STENOCARE expands in Australia
STENOCARE A/S
NASDAQ FIRST NORTH GROWTH MARKET, DENMARK
TICKER: STENO
STENOCARE A/S (“Stenocare”) has entered into a new partnership agreement with Quest Biotech Pharma (“QBP”), aimed at expanding its reach to more prescribing doctors and patients in Australia. The agreement has the potential to double the sales run rate of Stenocare-branded products in Australia during 2024.
Australia is an increasingly important market. Stenocare is a supplier of prescription-based medical cannabis oil products in various markets and has been present in the Australian market since Q4 2022. According to the National Drug Strategy Household Survey and Australian regulator report, the Australian medical cannabis market size is approximately 450,000 patients (Dec-2023). The projected market growth rate is 15.77% CAGR from 2023 to 2028 with a forecasted market size US $791.60M by 2028 (Statista; Jul-2023). This offers a real potential to become Stenocare’s second largest market, only exceeded by the Danish home market.
Partnering for patient reach. Under a new agreement, Stenocare has partnered with Quest Biotech Pharma ("QBP"), a highly specialized Australian pharmaceutical company. QBP is able to significantly increase the capacity of prescribing doctors of Stenocare branded products via multiple channels. The shared objective is to expand the reach to more patients through qualified prescribing doctors. QBP partners with an holistic tele healthcare clinic - TeleDocs Clinic - serving patients with convenient access to medical care services nationwide from the Eastern States to Western Australia. This is a vast area with services open to all of Australia’s 26.6 million population. The mutual goal is to capture market share and achieve a 100% growth in the sales run rate of Stenocare-branded products in 2024.
Thomas Skovlund Schnegelsberg, CEO of Stenocare, comments: “Stenocare has found a new partner in QBP—a like-minded company with a pharmaceutical approach to medical cannabis education and support services. The QBP pharmacists provide free and balanced education about medicinal cannabis to patients, nurses, doctors, and pharmacists, which is an essential element in our shared vision for providing treatment to patients in need and winning market share in the growing Australian market.”
Damian Wood, Managing Director of Quest Biotech Pharma, comments: “We are excited to be partnering with Stenocare who share our core philosophy of mobilising shared resources at lower costs to benefit patients, clinicians and business. We are confident in the growth opportunity in 2024 and beyond via the healthcare clinicians at TeleDocs Clinic, other clinics and our supply chain partners. We strongly support Stenocare bringing their Scandinavian pharmaceutical formulation science expertise into the Australian pharmaceutical industry to help alleviate patient suffering where there is an unmet clinical need.”