Pediatric healthcare company Nutritional Growth Solutions (ASX: NGS) is set to significantly increase their exposure to the lucrative US healthcare products market, securing a distribution agreement that will see more than 1,000 sales representatives begin pushing NGS products.
The agreement is with leading US medical distributor cooperative IMCO, INC which distributes healthcare products through home care and independent pharmacy channels. The co-op has 134 distributors in its network that serve 166 locations across the United States which NGS will have access to for their pediatric nutrition products.
Importantly, their flagship product Healthy Height® has been assigned an insurance billing code which will enable submission claims for reimbursement to health insurers – the driving force of the US healthcare products market.
“The US is a key growth market for NGS and having access to IMCO INC’s established distribution network along with their expertise for sales and marketing activities, provides another important pathway to market for our products,” said National Growth Solutions CEO, Liron Fendell.
A nutritional dairy product consumed by children worldwide, Healthy Height® promotes physical growth in children. The protein shake powder specifically targets height gain and is based on food components that are important for proper growth with NGS’s clinical study boosting kids’ height and weight, without a change in BMI percentiles.
Nutritional Growth Solutions listed on the ASX on 30 October 2020 after successfully raising $7m from an oversubscribed IPO at an Offer Price of $0.20 per share, a price it has not dropped below since listing.