Supreet Singh says collaboration to make PCHPL a global player
Novo Integrated Sciences (NASDAQ: NVOS) has signed a Master Collaboration Agreement with Psychocare Health India (PCHPL) to introduce new products and state-of-the-art healthcare technologies to the Indian market, with plans to extend healthcare related products to the North American market.
This collaboration between Novo and PCHPL intends to strengthen and emphasize both companies’ presence in the pharmaceutical, nutraceutical, dietary, and protein-based food products industry in both India and North America.
This partnership (i) includes providing Novo with access to PCHPL’s over 500 India based franchisee distributors, and (ii) provides Novo with an opportunity to integrate into PCHPL’s supply chain. This strategic move is expected to optimize manufacturing processes and enhance market access for Novo brands and products.
Robert Mattacchione, Novo’s CEO and Chairman of the Board, stated on 5 Dec 2023, “This partnership aligns with our mission to extend our global footprint and provide innovative healthcare solutions. With PCHPL’s impressive growth trajectory and comprehensive product range, we are confident in our combined potential for true market impact and significance.”
PCHPL CEO Supreet Singh added, “This collaboration signifies a monumental step in PCHPL’s ongoing journey to become a global healthcare player. Novo’s expertise and innovative approach will undeniably enrich our product offerings, furthering our mission to provide quality healthcare solutions worldwide.”
As per a recent report released by the International Market Analysis Research and Consulting Group (IMARC), the India dietary supplements market size reached Rs.157.4 billion in 2023 and in forecasting years (2024-2032) the IMARC report indicates the India market is expected to reach Rs.491.4 billion, exhibiting an annual growth rate of 13.49%.
The 3-year agreement allows for the potential for extension through mutual agreement. Initially, PCHPL and Novo are expected to launch products related to the central nervous system, gastro, and protein supplements.
Established in 2005, PCHPL has grown exponentially and offers a diverse range of over 900 healthcare products, across India, including pharmaceuticals, nutraceuticals, dermatology, cosmetics and traditional medicines like Ayurveda/ Siddha/ Unani and advanced technology products.
Novo Integrated Sciences, Inc. is pioneering a holistic approach to patient-first health and wellness through a multidisciplinary healthcare ecosystem of services and product innovation. Fiinews.com
