Wellnex Life paracetamol to be sold under GSK Consumer Healthcare brand in Australia and NZ
Wellnex Life’s soft gel liquid paracetamol will be sold under GSK Consumer Healthcare’s pain relief brand in Australia and New Zealand.
Under a new agreement, brand and distribution company Wellnex Life (ASX: WNX) will supply its soft gel liquid paracetamol to healthcare giant GSK Consumer Healthcare’s subsidiary GlaxoSmithKline’s Consumer Trading Services (GSK CTS).
The deal paves the way for Wellnex to manufacture and supply its soft gel paracetamol to the healthcare giant.
These products will be retailed under the GSK Consumer Healthcare pain relief brand for a minimum of three years across Australia and New Zealand.
Wellnex director Zack Bozinovski said the company was “excited” to secure a new supply agreement with a world leading healthcare company.
“We’re pleased to be able to partner with leading companies to get products on shelves and are excited to work with GSK Consumer Healthcare.”
Brand Solutions Australia acquisition
Commenting on the GSK Consumer Healthcare agreement, Wellnex chief executive officer George Karafotias said it was largely attributable 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 secure this agreement and was one of the compelling reasons for the acquisition of Brand Solutions Australia.”
Fast-track to market
Wellnex noted this latest deal also highlights the opportunities its business model provides, including bringing products “first or fast” 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, health and wellness sales totalled $10.7 billion, with Wellnex pointing out this market is continuing to grow and evolve.
To bring its health and wellness products rapidly to market, Wellnex also has established distribution networks with pharmacy wholesalers and retailers including Symbion, Sigma, Chemist Warehouse, Priceline Pharmacy, TerryWhite, Amcal, Coles and Woolworths.
The company estimates this equates to about 90% of Australia’s health and wellness market.
As it continues to grow, Wellnex plans to develop “innovative” new brands to address market demand, extend offerings of existing brands, strategically share intellectual property (IP), secure licensing deals and partnerships and look at further acquisitions.