Foreign enterprises bank on trade fair for business growth in Chinese market

Foreign medical aesthetics players have been flocking to the China International Import Expo in light of the ferocious appetite of Chinese consumers banking on their solutions for better outer appearance.

Among the companies making their debut at this year's event is Swiss dermatologic and skincare products provider Galderma, which on Nov 7 announced that its new hyaluronic acid filler product Restylane Defyne has received approval for sale in China from National Medical Products Administration.

Known for its hyaluronic acid fillers and botulinum neuromodulator, Galderma had also announced that its QM-1114, a ready-to-use liquid formulation of botulinum neuromodulator specifically developed for aesthetics use, is currently undergoing Phase 3 trials.

Galderma CEO Flemming Ornskov said that the CIIE is not merely a platform to showcase its latest products, but also a place where it can meet and cooperate with other industry players.

"One key market where we believe we can make a positive impact in is China. Chinese consumers, particularly women, are very sophisticated and understand the impact of healthy skin on their overall physical and psychological health," he said.

In light of the rising demand for medical aesthetics in the Chinese market, Galderma is planning to launch nine new products by 2024, he added.

According to a report released in March by Beijing-based medical aesthetics platform SoYoung Technology, the number of Chinese consumers who spent on medical aesthetics amounted to 15.2 million at the end of 2020, up 35.7 percent year-on-year.

Those born in the 1990s made up the bulk of the consumer population, while demand for such products and services is growing quickly among women aged between 31 and 35.

Another medical aesthetics company present is Sisram Medical Ltd. The first Israeli company to be listed on the Hong Kong stock exchange, Sisram Medical is showcasing its injectable hyaluronic acid treatment Profhilo at the current edition of the CIIE. This is the first time the product is being exhibited in the Chinese mainland. Sisram said that it has already started the process to register the product with Chinese regulators.

Another innovation being showcased by the company is the ARTAS robotic hair restoration device, which relies on artificial intelligence technology to perform minimally invasive hair transplants.

Among the return participants at the CIIE is Japanese beauty giant Shiseido, which is attending the trade fair for the third time. The company has brought its innovative solution which lightens eye bags using high-tech modeling, as well as its skin elasticity visualization technology that is capable of micron-level skin detection.

"The CIIE has become the best platform for Shiseido to display its core strategies, hard-core technologies and innovation results," said the company's China CEO Kentaro Fujiwara.