[Edaily Reporter SONG YOUNG-DOO ] Icure Pharmaceutical Incorporation(175250)announced on the 8th that it has signed a supply contract with Prayaas Global of the United Arab Emirates (UAE) to supply lidocaine cataplasm patches to the Middle East region. The contract is valued at approximately 5.4 billion won over five years.

With this contract, the cumulative value of Icure Pharmaceutical Incorporation’s overseas supply contracts for transdermal patch products has increased to approximately 66.5 billion won across a total of 40 countries, including the Middle East, Southeast Asia, and Central and South America. The company explained that it is expanding its presence in overseas markets with a focus on transdermal patch products, including lidocaine patches.

Over the past three years, Icure Pharmaceutical Incorporation has signed overseas supply contracts totaling approximately 236.3 billion won, including its donepezil patch and transdermal patch products. However, as the donepezil patch recently failed to obtain marketing authorization in Taiwan and some contracts were terminated, the company plans to improve its business structure by expanding overseas exports of existing pharmaceutical products, such as transdermal patches.

Lee Young-seok, CEO of Icure Pharmaceutical Incorporation, said, “We will move away from our existing pharmaceutical business structure, which is centered on domestic sales, and simultaneously pursue revenue growth and improved profitability by expanding overseas exports.”