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AMM 133: Hugel and BENEV Transforming U.S. Aesthetic Market
July 09, 2024
In this episode of Aesthetic Medicine Minute, we cover the strategic entry of Hugel Inc., a leader in medical aesthetics, into the U.S. market through a partnership with BENEV Company Inc. Listeners will learn about Hugel’s competitive selection process for its partner, the joint market strategy, and the ambitious goal to capture a 10% market share within three years. Discover insights from industry leaders on how this collaboration aims to enhance the quality and options available in the aesthetic medicine field. Stay informed on the latest in medical aesthetics with this detailed update.
Quick Takes
- Hugel Inc. partners with BENEV Company Inc. to enter the U.S. aesthetic medicine market.
- The strategic partnership involves collaboration in sales, marketing, education, and research.
- The goal is to capture 10% of the U.S. market share within three years with the launch of Letybo.
Episode Transcript
Hey, everyone! Today is July 9th, 2024, and I’ve got some interesting developments to share in the world of aesthetic medicine. Hugel Inc., a global leader in medical aesthetics, is stepping into the U.S. market through a strategic partnership with California’s BENEV Company Inc.
Hugel, known for its botulinum toxin product Letybo, selected BENEV after a competitive process involving five candidates. BENEV, founded in 2000, is an FDA-registered drug manufacturer that specializes in innovative medical aesthetics products. Their portfolio includes exosomes, microneedling devices, and more. Impressively, BENEV has been recording an average growth rate of over 117% annually in the last three years.
Instead of handling sales directly, Hugel opted for a joint market entry strategy with BENEV. This partnership hinges on collaboration in sales, marketing, education, and research. Hugel brings its expertise from markets like Australia and Canada, while BENEV’s solid U.S. network will help bolster their reach. The goal is ambitious: capturing 10% of the U.S. market share within three years.
Last month, Hugel announced the launch of Letybo at “The Aesthetic Show” in Las Vegas. They are ready to roll out their product, with shipments scheduled for the end of July and full-scale sales to follow shortly.
This partnership represents a significant shift in market dynamics. Mr. Cha, Chairman of Hugel, emphasized their shared commitment to premium products and rigorous academic programs. Ethan Min, CEO of BENEV, highlighted the synergy between Hugel’s South Korean success and BENEV’s U.S. network. Together, they aim to elevate the quality and choices available to medical professionals and consumers in the U.S.
That’s your Aesthetic Medicine Minute for today. Stay tuned for more updates!
