Highlights
- Petrus Pharmaceuticals selects OpenDNA to support its China market entry and drive sales of its products in China on OpenDNA’s RooLife platform
- Petrus Pharmaceuticals manufactures a wide range of over-the-counter (OTC) medicines in Australia that it will provide exclusively to RooLife to sell into China
- OpenDNA is to receive commission on the sale of all products sold in China and Australia
Artificial intelligence and e-Commerce marketing company OpenDNA Limited (ASX: OPN) (“OpenDNA” or the “Company”) has entered into a binding agreement with Petrus Pharmaceuticals Pty Ltd (“Petrus Pharmaceuticals”) (www.petrus.com.au) to exclusively sell its products in China.
Petrus Pharmaceuticals was established in 1988 and is a wholly Australian-owned and operated company specialising in the research, development, manufacture, marketing and distribution of pharmaceutical products which are sold through pharmacies, medical practitioners and hospitals throughout Australia.
Under the terms of the agreement, OpenDNA will be the exclusive distributor of Petrus Pharmaceutical products in China which include the following well-known products as sold and available through over 5,000 pharmacies in Australia and which are expected to have strong market appeal in China.
The term for distribution of Petrus Pharmaceutical’s products is for an initial 12-month period with the first product sales expected in the next Quarter.
Download full article as PDFOpenDNA Managing Director, Mr Bryan Carr, commented:
“The China market presents a huge opportunity for Petrus Pharmaceuticals and we are delighted to be their partner to market and sell their high-quality Vitamins, Minerals, Supplements (VMS) and Health & Wellbeing products in a market where health and well-being products are in high and growing demand."
This agreement further advances OpenDNA’s announced strategy to market and sell high- quality and authentic Australian products and services to the large and rapidly growing consumer market in China.
Petrus Pharmaceutical’s products are expected to be in strong demand in China where annual sales of VMS1 and health products were US$30billion in 2017 with projected compound sales growth of 10% annually through to 2025 with the Health and Wellbeing market forecast to reach US$60b in sales by 2020.
