Point Roberts, Washington and Delta, British Columbia–(Newsfile Corp. – June 11, 2019) – Investorideas.com, a leading investor news resource covering biotechnology and pharmaceutical stocks releases a sector snapshot reporting on the ongoing growth of OTC pain medication due to consumer demand and a move away from traditional surgeries. More companies are taking a global approach and are seeking to gain approval not only in the US, but also European markets moving forward.
Companies featured include Innovus Pharmaceuticals, Inc. (OTCQB: INNV), Orthocell Limited (Quote), Pacira BioSciences, Inc. (Quote) and Harvest One Cannabis Inc(Quote) (Quote).
According to a market research report published by P&S Intelligence, the chronic pain treatment market is “expected to reach $105.9 billion by 2024. The market growth is primarily driven by the rising prevalence of chronic conditions, surging geriatric population, and increasing government support toward chronic pain management.”
MotleyFool recently discussed the key differences between the United States and European drug markets, specifically focusing on the key differences in drug approval. “The United States and Europe are drugmakers’ biggest markets, but just because a drug wins approval in one doesn’t mean it will get the nod in the other. Each market has its own system for clinical trials and drug reviews, and there are key differences in commercializing drugs in these regions that investors ought to know about before investing.”
Looking to European markets, Innovus Pharmaceuticals, Inc. (OTCQB: INNV), an emerging commercial-stage pharmaceutical company that delivers safe, innovative and effective over-the-counter medicine and consumer care products to improve men’s and women’s health and respiratory diseases, recently announced that it has received the CPNP notification number required to commercialize CarvaNum®, its product for muscle recovery, in all 28 member countries of the European Union. This represents the fifth Innovus Pharma product to receive CPNP notification in the European Union so far, the others being Zestra®, Zestra Glide®, Sensum+®, and Diabasens®. The product will be available as an over the counter (“OTC”) or behind the counter product and does not require a prescription.
“We are pleased to announce the receipt of the CPNP in the European Union for CarvaNum®. CarvaNum®’s market for muscle recovery is fairly large in the EU and we look forward to growing it along with our other products in that region,” said Innovus Pharma CEO, Dr. Bassam Damaj.
“We will continue to file for approval for other products in the European Union, as we expect to grow our approved and/or notified product portfolio there in 2019 to also include Vesele®, UriVarx®, Prostagorx®, ArthriVarx®, Trexar® and BH Testosterone®.”
Innovus is also working on filing for CarvaNum® as a homeopathic drug for muscle cramps in the US and Canada.
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Though many tend to look at the US as the largest market in dollar terms, the European market is still significant with more than 741 million people living there, a fact many of these OTC pain medication companies are taking into consideration when looking to maximize exposure and company revenues moving forward. OTC pain medication is showing impressive gains, but this is a global market moving forward and the companies who gain approval in both markets are hoping to gain a competitive advantage.
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