Under a new agreement, brand and distribution company Wellnex Life (ASX:WNX) will supply its soft-gel liquid paracetamol to GlaxoSmithKline’s Consumer Trading Services (GSK CTS), a subsidiary of healthcare giant GSK Consumer Healthcare.
The deal paves the way for Wellnex to manufacture and supply its soft gel paracetamol to the healthcare giant.
These products will be marketed under the GSK Consumer Healthcare pain relief brand for at least three years in Australia and New Zealand.
Wellnex director Zack Bozinovski said the company was “delighted” to enter into a new supply agreement with a global healthcare leader.
“We are delighted to be able to partner with leading companies to bring the products to the shelves and we are delighted to work with GSK Consumer Healthcare. »
Acquisition of Brand Solutions Australia
Commenting on the deal with GSK Consumer Healthcare, Wellnex CEO George Karafotias said it was largely down to the company’s recent acquisition of Brand Solutions Australia.
“Brand Solutions Australia has been working with GSK Consumer Healthcare for over 12 months to complete this agreement and was one of the compelling reasons for the acquisition of Brand Solutions Australia.”
Quick access to market
Wellnex noted that this latest deal also highlights the opportunities offered by its business model, including bringing “first or fast” products to market.
The model enables Wellnex to supply its products under a trusted brand, paving the way for further valuable agreements with “leading partners”.
In Australia last year, sales of health and wellness products totaled $10.7 billion, with Wellnex pointing out that this market continues to grow and evolve.
To bring its health and wellness products to market quickly, Wellnex has also established distribution networks with pharmacy wholesalers and retailers, including Symbion, Sigma, Chemist Warehouse, Priceline Pharmacy, TerryWhite, Amcal, Coles and Woolworths.
The company estimates that this equates to approximately 90% of the Australian health and wellness market.
As it grows, Wellnex plans to develop new “innovative” brands to meet market demand, expand existing brand offerings, strategically share intellectual property (IP), enter into licensing and partnerships and considering new acquisitions.