Creso Pharma continues global distribution push with new strategic partnership into Pakistan
Health & Biotech
Health & Biotech
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Special Report: The agreement offers a significant opportunity for Creso, in a big market with strong potential demand for innovative health products.
The coronavirus pandemic has created challenging conditions for many companies globally.
But amid all the restrictions, Creso Pharma (ASX:CPH) continues to hit key benchmarks in its global distribution strategy.
And this morning, the company announced a strategic push into the Pakistan market, where it has signed a Letter of Intent to collaborate with two local companies.
It follows a run of positive news flow for Creso Pharma, which in recent weeks has announced new distribution deals for its therapeutic hemp products into South Africa and Israel, along with key revenue-generating sales agreements.
The Pakistan collaboration will see Creso Pharma join forces with leading pharmaceutical company (and PSX-listed) Highnoon Laboratories, along with nutritional supplements company Route2 Health Limited.
Together, the three companies announced they would enter into a “strategic collaboration” to explore distribution pathways for Creso Pharma’s market-leading product range into Pakistan.
With a population of more than 200 million people, the Pakistan market represents a potentially lucrative opportunity for companies that get a local first-mover advantage in medicinal hemp and cannabis products.
Tausif Khan, who chairs both Highnoon and Route2, said the current focus of the partnership was on how to open up more pathways to patient access.
“We are working closely with the relevant authorities in Pakistan to pave a way for patients and consumers to gain access to the benefits of hemp-derived products,” Khan said.
Creso expects to formalise the terms of the collaboration in the coming months, which will lead to the execution of a definitive agreement towards the end of the June quarter.
The company is also exploring additional collaboration opportunities in neighbouring countries such as Afghanistan and Bangladesh, as well as key south-east Asian markets such as the Philippines and Vietnam.
“We are delighted to announce this partnership with Highnoon Laboratories and Route 2 Health,” Creso Pharma CEO Dr Miri Halperin Wernli said.
“Through this partnership, we hope to provide the opportunity for millions of people to have access to our innovative products.”