MELBOURNE, Australia, May 19, 2020 /PRNewswire/ -- Australian pharmaceutical company Althea Group Holdings Limited (ASX:AGH) ('Althea' or 'the Company') is pleased to announce it has executed a Medicinal Cannabis Supply Agreement ('agreement') with UK-based Grow Pharma to import, sell and distribute Althea products in the UK.
Grow Pharma (a joint venture of Grow Biotech and IPS Pharma) is the leading independent UK distributor of reliable cannabis-based products for medicinal use in humans (CBPMs). Under the agreement, Althea's full suite of medical cannabis products will be added to the Grow Pharma formulary. Grow Pharma have agreed to a wholesale purchase price for Althea products and have committed to not exceeding the maximum retail price of Althea products, as established by the Company, in the UK.
Since entering the UK market, Althea has continued to steadily grow its number of medical cannabis prescriptions, underpinned by the Company's ethos of everyday doctors for everyday patients. Supporting Althea's growth has been the ongoing education of UK Healthcare Professionals (HCP) via its infield Medical Science Liaisons team and Althea Concierge™, a free online platform that provides doctors with all the education and support tools they require to prescribe CBPMs.
Grow Pharma employs a similar infield market access strategy to Althea, with a strong focus on HCP education and preparing doctors to prescribe medical cannabis products to patients. The agreement with Grow Pharma will further develop Althea's strong presence in the UK by increasing its overall coverage by adding new prescribers, patients, and supplementary revenue.
In addition to the existing distribution network Grow Pharma services in the UK, including multiple medical cannabis clinics, Grow Pharma also offer a direct-to-patient home delivery of prescriptions at no additional cost. In the current and challenging COVID-19 environment, patient home deliveries complement the uptake in telehealth services being offered by HCPs, extremely well.
Grow Pharma CEO Ben Langley said: "Adding Althea to our select group of global medical cannabis manufacturers is a big win for us given their first class selection of medicines at prices that are accessible for UK patients. As Grow Pharma further enhances our reputation amongst the medical community and CBPM prescriptions are beginning to increase rapidly, it is important to work with a quality supplier like Althea who have already established themselves in the UK. I look forward to a long and fruitful partnership with them."
Althea CEO Joshua Fegan said: "Grow Pharma is well established in the fledgling UK medical cannabis market and like Althea, they are very cognisant of the fact that growth can only be achieved through healthcare professional education. With approximately 90,000 specialists in the UK, the agreement with Grow Pharma provides Althea with additional channels for patient access and more prescriber coverage, accelerating the growth of our brand."
Althea Group Holdings Limited (ASX:AGH)
Althea is an Australian licensed producer, supplier and exporter of pharmaceutical grade medicinal cannabis and is listed publicly on the Australian Securities Exchange (ASX:AGH). Althea also offers a range of products, education, access and management services to support eligible patients and healthcare professionals in navigating medicinal cannabis treatment pathways.
Althea currently operates within highly regulated medicinal cannabis markets including Australia, Germany and the United Kingdom, with plans to expand into emerging markets throughout Asia and other parts of Europe.
To learn more, please visit: www.althea.life
Grow Pharma Ltd
Grow Pharma is a UK based medical cannabis importer, distributor, pharmacy and healthcare professional education group. It is a joint venture between IPS Pharma and Grow Biotech PLC. Grow Pharma works with the producers of the best cannabis-based medicines and helps them launch into new markets, creating long-term value for them and for patients. The Grow Pharma team focuses on supporting clinics and on educating individual healthcare professionals. Ultimately, Grow Pharma's activities improve the ability of patients to access these medicines, and helps to reduce the cost per prescription.
To learn more, please visit: www.grow-pharma.com
SOURCE Althea Group Holdings Limited