Jaha Zoda, CEO of BNC Global, speaks during an interview with The Korea Times at the company's headquarters in Songdo, Incheon, Aug. 2. Korea Times photo by Choi Won-suk CEO to launch R&D, manufacturing plant in Hwaseong By Ko Dong-hwan SONGDO, Incheon — BNC Global is on its way to becoming a fully capable local manufacturer of aesthetic medical devices in Korea, as the company aims to broaden its global market for those seeking to improve their natural beauty.
Jaha Zoda, CEO of the Incheon-based company specializing in aesthetic medical products, said that with its new manufacturing facility expected to begin operation early next year in Hwaseong, Gyeonggi Province, his company will no longer remain an exporter and distributor of aesthetic medical products such as dermal fillers, botulinum toxin, skin boosters and lifting threads. He acquired a semiconductor plant in the area and converted it into the company's first manufacturing factory, which will also serve as a research and development center. “Our new factory will adhere to pharmaceutical grade standards which are much stricter than those of medical device grade,” the CEO said in his interview with The Korea Times at his company’s head office in Incheon.
“Although fillers are classified as medical devices, we will enhance their safety and ensure they meet the current Good Manufacturing Practice standards.” The BNC Global's booth is set up during Dubai Derma 2024 in March. Courtesy of BNC Global Dermal fillers are BNC’s key products.
And the products’ global market is fierce and promising. According to Fortune Business Insights, a global market research firm, the U.S.
dermal fillers market was valued at $2.24 billion in 2022 and is projected to exceed $3.6 billion by 2029.
Including all the other non-surgical aesthetic medical procedures, the cases counted over 19 million in the last year alone with the age group of 35 to 50 accounting for the most customers, according to International Society of Aesthetic Plastic Surgery. “The dermal filler market is very competitive,” Zoda said. He noted that the largest portion of BNC’s total sales — entirely from exports — comes from fillers and botulinum toxin, with skin boosters and lifting threads also receiving positive market reception.
“Fillers, I believe, fulfill people’s desire to sustain their natural beauty and empower their confidence. This is one of the reasons I am eager to challenge this market.” Launching BNC Zoda, a Tajikistani national in his mid-20s, founded BNC Global in 2018 with his two older brothers .
He ventured into the aesthetic medical industry after determining that it presented more opportunities for breakthroughs compared to the cosmetics market. While the Korean cosmetics market is saturated with numerous brands and factories — such as Amorepacific, which alone has over 80 brands — the aesthetic medical market remains much less competitive, according to Zoda. A model poses with Tesoro dermal filler in this undated photo.
Courtesy of BNC Global “I couldn't have survived the fiercely competitive cosmetics market here. If we had started with the cosmetics business, our company wouldn't have been able to expand into manufacturing and establish a factory,” he said. “However, the aesthetic medical markets, both in Korea and internationally, still lack many manufacturing and supplying firms.
I believe the market is still in its early stages, resulting in supply falling short of demand from hospitals and clinics. If we prepare our products well, I think we can establish a strong presence in the long term.” Zoda established BNC two years after coming to Seoul as a student.
Since then, he has significantly expanded the company. It has launched 28 products across 16 brands, secured 30 regulatory approvals from Korean and foreign authorities and achieved $40 million in sales last year, reflecting an average annual growth rate of 25 percent over the past three years. Zoda received the Tower of Export award from the Ministry of Trade, Industry and Energy in 2022 and 2023.
“Dermal fillers account for the highest sales among our products in Europe and the Middle East,” he said. “People in those regions have so far been rather skeptical about spending money on such products, due to either religious or cultural reasons. People there tended to open their minds about aesthetic medical practices only once past their 30s.
But now, they’ve become more open-minded. I would say that in a few years, many people there will start using fillers in their late 20s.” Jaha Zoda, right, receives a Tower of Export award from Incheon Mayor Yoo Jeong-bok during the Ministry of Trade, Industry and Energy's celebration of the annual Trade Day in this November 2022 photo.
Courtesy of BNC Global Contributions Zoda believes that BNC has contributed to the country’s overall economy by registering the award-winning exports that have shown rising figures for the past six years. He said that his company not only stimulated the national economy but also enhanced the global presence of Korean brands. "I believe our success is deeply rooted in the advanced technological landscape and supportive environment that Korea offers.
This foundation has enabled us to make significant contributions that positively impact both the local community and the Korean economy," Zoda said. “We actively collaborate with domestic companies and partners to strengthen the economy and create synergy to promote innovation and drive national economic growth. We are also committed to creating employment opportunities for young people.
Nearly half of our employees are foreign and our workforce speaks 11 different languages. This diversity fosters a cultural environment that encourages innovation and creativity while strengthening our competitive edge.” Zoda, as a foreign CEO here, encourages other foreign entrepreneurs in Korea to come up with their own success stories.
“I am grateful for the opportunities this country has provided,” he said. “Last year, I personally contributed to an immigrant support organization through the Gyeonggi Global Center. Looking ahead, we are determined to make a meaningful impact and continue to foster an inclusive and thriving environment for all.
” BNC Global employees celebrate the company's sixth anniversary of establishment in May. The employees, to cater to customers worldwide, can speak over 10 different languages. Courtesy of BNC Global Who is Jaha Zoda? BNC Global CEO Jaha Zoda, 26, came to Korea in 2016 and studied Korean in Busan for a year.
His eldest brother already settled in Korea in 2008 pursuing a doctoral degree in business administration. So did his second-eldest brother. His father wanted him to follow in the footsteps of his older brothers and pursue a career in business.
He, however, entered Sungkyunkwan University in 2017 and graduated in 2021 with a bachelor’s degree in chemical engineering. Balancing the study of Korean and chemical engineering while launching a business right after completing his studies was challenging for Zoda. Nevertheless, he managed to grow through these experiences and pursued his entrepreneurial journey with enthusiasm.
Before coming to Seoul, he aimed for a professional football player. He played for Tajikistan’s national youth football team in 2014, playing the AFC U-14 Asian Cup in Iran..
