Medlab takes its nutraceutical range abroad thanks to an agreement with the American Nutritional Corp Inc.
Medlab Clinical (ASX: MDC) has just announced that it has executed a commercial agreement with the American Nutritional Corp Inc (ANC) to bring Medlab's existing nutraceutical range to the United States.
A nutraceutical is defined by Merriam Webster as "a fortified food or dietary supplement that provides health benefits in addition to its basic nutritional value."
The nutraceutical market is both lucrative and growing, with Medlab stating that "the US dietary supplements market was valued at $124.8B USD in 2018 with a CAGR of 6.4%," and MarketsandMarkets™ estimating that the nutraceuticals market will be worth $228 billion by 2025.
The company expects to see revenues from the agreement in early 2020, with the deal placing MDC's products in medical and consumer markets, being distributed through healthcare practitioners, pharmacies and health food stores.
While Medlab will be featured on the branding, the company has also stated that the focus will be on rebranding to suit their clients' needs and branding strategies.
The 1st Brand will be officially launched at a major US medical conference, the 27th Annual World Congress, in December, which will be hosted by the American Academy of Anti-Aging Medicine (A4M).
On the agreement, Medlab CEO, Dr Sean Hall stated that "this agreement provides a great opportunity to expand the commercialisation opportunities for Medlab into such a large market like the USA."
"Having access to clients of this calibre and being able to tap into their supply chains is very exciting and is a further example of the appeal of our patents research and strong clinical capabilities," Hall concluded.
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Disclaimer: past performance is not an indicator of future performance
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