14 October 2019 - Deborah Wilkes
iNova Pharmaceuticals is inviting product developers worldwide to submit consumer healthcare innovations to iPitch, its new crowdsourcing project.
Filomena Maiese, executive director and head of innovation at the Australian company, says iNova is looking for “efficacious, evidence-based products with innovative formulations and novel formats”.
“We know there are great consumer health product innovations out there that haven’t yet been commercialised,” adds Maiese, “and product developers who may not have the expertise or resources to bring their innovations to market.”
iPitch is initially seeking “fresh ideas and prospective business partnerships” through four product-based challenges:
- Sore Throat Challenge
- Vaporising Delivery System Challenge
- Wound and Scar Challenge
- A Wild Card Challenge
Commenting on the Wild Card Challenge, iNova says it is seeking novel products, technology, services or ideas to help drive growth for its key brands in its three regions of Australia and New Zealand, South Africa and Asia. The challenge focuses on three categories – feminine health, respiratory and skincare.
iNova says iPitch is open to “anyone with a great idea for a product or device that has the potential for commercialisation according to the criteria set out for each challenge”.
Closing date and process
The closing date for the four challenges is 4 November 2019.
Written submissions will initially be assessed by an internal panel of judges. Shortlisted submissions will then take part in the iPitch Slam, where applicants will have the opportunity to deliver their pitch in person.
iNova’s chief executive officer Dan Spira believes iNova offers an “attractive platform for prospective business partners”. “iNova has a diverse stable of market-leading products, a trusted reputation among consumers and healthcare professionals, a unique multinational footprint, a well-established operating platform and broad distribution network across 20 countries in Asia, Africa, Australia and New Zealand,” says Spira.
“We have a strong track record of acquiring, launching and building consumer health products,” adds Spira, noting that “makes us a partner of choice for product owners and licensors globally”.
Full information on iPitch is available at www.inovapharma.com/innovation.
About iNova Pharmaceuticals
iNova was acquired in 2017 by private-equity firms Pacific Equity Partners and The Carlyle Group.
Based in Australia, iNova markets a portfolio of OTC and prescription products in more than 20 countries across Asia, Africa and Australasia.
iNova's consumer healthcare portfolio includes antifungal products, cough and cold remedies, gastrointestinal remedies, skincare products, and vitamins, minerals and supplements (VMS). Its brands include Dermaveen skincare products, Difflam sore-throat remedies, and Duro-Tuss cough remedies.