Creso Pharma Limited (ASX:CPH) has obtained the necessary approvals to market its hemp based nutraceutical cannaQIX®10 product in Switzerland as a Food Supplement compliant with Swiss Federal food law.
The company has also signed an exclusive commercialisation agreement with reputed traditional Swiss Pharma company Doetsch Grether for marketing and distribution in Switzerland and Liechtenstein.
The agreement between Creso Pharma and Doetsch Grether covers the exclusive marketing and distribution of cannaQIX®10 in the Swiss market for 10 years targeting the biggest pharmacy and drug store chains in both Switzerland and Lichtenstein.
Doetsch Grether is one of the largest Pharma /OTC & Consumer Care companies in Switzerland. It is a medium-sized, family-owned company with which specialises in the marketing and distribution of products in the pharma, OTC and consumer care Swiss market and has been operating since 1899.
Doetsch Grether’s portfolio consists of their own brands, such as their famous Grether’s Pastilles, as well as distribution brands which it’s marketing with sales team support throughout Switzerland.
Dr. Miri Halperin Wernli, CEO and Co – Founder of Creso Pharma said this strategic commercial partnership and cannaQIX®10 launch in Switzerland sets the cornerstone for Cre so Pharma’s global commercialisation strategy using Switzerland as a reference country.
He said the exclusive agreement with Doetsch Grether provides it with access to over 2 , 300 outlets throughout Switzerland and Lichtenstein.
The launch of cannaQIX®10 product remains in the planning stages with implementation starting March 2018.
“We are proud for having achieved a further milestone obtaining the marketing approval for cannaQIX®10 in Switzerland and we are delighted to enter Creso’s home market, Switzerland, with Doetsch Grether allowing us to launch and market cannaQIX ® 10 through out pharmacy and drug store chains in Switzerland and Lichtenstein.
Thomas Wyss, CEO of Doetsch Grether CEO Thomas Wyss said the forecast strong demand in safe and reliable Hemp-derived products in the Swiss market.
“The cooperation with Creso Pharma gives us the great opportunity to bring a unique and attractive Hemp-derived neutraceutical first to the Swiss pharmacies and drugstores.”
The Nutraceutical and Food Supplement segments are the fastest growing untapped market segments for therapeutic products.
The total global nutraceuticals market reached US$ 142.1 billion in 2011 and is expected to reach US$ 204.8 billion by 2017.