ABVC BioPharma’s Maitake Mushroom Dietary Supplement approved in Taiwan

ABVC Biopharma announced that BioKey, a wholly-owned subsidiary of the company based in Fremont, California, received an approval of Maitake Mushroom Dietary Supplement Tablet from Taiwan Ministry of Health and Welfare on February 6. This approval served as an Import License for the shipment of Maitake Mushroom Tablets which have been developed and manufactured by BioKey for commercial sales in Taiwan under the brand name "DFN." BioKey is currently producing dietary supplements derived from the Maitake Mushroom in tablet and liquid forms. The company has entered into a three-year distribution agreement with Define Biotech Co. Ltd., whereas Define Biotech is granted exclusive rights to distribute DFN in China and Taiwan in exchange for $3.0M worth of new product orders over the three-year period. Shipment of the first bulk lot of Maitake Mushroom Tablets to Define Biotech is in progress for the commercial launch in Taiwan. The global dietary supplements market size was valued at $140.3B in 2020 and is expected to expand at a compound annual growth rate of 8.6% from 2021 to 2028.