Panaxia began to export – the capital market

The shipment left the company’s factories in Lod after completing the required inspections by the Ministry of Health and the Israeli customs authorities and will land in Germany on Thursday. The products will be sold in Germany under the Naxiva-Panaxol brand, which it shares with the European pharma company Neuraxpharm.

The company updates that Neuraxpharm will market the products in German and is expected to start sales as early as 2021. In Germany the patient receives a prescription with the name of the exact product he will receive at the pharmacy (unlike in Israel where the prescription includes only the recommended dose)
“Therefore, marketing the products among physicians authorized to issue prescriptions for medical cannabis products to patients for the treatment of a wide range of diseases, which is Neuraxpharm’s area of ​​expertise, is a prerequisite for success in a country that is considered the largest and fastest growing medical cannabis market outside the United States.” Patients, “the company explains.

According to the company’s data, the average monthly expenditure of a medical cannabis patient in Germany is about 400-500 euros per month, compared to an average monthly expenditure of about 500-800 shekels per patient in Israel. So far, the company has been based on the Israeli market and it believes that exports to Germany will increase its profitability.

It is estimated that sales of medical cannabis products to patients in Germany in the first half of 2020 amounted to about 75 million euros, with the expectation that within a few years the volume of the medical cannabis market in Germany will be several billion euros. These estimates cause the entire cannabis industry in Israel and around the world to look to Germany, as a market with the greatest profit potential, while today it is based solely on imports. Currently, Panaxia is the only company in Israel that holds a regulatory permit for the marketing of products in Germany, on behalf of the German Health Authority.

Dr. Dedi Segal, Founder and CEO of Panaxia Israel: “Today we are celebrating a success that is the result of hard and continuous work that expresses the power of Panaxia as a pharma company in both the business and regulatory fields. The German market is a significant growth engine for the company’s operations and we anticipate that the start of commercial sales in the country, together with our strategic partner – Neuraxpharm will begin in the coming weeks. ”