and CEO of Sihuan Pharmaceutical.