April 9th, 2007 - CJ Corp. Pharmaceutical BU announced their decision to collaborate with the Japanese LION Corp. regarding OTC (Over-the-Counter) Medicine. Through this collaboration, CJ Corp. will gradually import OTC products from LION Corp., and have an exclusive sales right. LION Corp., founded in 1891, is an established biochemistry corporation. Their annual sale in 2006 is an estimated 330 billion yen, among which OTC medicine sales amounts to 50 billion yen.
OTC (Over-the-Counter) is different from ETC (Ethical drugs) in that it does not require a prescription from the doctor. Unlike the dwindling ETC market, the OTC market is expanding every year, and is known as the new growth power. The annual sales of the domestic OTC market in 2006 estimates 1,830 billion Korean won.
CJ Corp. recorded an annual sale of 30 billion with its established OTC product line - which includes Condition, the hangover reducing drink, and Sancle, the eyedropper medicine. This year, CJ has publicized its reinforcement of OTC products, with new products such as Scalp Med, a depilatory medicine. Moreover, with this strategic collaboration with LION Corp, CJ is rising as the dark horse of the OTC Market. This addition of LION’s established product line to CJ’s differentiated OTC development ability and 23 years of sales experience is expected to invigorate the OTC market.