Richmond Private Equity Group Limited announced today that its "portfolio company", National Med Care Ltd, a Salt Lake City Utah, based pharmaceutical marketing firm has entered into an agreement with Taking You Forward Inc., a Cebu Philippines based BPO firm to form a joint venture for the marketing of its compound pharmaceutical products in the United States.
Under the terms of the agreement, Taking You Forward will provide 400 call center agents throughout the Philippines for the purpose of marketing a transdermal topical pain solution and scar cream, distributed by multiple compound pharmacies in the United States under contract with National Med. The exact terms of the agreement were not disclosed other than Taking You Forward will share in the revenue of the sales generated by the sales campaign.
"The transdermal pain and scar cream market is estimated at 2 billion USD," said Scott Weissman, Chairman of Richmond Private Equity Group as well as acting CEO of National Med Care Ltd. He added, "there are more than 100 million Americans in chronic pain and prescription drug abuse, an epidemic; we need to employ all therapies that work and resolve the problem." "We also plan to introduce additional products such as a cholesterol-reducing pill as well as treatments for diabetes, which puts our potential market at over 6 billion USD."
According to a survey of 3,600 chronic pain sufferers conducted by Patient Outcomes Analytics, more than 83 percent reported a significant reduction in their pain after using custom-compounded prescription pain creams, applied topically – (Globe Newswire November 11, 2013).
"The process of using call centers in the Philippines to sell the topical pain cream consisting of all FDA approved ingredients has proven highly successful during our initial test campaign utilizing up to 100 call center agents over the last 90 days and now increasing or sales force to a total of 500 agents will ensure that we quickly became the dominant leader for the distribution of compound pharmaceutical products in the United States," said Weissman.
Richmond Private Equity Group Limited