Cellmid Limited (ASX:CDY) has appointed Pharmaceutical Services Ltd (PSL) as the exclusive distributor of its anti-ageing consumer products in New Zealand.
PSL will use its existing facilities and skilled field force to provide warehousing, fulfilment, distribution and sales support to increase market penetration for Cellmid’s évolis® and Fillerina® brands.
During the first 12 months of the agreement, the companies will collaborate to increase distribution and sales and will then develop minimum sales targets for after the first year.
The agreement does not have a fixed term and will remain exclusive subject to PSL’s performance from the second year onwards.
Cellmid will support PSL with full marketing training to roll out distribution in a similar way to retailers in the US and pharmacies in Australia.
This training will include experiential marketing strategies such as the évoliscope® and in-store product sampling.
PSL is owned by the Pharmacy Guild of New Zealand and supplies most of its 1,000-pharmacy membership.
There are over 3,500 practising pharmacies in New Zealand with over 1,000 community pharmacies.
Most pharmacies are still owned by independent pharmacists, but according to Cellmid corporatisation has been on legislators’ radar since 2016.
Corporatisation will bring competition and independent pharmacies with unique offerings, such as Cellmid’s anti-ageing hair and skin products, will have an opportunity to remain leaders in the market.
Cellmid is an Australian life sciences company with lead programs in multiple disease indications.
The company develops and markets novel therapies and diagnostic tests for fibrotic diseases, cancer, ischemic diseases of the heart and hair loss.
Cellmid holds the largest and most comprehensive portfolio of intellectual property relating to the novel targets midkine and FGF5 globally.