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Today, more and more pharmaceutical companies have challenged the cosmetics market, but most have performed poorly. The industry believes that this can be explained by the fierce competition in the cosmetics market and the consumer characteristics of the basic cosmetics market that pharmaceutical companies mainly target.

Today, more and more pharmaceutical companies have challenged the cosmetics market, but most have performed poorly. The industry believes that this can be explained by the fierce competition in the cosmetics market and the consumer characteristics of the basic cosmetics market that pharmaceutical companies mainly target.

On the 1st of this month, the pharmaceutical industry revealed that in recent years, several domestic pharmaceutical companies have developed their own brands to enter the cosmetics market. A relevant person stated: "Relatively speaking, the development time of cosmetics is shorter than that of pharmaceuticals, and it is a product that helps to increase corporate awareness." At the same time, "the cosmetics market continues to grow year by year, and pharmaceutical companies have always paid close attention to it."

According to the Korea Cosmetics Association, the global cosmetics market has maintained an annual growth rate of about 2% since 2013 and is expected to reach US$448.7 billion (496 trillion won) by 2022. Among them, cosmetics developed by pharmaceutical companies - Dermocosmetic (medical skin care products) account for less than 5% of the market, so it has great development potential.

However, most Korean pharmaceutical companies that have entered the cosmetics market have achieved mediocre results. Among them, only Dongguk Pharmaceutical's brand, Sentelion, has exceeded 100 billion won in total sales.

In 2020, Dongguk Pharmaceutical's total cosmetics sales were 105.4 billion won, an increase of 22.1% from 2019. Since its launch in 2015 (total sales of 16.3 billion won), it has maintained an average annual growth rate of 45%. Madecasol, developed by the company, is a well-known scar treatment ointment in South Korea. This time, Dongguk Pharmaceutical applied its core experience in scar regeneration from Madecasol to the Centelin brand and named the product Madeca, successfully creating the Centelin brand image of "committed to skin regeneration." Currently, Centella already has products such as "Madaga Anti-Wrinkle Cream" and "Centella Asiatica Sunscreen Care Essence".

A person in charge of the cosmetics department of a pharmaceutical company said: "Compared with color cosmetics, pharmaceutical companies pay more attention to promoting basic cosmetics for skin care. However, most of this consumer group is targeted and prefers their favorite brands and is not easy to change products." In addition, "the threshold for entering the cosmetics market is low, and the competition among small and medium-sized enterprises is very fierce. If there is no differentiated highlight, it is difficult to get the attention of consumers. This is also the difficulty that the cosmetics department of pharmaceutical companies needs to overcome."