Ann: JAT Product Approval - South Korea, page-2

16 September 2021
ASX ANNOUNCEMENT
South Korean Ministry of Food and Drug Safety approves JAT’s Jinvigorate Diabetic Formula as a Medical Food

Jatcorp Limited (ASX: JAT) is pleased to announce that the South Korean Government through its regulatory authority, the Ministry of Food and Drug Safety, has approved JAT’s Jinvigorate Diabetic Formula to be used as medical food in the hospitals and clinics in South Korea.

About Jinvigorate Diabetic Formula
Jinvigorate Diabetic Formula is a special food supplement designed and developed by JAT. The product is Low GI certified by the GI Foundation, has been especially designed to support the nutritional needs of people with diabetes, who cannot meet their dietary needs through diet modification alone. It provides several vitamins and minerals, as well as Chestnut Astringent Skin Extract, all suitable ingredients for diabetics.

Jinvigorate Diabetic Formula is manufactured at JAT’s ANMA factory in Melbourne, Victoria.
The Ministry of Food and Drug Safety (MFDS)
MFDS is the competent regulatory authority in South Korea that is responsible for granting marketing authorisation for regulated pharmaceuticals in South Korea.
The approval from MFDS is a very significant step for Jinvigorate Diabetic Formula to be recognised by South Korean authorities as a product which can be recommended to diabetic patients by doctors or professional medical workers. JAT expects the MFDS approval to drive product sales opportunities and expand product sales channels.
Next step
JAT will complete the artwork and packaging for Jinvigorate Diabetic Formula using Korean language to comply with the requirements of MFDS and prepare for export. JAT’s distributor in South Korea has advised that it intends to place its first order for a 20’ container containing 6,000 cans before the end of October 2021 for delivery in the December 2021 quarter. The distributor expects to continue to order 2-3 containers per month thereafter.
JAT Managing Director, Wilton Yao stated:
“The South Korean approval for Jinvigorate Diabetic Formula as a medical food secures a distinctive position for JAT’s own brand in South Korea and other export markets. The approval is the beginning of establishing JAT’s portfolio of products as more than supplementary foods but instead recognised as a medical food. It is for this reason that, as previously announced, JAT has commenced the process of obtaining Australian TGA accreditation for its ANMA factory in Melbourne. This development is a result of the diligent efforts of JAT’s team of people.