Encouraging Step Towards the Commercialization of Fortacin™ in the US
HONG KONG, Jan. 11, 2021 /PRNewswire/ — Regent Pacific Group Limited ("Regent Pacific" or the "Company" and together with its subsidiaries, the "Group"; stock code: 0575.HK), a specialist healthcare, wellness and life sciences investment group is pleased to announce several key findings on the willingness of payers in the United States to cover Fortacin™ and the level of price sensitivity for coverage carried out by a leading global third-party marketing consultant to further its recent payer research by building out the US market landscape, price sensitivity and reimbursement expectations for both payer coverage and adding patients’ out-of-pocket expenses (or copay) sensitivity.
The marketing consultant conducted in-depth telephone interviews with payers who cover erectile dysfunction ("ED") drugs on formulary and payers who cover ED drugs through a rider*.
Summary of the research are as follows:
- Payers see Fortacin™ as a novel product, with good efficacy and expect there will be employer-based group demand for coverage
- Entry price level of Fortacin™ for the US market is over US$144 per 12 dose can/unit, exceeding the Group’s expectation by 4 times for the US market and 1.5 times higher than the expected and currently modelled price by which Wanbang Pharmaceutical Marketing and Distribution Co., Ltd., the Company’s commercial strategic partner for China expects to receive in China as compared to the current price for a 12 dose can in Europe and the UK
- 52.4% of lives (83% of plans) would cover Fortacin™ with or without a rider at all price points
- Payers kept their type of coverage consistent, such that plans covering ED drugs on formulary said Fortacin™ would be covered the same as the current drugs on formulary versus ED drugs through rider (i.e. Fortacin™ through a rider)
The Group has engaged the third-party marketing consultant to further its recent payer research and it will provide further recommendations on pricing, reimbursement and market access expectations. It is expected that the recommendations will be available to the Group by May 2021 and assist with our negotiations with potential US commercial strategic partners.
*A rider is an insurance policy provision that adds benefits to or amends the terms of a basic insurance policy such as additional coverage. Riders come at an extra cost; on top of the premiums an insured party pays)
Jamie Gibson, Chief Executive Officer of Regent Pacific, said, "These initial key findings show the willingness of US payers to cover Fortacin™ and the higher than expected wholesale acquisition prices they are prepared to pay for this product represent an encouraging step forward in the commercialization of Fortacin™ in the US. We are confident that this potential high level of market acceptance in the US will not only facilitate our negotiations with potential commercial strategic partners in the region, but also bodes well for the Group’s plans to expand into its other key remaining markets such as Latin America and the Middle East."
About Regent Pacific (Stock code: 0575.HK)
Regent Pacific is a diversified investment group based in Hong Kong currently holding various corporate and strategic investments focusing on the healthcare, wellness and life sciences sectors. The Group has a strong track record of investments and has returned approximately US$298 million to shareholders in the 23 years of financial reporting since its initial public offering in May 1997.
Fortacin™ is the first solution to PE that does not act on the central nervous system and offers bona fide therapeutic efficacy that has been validated through extensive clinical trials in Europe, with over 23,500 doses delivered to trial participants. The solution is a topical spray containing low doses of lidocaine and prilocaine that take effect almost immediately upon application, giving users more control without reducing pleasure. Fully approved by the European Medicines Agency (EMA), Fortacin™ is now available in France, Germany, Italy, Portugal, Spain and the UK.