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| PRODUCT INNOVATION | ANALYSIS


50–60% in the over 60 years age group, and is more resistant to treatment the older the patient is. Psoriasis of the nails is also more frequent in older individuals and often recalcitrant to therapy. Ageing of the nails, a relatively


inconspicuous process, is the result of a general slow-down of the metabolism in older persons, impaired vascular supply, and decreased physical activity. The fingernails become thinner, more friable, develop longitudinal ridging and lose part of their shine, whereas the toenails tend to become thick, yellowish and hard.


Market success The estimated global market for Nalox potentially exceeds $1 billion. The untapped demand is significant, since many patients remain untreated. It is generally recognised that there is a need for new efficacious and safe topical treatments. But Moberg Derma saw the potential to


address this unmet need without having to resort to new compound development. It did this by acquiring two patents on a novel combination of compounds with well-established use being developed by dermatologists at G˜ teborgÕs Sahlgrenska University Hospital. Mr Wolpert, a business entrepreneur


and former strategy developer with McKinsey, tells PRIME: 'We decided to focus on innovative products ® not compounds. We take proven molecules that are associated with lower risk and that have a shorter time to market. We are committed to this model, but we are open to looking at new delivery modes or combinations of compounds.'


This approach allows the company to


be closer to both the market and clinicians, and to gauge the benefits in terms of the efficiency and safety that patients require. 'We can always do more in our interactions with consumers and patients,' he says. Moberg Derma does not position


itself at the beauty end of the cosmetic medicines industry, but rather provides products that are health-related and that make a difference to patients. 'Our products bring medical-type benefits, and they may sit on the borderlines of medical technology, pharma and cosmetic medicine.' So far, the market has approved. 'Nalox


has done better than we would have expected,' says Mr Wolpert, adding: 'We have been overwhelmed by the reception of the market. It was launched in the Nordic countries in late 2010, and within the


first two quarters of


loosening the damaged layer of the nail, the topical application gives a smoother nail surface, reduces discoloration and improves the nailÕs appearance. Nalox adds and binds moisture in the nail, restoring the moisture balance, giving the nails a healthier appearance. The safety and efficacy of Nalox have


been demonstrated in five clinical trials of more than 600 patients. After 2 weeks, 77% of users reported improvements, rising to 90% after 8 weeks. The product is less expensive than Loceryl, at SKr299/$24.99, but is selling some 140 000 units per quarter. It has a market target of 100 million patients in the Western world, and a peak sales potential of $100 million, the CEO believes. The Nordic market success has showed


beginning


marketing, we had expanded the market by 400–500%.' Nalox has successfully filled this niche


for a number of reasons, says Mr Wolpert. It is a simple product, with no safety issues, and, as a topical product, has no risk of side-effects. Loceryl, the traditional market leader, is a lacquer. Systemic treatments are based on terbinafine, itraconazole,


fluconazole and


griseofulvin. 'But why have a tablet to treat nails?' asks Mr Wolpert. The market preference is moving to topical presentations, but nail lacquers do not have sufficient efficacy. The product has a keratolytic effect,


which can be likened to a gentle chemical peel. By softening up and carefully


that the product has proven itself in a demanding market. The next challenge will be to see that success replicated in other markets. But markets are different, and so are competitors, he cautions. Nevertheless, the foundations for


further success were laid during a hectic period in 2011, when Moberg Derma achieved a small cap share listing on NASDAQ OMX at the Nordic Exchange Stockholm, and scored a number of major deals.


Building on position In November 2011, the company extended its license agreement with Meda to Russia, Turkey and other countries in eastern Europe. Two months prior to that, it gave Meda exclusive rights to market and


prime-journal.com | March 2012 ❚ 17


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