July 22, 2020 | Yahoo Finance
A definite agreement entered on commercial marketing of medical cannabis in Europe.
The two companies will apply for an import permit to Germany and an export permit from Israel.
The collaboration will start in Germany, the largest market for medical cannabis outside the USA, then scaled gradually to additional countries.
The first sales of Panaxia/Neuraxpharm products in Germany are expected in H2 2020, as soon as the export license is granted.
Neuraxpharm, a leading European pharmaceutical company specialized in CNS, and Panaxia Global, the controlling owner of Panaxia Labs Israel (Panaxia Israel) (TASE: PNAX), Israel’s largest medical cannabis manufacturer, announced today they have entered a definite agreement to start a business collaboration for marketing Panaxia’s medical cannabis products in Germany, Europe’s largest and fastest-growing market for cannabis in Europe. The agreement, which anchors a previous MOU entered by the companies, includes exclusivity for Panaxia products, as well as an option for scaling the distribution to additional countries, also including further major European countries.
The agreement is one of a kind in the cannabis industry. It represents the first time a global pharma company of Neuraxpharm caliber marketing medical cannabis products as part of its broad prescription and non-prescription product portfolio. On top of distributing the products to pharmacies through local distributors, the venture will focus on marketing efforts to the relevant target audiences in Germany, namely the prescribing physicians, and the patients. The marketing activity is critical for the success of commercial sales and will be implemented according to the standards used in the pharmaceutical industry.
The prescriptions issued in Germany by authorized physicians are for a specific brand. Hence, marketing the products to prescribing physicians in Germany is a prerequisite for succeeding in that country. Germany is considered as the largest market for medical cannabis outside the USA with 60 thousand patients out of a population of 82.8 million people. The average spending on medical cannabis per patient stands at ~ €500 per month.
The Neuraxpharm Group is one of the largest specialty pharma companies in Europe. It is present in 12 European countries, including Germany, Spain, France, Italy, the Czech Republic, Poland, Austria, Switzerland, Slovakia, UK, Hungary, and Portugal. Neuraxpharm’s annual turnover is € 480 million, having access to more than 80% of the CNS market in Europe and a portfolio of over 130 active medicines for CNS conditions.
Read More On: Yahoo Finance Website