SkinBioTherapeutics partners with Umesh Modi Group for Dermatonics launch in AMEA
SkinBioTherapeutics plc (AIM: SBTX), a leading life science company focused on skin health, has announced a strategic partnership with the Umesh Modi Group, a renowned Indian conglomerate, to launch its Dermatonics product line, including Pheet and Dermatonics Once Heel Balm, in the Asia, Middle East, and Africa (AMEA) regions. This collaboration, following a manufacturing and distribution agreement signed on 30 June 2023, signifies a pivotal move to tap into a market with a total addressable value exceeding £5bn for dermatology and diabetes management products.
The partnership entails the manufacturing of the Once Heel Balm product by the Umesh Modi Group, leveraging their extensive manufacturing capabilities that meet international standards, including the UK’s MHRA for pharmaceutical products. With a sales force of over 1,200 people across six countries, including India, Bangladesh, Sri Lanka, and Nigeria, the Umesh Modi Group is poised to significantly boost the distribution of Pheet and Dermatonics products.
SkinBioTherapeutics and Umesh Modi Group Forge Partnership to Launch Dermatonics in AMEA
The AMEA region presents a rapidly growing market for dermatology and diabetes management products. Greg Andrell, the founder of Dermatonics, highlighted the meticulous preparation behind the project and expressed enthusiasm for the potential sales growth in these emerging markets. Will Pugh, Vice President of International Development for the Umesh Modi Group, also conveyed optimism about the success of Pheet and Dermatonics brands, citing the group’s strong distribution network and expertise in leading antiseptic and scar management categories.
Stuart Ashman, CEO of SkinBioTherapeutics, emphasized the strategic nature of this partnership and its alignment with the company’s acquisition strategy for Dermatonics. While the collaboration is in its early stages, with no immediate changes to market expectations, the potential for leveraging additional opportunities with the Umesh Modi Group presents an exciting future for both entities.