- Eight product approvals granted in 2020 with further 26 product submissions pending for approval across the fast-growing SEA region
Lotus Pharmaceutical Co., Ltd. (“Lotus” or “the Company”, Taiwan TWSE ticker: 1795) today provided a business update for its commercial operation in South East Asia (SEA). After a very solid first quarter performance for the region, the Company has obtained a total of eight marketing approvals in the first six months of 2020. Lotus has also made another 26 product submissions pending for approval to further diversify and strengthen its product offering across the region.
Petar Vazharov, Chief Executive Officer of Lotus, commented: “We are so excited about being one of the pioneers in Taiwan by extending our leading oncology portfolio to serve patients and partners across the SEA region. By leveraging our strong networks with local partners, we are able to commercialize our pipeline ahead of the competition in a lean and efficient manner. I am proud of the whole team who have helped develop Lotus into having one of the strongest product portfolio’s for the SEA market, among all the Taiwanese players. We are confident that we will be continue delivering growth despite the challenges during COVID-19.”
Market backdrop Lotus has announced that they have successfully integrated their operations in South East Asia and obtained eight marketing approvals YTD’20. This is in addition to the assets Lotus has acquired which further captures the fastest growing market in the world. The Company has started to consolidate revenues from the SEA market, which includes Thailand, Vietnam, Singapore, Philippines, Malaysia, Indonesia, Myanmar, Sri Lanka, and Bangladesh, since this quarter 2020.
From all the countries in SEA, Vietnam has delivered the fastest growth at a 5-year CAGR of 11.5%. Lotus has successfully launched Imatinib 100mg in Vietnam after winning the National Tender and plans to launch Imatinib 400mg in July, which will be the first generic in the Vietnam market. Earlier this year, Lotus also got its first two approvals for its self-developed Gefitinib and Temozolomide in Indonesia, which is the 2nd fastest growing country in SEA, with a 5-year CAGER of 9.8%. To further expand its addressable market with a leading oncology portfolio, the two products will be manufactured by Lotus Taiwan facilities and launched in Q4’20. In addition to the eight approvals granted in various countries, Lotus has other 26 submissions pending for approval in Philippines, Thailand, Vietnam, and Singapore, and more than five projects in the pipeline to be submitted in the following quarters.