In September, the company announced that it has made a strategic investment in Invivotec Inc, a South Korea-based biohealth firm focused on new drug development and natural functional ingredients.
Invivotec boasts around 20 years of research experience in the field of hearing, with its own center for hearing loss studies. It has established capabilities ranging from basic research and construction of hearing loss models to the discovery of biomarkers and the design and execution of human clinical trials.
Under the newly inked agreement, both companies will jointly pursue approval of ingredients as individually recognized functional ingredients by the Ministry of Food and Drug Safety (MFDS).
Once the ingredients have been approved, Dongkoo Bio&Pharma plans to embark on full-scale commercialization, including the production, distribution, and sales of finished products.
Currently, the local population with hearing loss is estimated at approximately three million, with the number of patients receiving treatment reaching about 800,000 in 2023.
This has been attributed to factors such as an aging population and increased exposure to noise.
Notably, the importance of hearing management is growing across all age groups, and not just the elderly. For instance, the number of patients in their 20s suffering from sudden hearing loss increased by over 40% from 2018 to 2022.
Despite this heightening demand, hearing care remains an unmet need characterized by diverse causes and types, with therapies for fundamental hearing recovery still limited.
“The number of patients with hearing loss is continuously increasing, yet treatment options are limited, making it a field that requires a new approach. Together with Invivotec, which has accumulated expertise in the audiology field over a long period, we will pioneer a new local hearing health management market,” said Cho Yong-jun, CEO of Dongkoo Bio&Pharma.
Strategic investments
Dongkoo Bio&Pharma’s agreement with Invivotec is not merely an augmentation of its functional foods portfolio, but a strategic move for the company’s continued growth.
The company has been supporting the development of innovative new drugs and functional ingredients through various investments. An example is the investment of KRW10bn (USD7.4m) into South Korean biopharmaceutical firm Qurient in 2024, becoming its largest shareholder.
“While supporting the expansion of companies like Qurient, we will proactively identify new products and business opportunities in sectors with significant unmet needs and cultivate them as future growth engines for Dongkoo Bio&Pharma,” said Cho.
With its latest partnership with Invivotec, Dongkoo Bio&Pharma looks to build a new pillar of growth through filling the gap in the country’s hearing health market.
Meanwhile, an ingredient developed by the two companies is said to have completed human clinical trials on people with hearing loss and confirmed key evaluation indicators related to hearing management.
Based on these research results, it will be submitted to the MFDS for approval as an individually recognized functional food ingredient.
