Neuraxpharm and Panaxia have announced the signing of two addendums to their agreement to expand their collaboration into the Czech and Swiss markets.
In 2021, Panaxia and Neuraxpharm signed an agreement to distribute medical cannabis products in Poland, and have further collaborations in the German and French markets.
The pair are now embarking on an expansion of their collaboration which will include the marketing and distribution of advanced medical cannabis products in the Czech Republic and Switzerland, including cannabis extracts for inhalation, produced by Panaxia.
The Czech Republic is one of the most advanced countries in Europe in terms of the medical cannabis market size. The consistent increase in the number of patients, doctors and prescriptions issued during the last five years can be attributed to the subsidy of medical cannabis costs by health insurance.
Read more: Panaxia and Neuraxpharm to bring medical cannabis products to Poland
Additionally, Switzerland holds a leading position worldwide in the medical sector, although the market is still in its infancy. Recently, as a revision of the Swiss policy, access for patients has been dramatically streamlined, enabling the local cannabis industry to flourish.
The current collaboration model between Panaxia and Neuraxpharm for the Czech and Swiss markets will be similar to the model in Germany, with the joint branding Naxiva Panaxol.
Panaxia will manage the manufacturing of the products, such as pharmaceutical-grade medical cannabis premium oils and extracts based on clinical data, while Neuraxpharm will be responsible for the marketing, distribution, and commercialisation of the products.
Dr Dadi Segal, CEO of Panaxia, said: “We are proud to expand our collaboration with our partner, Neuraxpharm, to the Czech Republic and Switzerland, two of the most advanced countries in Europe in terms of their medical cannabis policy.
“We are excited to make our advanced medical cannabis products available to patients in both countries and expand the variety of products offered.”
Dr Jörg-Thomas Dierks, CEO of Neuraxpharm, added: “We are delighted about the new agreement with Panaxia, which is a great opportunity to benefit from the strong growth in the Swiss and Czech medical cannabis markets. We are confident that with our partner Panaxia we will be able to successfully leverage the potential of both markets going forward.”
In order to combine its activities and to reinforce its position as one of the key European players in medical cannabis, Neuraxpharm has created a business unit at corporate level dedicated to medical cannabis and established a dedicated sales force in Germany.
The company has appointed Rita Barata as the new head of the specified corporate medical cannabis business unit to accelerate the launch and drive its growth at European level.
Rita Barata has over 15 years of experience in the pharmaceutical industry and has a strong track-record in driving commercial growth and innovation, both at national and international level in different companies. Prior to joining Neuraxpharm she was Head of Marketing EMEA & Country Manager Iberia at Tilray.
Panaxia operates two EU-GMP facilities in Israel and Malta, which allow the export of advanced medical cannabis products to most European countries.
The first sales of products in the Czech Republic and the availability of scientific information in Switzerland are expected to begin by the end of 2022, subject to completing the regulatory registrations of the Czech and Swiss authorities for the distribution of medical cannabis products.
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