Wellnex Life gets manufacturing underway for its new product range in JV partnership with Chemist Warehouse
Health & Biotech
Health & Biotech
The company has a strong pipeline of new products as it leverages its unique distribution advantage in the Australian marketplace.
Health & wellness company Wellnex Life (ASX:WNX) has had a busy few weeks since relisting on the ASX earlier this month.
And this morning, the company flagged a major new product update, as it advised that manufacturing has now commenced for its Wagner Liquigesic range.
A joint venture with leading national pharmacy group Chemist Warehouse, the Wagner Liquigesic range includes Australia’s first Paracetamol Liquid Soft Gel.
The production quota will also include a liquid gel with a combination of Ibuprofen and Paracetamol. Wellnex has received opening purchase orders of circa $1 million for this liquid analgesic soft gel range, which also includes a contract manufacturing order.
All products will be distributed under an exclusive supply deal with Chemist Warehouse, giving WNX immediate access to a major national market chain.
Under the terms of the JV, Wellnex is responsible for the “development, registration and commercialisation of products”, CEO George Karafotias said.
On the production side, Wellnex will leverage the benefits from its strategic acquisition of Brand Solutions Australia (BSA) earlier this year, which specialises in developing products and brands in the multi-billion-dollar health & wellness sector
Chemist Warehouse will then use its market footprint to drive distribution and marketing.
Along with its Wagner Liquigesic products, Wellnex is also in the final stages of development for health gummies; two slow-release iron products (Iron Gummies) and two energy-boost products (Wakey Wakey), all of which have been approved by regulators as complementary medicines
Commenting on the rollout, Karafotias said it’s reflective of Wellnex’s ability to be first to market with innovative products that benefit from an established distribution strategy.
“It is our ability to identify unmet needs in the market, rapidly respond through our product branding, manufacturing, and distribution knowhow that we believe positions Wellnex to win significant market share and grow Australia’s burgeoning health and wellness sector,” he said.
And today’s update marks the first example of the WNX executive team’s ability to execute on that strategy, as it builds a unique market-leading footprint in the multi-billion-dollar health & wellness sector.
This article was developed in collaboration with Wellnex Life, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.