“How much does it hurt, on a scale of 1-10?”
Easily the most frustratingly vague of medical questions due to the huge difference in pain thresholds and perceptions. I don’t know about you, but I’m saving my 10 for childbirth.
Nonetheless, when the answer falls beneath an epidural-requiring 10, many of us reach for simple analgesia like ibuprofen and paracetamol. Topical pain relief for aches, pains and niggles alike is also a common choice, with lidocaine and non-steroidal anti-inflammatory formulas.
Science wellness company, Wellfully (ASX: WFL) is jumping on the topical analgesia bandwagon, a market segment forecast to be worth USD $9.4 billion by 2026.
Their Swisswell Knee Patch has now been successfully registered as a medical device in the US following their launch in August last year.
With knee pain affecting people of all ages and athleticism, the patches provide targeted topical pain relief addressing a wide range of causes from sprains, strains and inflammation.
After initially being sold through the Company’s direct to consumer channels under a cosmetics device registration, the FDA approved medical device will now expand with distributor agreements and partnerships across the US market. This will allow for wider distribution across North America, which accounts for 36% of the global global market for pain relief patches.
FDA medical device registration requires stringent review of the product’s medical claims which in turn will open up Wellfully to more potential pharmacy partnerships and other opportunities in Europe and other target markets.
Sold under Wellfully’s brand Swisswell, the Lubricen knee patches use magnetic technology to lubricate the joint and reduce pain. The patches are drug free and clinically proven to improve both mobility and function.
As well as analgesia, the Company owns beauty brand Réduit which uses patented magnetic field technology to better deliver skin care products to the skin.
Their magnetic field technology has applications across many more industries and products such as pharmaceuticals, consumer healthcare and hygiene products.
For the half year ended 31 December 2021 the Company increased their revenue by 268% to $1.2 million and landed up with a cash balance of just over $3 million to fund ongoing projects and product development.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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