Pharmacolog and Codonics extend existing agreement to include sales of WasteLog® in the Chinese market.
In December 2020, Pharmacolog and Codonics entered into a strategic agreement, appointing Codonics as the exclusive distributor of WasteLog® in the American and Canadian markets. Now the agreement is extended further to include Codonics distribution of WasteLog® into the Chinese market. WasteLog® is an analytical tool that assays narcotic waste to help prevent drug diversion.
The use of opioids in healthcare in China has increased in the last decade, which has also led to authorities pressuring healthcare providers to better control their narcotic drugs. This in turn has led to a sharp increase in demand for systems that prevent narcotic medications from being diverted. The combination of Codonics Safe Label System® (SLS) integrated with WasteLog® provides a complete solution for fast, accurate identification and handling of narcotic drugs, and has attracted great interest in the Chinese market.
Mats Högberg, CEO Pharmacolog comments: “The amendment to our agreement with Codonics opens up a huge market opportunity for WasteLog®. As the Chinese authorities have increased their focus on preventing drug diversion, the demand for effective waste screening systems has increased dramatically. WasteLog® has been demoed at two Codonics tradeshows in China this year and generated great interest. Furthermore, Codonics has vast experience doing business in China and a substantial installed base. Launching in China together with Codonics means incredible growth opportunities.”
Minglin Li, General Manager, Greater China, Codonics comments: “The Chinese government has put a lot of emphasis on controlling the use and management of prescription narcotics recently. It’s exciting to introduce the WasteLog® product to Chinese customers. When integrated with Codonics Safe Label System®, it provides a unique end-to-end closed-loop tracking system to help fight drug diversion in hospitals.”
Pharmacolog is specialized in developing systems and solutions for more effective and safer use of intravenous drugs. The company’s first product, DrugLog®, enables a nurse or pharmacist to quickly and easily verify that an injectable drug has the right identity and concentration. Pharmacolog’s long-term vision is an individually optimized medication for each individual patient, considering all available parameters in the control and distribution of the drug. Further information regarding the company is available at http://www.pharmacolog.com. The company’s Certified Adviser is Mangold Fondkommission AB, which can be reached on telephone number +46 8-5030 15 50 or through CA@mangold.se.