Medlab Clinical Ltd (ASX:MDC) has signed an agreement with Australian Pharmaceutical Industries (API) to range Medlab’s nutraceuticals in Priceline Pharmacy, one of Australia’s biggest pharmacy groups.
As part of the agreement, API will also hold Medlab products in its warehouses, significantly expanding potential distribution to more than 2100 independent pharmacies who will now be able to easily access the product range.
The agreement positions Medlab’s nutraceutical range into professional pharmacy with onboarding expected to take 3-4 months.
It is anticipated these agreements will result in a substantial increase in sales in the 12-month period from official launch.
Medlab’s nutraceutical offering differs from general retail due to its exposure to clinical research and patents.
The company currently has 27 patents covering a large number of products in the nutraceutical range.
Included within the range are NanoCelle™ products which were developed using Medlab’s patented delivery platform.
Medlab chief executive officer Dr Sean Hall said: “Medlab is very excited with this opportunity to work with Priceline Pharmacy and other independent groups as it allows us to support people in the community suffering chronic illnesses by providing them easier access to scientifically backed products via professional pharmacy.”
Medlab is expected to exhibit at this year’s largest pharmacy conference, APP on the Gold Coast in March.