Aussie ‘green whistle’ makes its way into US Walgreens pharmacies
Health & Biotech
Health & Biotech
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The famous Aussie “green whistle” pain reliever is making its way to pharmacy counters across the US under a new deal with the country’s second-biggest drugstore chain, Walgreens.
For those not familiar, the Penthrox green whistle is a non-opioid pain relief inhaler commonly used in trauma settings for self-administration.
The company behind it is ASX-listed emergency solution provider Medical Developments (ASX:MVP) — whose shares are up more than 50 per cent in the past six months.
The major deal with Walgreens will see the company’s Compact Anti-Static Space Chamber products rolled out to 2000 stores across the country, what it hopes will create a compelling case for full rollout across all stores.
Chief John Sharman said the company had been working on the deal for almost two years and it was all down to the quality of the product.
“Part of the reason Walgreens entered this deal is because we are gaining rapid acceptance for the quality of our product our product offering among pharmacies in the USA,” Mr Sharman told investors.
“We have a world class respiratory device product range and we have a significant price and reimbursement advantage over competitor products in the USA.”
Shareholders were chuffed about the news sending the stock up 2 per cent to $7.72 at close on Monday to give it a market cap of $456 million.
The shares are up from around $5 six months ago.
The American Walgreens is a subsidiary of Walgreens Boots Alliance, the biggest pharmacy business in the world, including the BOOTs pharmacies in the UK.
This announcement is the latest in a string of newsflow from MVP, after recently receiving approval for sale in nine European countries including the UK, France and Ireland.
In September, Penthrox was recommended for use in all UK ambulances for injuries causing moderate to severe pain.
Medical Developments last year reported a 16 per cent profit increase to $1.8 million on revenue of $18.3 million.
Getting into the US has been seen as a key goal for the company as it battles an opioid epidemic.
“The US has a palpable and significant bias against using opioids, and is actively looking for alternative products,” Medical Developments chief John Sharman said.
“In the management of medium or severe pain, we are the only alternative on the planet.”
The green whistle has become so popular it even has its own hashtag on social media.