CANNORDIC India Ltd., under the umbrella of CS MEDICA Group, has signed a Letter of Intent (LOI) with Zuventus Healthcare Ltd., a premier pharmaceutical company in India. This agreement marks the initial engagement towards establishing a preferred partnership for distributing and marketing the CANNASEN® brand within the medical device category across India. The partnership will focus on addressing autoimmune diseases and stress-related disorders.
The collaboration will initially focus on distributing four medical devices: CANNASEN® Pain Patch, Pain & Arthritis Gel, Nasal Protect Gel, and Nasal Night Spray. These devices were chosen for their innovative formulations and proven effectiveness in relieving pain, supporting joint health, protecting from allergies and viruses, and aiding sleep. The goal is to improve the quality of life for those in India with these complex health challenges.
Lone Henriksen, CEO and Founder of CS MEDICA Group, highlights the significance of this partnership: "Our Letter of Intent with Zuventus Healthcare represents an exciting development towards bringing our advanced, scientifically-backed medical devices with CBD to the Indian market. We are eager to see how our joint efforts can improve healthcare outcomes for the market."
Future Steps and Regulatory Compliance: The LOI lays the groundwork for a future formal contract, contingent on the successful registration and regulatory approval of these medical devices in India. CANNORDIC India and Zuventus are dedicated to upholding the highest safety and efficacy standards. The partnership provides the flexibility to introduce the CANNASEN® portfolio under natural medicine (Ayurveda), various applicable regulations, or under a different brand while keeping exclusivity in the medical device sector. This initiative seeks to tap into India's rapidly growing market for innovative healthcare solutions.
Market Outlook and Potential: As India's healthcare sector experiences rapid growth, this partnership between CANNORDIC India and Zuventus Healthcare is poised to meet the increasing demand for effective and natural healthcare solutions. By leveraging Zuventus Healthcare's extensive market reach and CANNORDIC's expertise in integrating bioactive CBD into medical devices, this collaboration is set to introduce innovative treatments to patients across India.
 
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|[image]|The total Topical Pain Relief Market size is approximately €160 to    |
|       |€213 million as of 2024 with an expected growth/CAGR of 7,0%.         |
|       | Zuventis expects to capture 1.5-2% of this market, with the CANNASEN®|
|       |Pain & Arthritis Gel, by Year 3, translating into an expected market  |
|       |size of approximately €3.20 to €4.30 million[1].                      |
|       |                                                                      |
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|[image]|The Patch market size is approximately €10 million as of 2024, with an|
|       |expected growth/CAGR of 7,8%.  Zuventis expects to capture 1-2% of    |
|       |this market, with the CANNASEN® Pain Patch, by Year 3, translating    |
|       |into an expected market size of approximately €0.2 to €0.265          |
|       |million[1].                                                           |
|       |                                                                      |
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|[image]|The total Allergy Market size is approximately €85 to €106 million as |
|       |of 2024 with an expected growth/ CAGR of 8.1%. Zuventis expects to    |
|       |capture 0,5-1% of this market, with the CANNASEN® Nasal Protect Gel,  |
|       |by Year 3, translating into an expected market size of approximately  |
|       |€0.42 to €0.85 million[1.]                                            |
|       |                                                                      |
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|[image]|Sleep total treatment  market size is approximately €240 million as of|
|       |2024, with an expected growth/CAGR of 7.5%. Zuventis expects to       |
|       |capture 0.1-0.3% of this market, with the CANNASEN® Nasal Night, by   |
|       |Year 3, translating into an expected market size of approximately     |
|       |€0.24 to €0.72[1].                                                    |
|       |                                                                      |
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Source: Estimates from Zuventus Healthcare forecasted as part of the LOI.
The cumulative projections for revenue by the end of Year 3 are expected to reach €15 million, reflecting the significant demand and growth potential for these innovative treatments in the Indian market.
Kamlesh Vora, Managing Director of CANNORDIC India Ltd. continues: "It's important to note that the launch of these medical devices is contingent upon successful registration with Indian regulatory authorities, setting a precedent as they may be the first of their kind in the Indian market".
Auler Prakash Kumar Guha, Managing Director of Zuventus Healthcare, states, "Incorporating CANNORDIC's innovative products enhances our top-tier healthcare offerings. This partnership is set to deliver significant benefits to patients across India and advance the market for compliant, evidence-based treatments with CBD."