JW Holdings signs deal to sell LED alopecia treatment devices

Industry

Published: 18 Aug. 2021, 16:26

JW Holdings signs deal to sell LED alopecia treatment devices

JW Holdings CEO Han Seong-gwon, left, and IL Science CEO Song Seong-geun pose for a photo after signing a memorandum of understanding for selling Follinic’s haircare products overseas at its headquarters in Seocho-dong, southern Seoul, on Tuesday. [JW HOLDINGS]

JW Holdings signed a memorandum of understanding with light emitting diode (LED) maker IL Science in a move to target global alopecia market, the company said Wednesday.

In the deal, JW Holdings will be granted the rights to sell IL Science’s Follinic haircare brand products in countries excluding Korea. IL Science will offer JW Holdings technical support as well as data on how to register and sell the products in overseas.

JW Holdings handles the overseas business for raw materials, finished pharmaceuticals and medical devices produced by JW Pharmaceutical, JW Shinyak, JW Life Science and JW Medical. JW Holdings owns 42 percent of JW Pharmaceutical, 25 percent of JW Shinyak, and 43 percent of JW Life Science.

The two companies will cooperate on selling Follinic’s Micro-current LED Scalp Care Device, which is a device used for the prevention and treatment of alopecia, as well as the brand's various haircare products, like Premium Scalp Shampoo, in foreign countries.

JW Holdings said the deal will help the company "target the global alopecia market by creating synergy effects with various alopecia treatment it owns."

“With the growing interest in alopecia globally, the markets of related medical devices and functional products have been surging recently,” said Han Seong-gwon, CEO of JW Holdings. “With our global business infrastructure, we will offer various alopecia care products from Follinic to global customers.”

The size of global alopecia market, which was about $7.6 billion in 2020, is expected to grow to $18.2 billion by 2028.

BY SARAH CHEA [chea.sarah@joongang.co.kr]