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Gangwon Prov. signed a KRW 12 bln investment MOU with Genetox
Gangwon Province announced on Jun 9 that the local authorities successfully attracted Genetox, a medical Botulinum Toxin, Botox for short, developer and vendor, into Ucheon industrial complex. Genetox, founded in 2018, has long developed Botox or dermal fillers in aesthetic medicines since its inauguration. With its broad array of cosmetic and medical applications, Botox is used not only for treatments in dermatology or plastic surgery but in internal medicine, neurology, urology, ob-gyn, ophthalmology, dental clinic, rehab-medicine, etc.
With its market value of USD 54 trillion globally, the Botox industry is predicted to show a tremendous growth, reaching over 10.6 percent ever year. The province said they well appreciated the growth potential and high profitability, adding that the investment could bring out opportunities.
To move its office, Genetox signed an MOU on Jun 10 with two other parties, the province and Hoingsung-gun. Under the investment pact, the Botox maker transfers its headquarters and R&D center into Ucheon industrial complex and build out production plants inside until 2021. The KRW 12 billion contract is also expected to hire 60 new employees, which in turn leads to an increase in local tax revenue.
jlee@yna.co.kr
** This article was translated from Korean.
Date
2020.06.16
Views
421
According to Yonhap News,
Gangwon Province announced on Jun 9 that the local authorities successfully attracted Genetox, a medical Botulinum Toxin, Botox for short, developer and vendor, into Ucheon industrial complex. Genetox, founded in 2018, has long developed Botox or dermal fillers in aesthetic medicines since its inauguration. With its broad array of cosmetic and medical applications, Botox is used not only for treatments in dermatology or plastic surgery but in internal medicine, neurology, urology, ob-gyn, ophthalmology, dental clinic, rehab-medicine, etc.
With its market value of USD 54 trillion globally, the Botox industry is predicted to show a tremendous growth, reaching over 10.6 percent ever year. The province said they well appreciated the growth potential and high profitability, adding that the investment could bring out opportunities.
To move its office, Genetox signed an MOU on Jun 10 with two other parties, the province and Hoingsung-gun. Under the investment pact, the Botox maker transfers its headquarters and R&D center into Ucheon industrial complex and build out production plants inside until 2021. The KRW 12 billion contract is also expected to hire 60 new employees, which in turn leads to an increase in local tax revenue.
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jlee@yna.co.kr
Source: Yonhap News (Jun. 9 , 2020)
** This article was translated from Korean.