SILVER SPRING, Md., April 22, 2013 /PRNewswire/ -- Pharmagen, Inc. (OTCBB: PHRX) (the "Company" or "Pharmagen") is excited to announce that it will present its strategic vision for solving the Nation's parenteral drug shortage crisis at the 2013 Biotechnology Industry Organization (BIO) International Convention held in Chicago, Illinois on April 23, 2013. The presentation will be given at the North Carolina Pavilion, Booth #2617, at 4:00 pm local time.
Pharmagen, in conjunction with biopharmaceutical industry leaders BioPlan Associates and Kymanox, will release the results of a comprehensive market analysis of the Nation's parenteral drug shortage crisis and outline a revolutionary supply chain and production methodology to address the problem. BioPlan Associates has identified that shortages cost US health providers well over $216 million annually in extra labor to simply manage; these shortages also pose serious risks to successful and expedient patient outcomes. The concern for patient safety is at the forefront of health policy after the 2012 Meningitis Outbreak and the Food & Drug Administration (FDA) has been looking for solutions to combat the shortage epidemic. Supply issues are expected to continue and Pharmagen estimates that the total market opportunity approaches $1 billion as US baby boomers are aging. Kymanox, a specialty process engineering and regulatory compliance company, has bundled a suite of new production methodologies that will allow Pharmagen to leverage its proprietary knowledge of drug shortages and translate it into cGMP, FDA-approved products that will fill critical supply gaps. This novel approach – coupled with a newly coined concept known as cGMP +® – will allow Pharmagen to produce the highest quality sterile injectables on the market today.
"We've spent the last 6 months studying this issue with some of the brightest minds in the pharmaceutical business. The buy-in from our partners and the enthusiastic encouragement from our customers is validation that there's an enormous opportunity here. Our plan is predicated on a bottom-up approach that allows us to leverage our intricate knowledge of the shortage market with an FDA-approved facility that can turn out finished drugs in a matter of days, not months. Our ability to connect a dynamic market with what's been traditionally a slow manufacturing ecosystem is what makes us special. Given this positioning, there isn't another company out there that can do what we do," said Mackie A. Barch, CEO of Pharmagen.
Pharmagen, Inc. ("Pharmagen"), and wholly owned subsidiaries and operating divisions Pharmagen Laboratories, Inc., Pharmagen Distribution, LLC and Pharmagen Nutraceuticals, Inc. is the leader in innovative solutions to the nations sterile pharmaceutical crisis. With a multifaceted approach, Pharmagen is meeting the demand of health provider market through dynamic, independent wholesale, compounding, and innovative IT solutions. Nationally focused, Pharmagen is a dynamic distributor of specialty drugs, compounding and admix pharmacy and producer of over-the-counter ("OTC") branded multivitamins to the healthcare provider market. Pharmagen currently functions as a just-in-time source of supply for hospitals for those products that are hard-to-find due to drug manufacturers' production shortages.
Kymanox, with headquarters now in RTP, North Carolina, is a premier technical products and technical project management company. We have expertise in providing engineering, scientific, and regulatory support to companies involved in Biopharmaceutical, Medical Device, and Nanotechnology development. Kymanox has a proven track record in solving complex scale-up, technology transfer, and manufacturing problems – as well as receiving positive feedback from the FDA on executing complex approval pathways for next generation drugs. With our focus on commercialization, Kymanox helps bring new products to patients in need.
About BioPlan Associates
BioPlan Associates is a strategic marketing and marker research consultancy, providing analysis to biotech and pharma companies for over 20 years. BioPlan helps their clients understand market and customers' needs. This is especially important in fast-moving biotechnology, life sciences, and health sciences markets. They Deliver confidence. Their clients' decisions are based on customer needs. Their technology clients get the decision-making tools and actionable information they need to make decisions today. BioPlan supports biopharmaceutical, biotech, diagnostics, and life sciences suppliers seeking customer needs analysis need to make smart decisions.
Contact: 888-264-4597 or [email protected]
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SOURCE Pharmagen, Inc.