Investment will expedite conversion of prescription medicines to over the counter
Maxwellia, a pioneering ‘prescription to over the counter’ medicines company, today announced that it has raised £700,000 in early-stage investment from the GM&C Life Sciences Fund, managed by Catapult Ventures, as well as from existing investors and angels. The funding represents a vital step for Maxwellia, which specialises in ‘switching’ – the conversion of prescription medicines into branded versions that can be bought without a prescription, over the counter (OTC).
The NHS is under unprecedented strain with soaring public demand and severe budget constraints. Minor ailments account for one in five GP consultations in England and cost an estimated £2 billion each year. Many of these consultations could simply be avoided if more of the medicines that currently require a prescription were to become available to buy in pharmacies or supermarkets without a prescription.
“We have to start doing things differently and help people to look after themselves – it is what people want and the future of the NHS depends on it,” said Anna Maxwell, CEO of Maxwellia. “Today’s announcement is further endorsement of the work we have been doing to transform people’s health by providing easier access to the products and information they need, when they need it.”
The value of the UK consumer healthcare market is estimated at £2.47 billion and growing. Switching is a vital means of maintaining the flow of new drugs for Self Care and it is estimated that new switches could add 20% to the UK OTC market by 2030.
“We are very pleased to be working with Anna and her team of switching experts on this unique opportunity to develop a range of new ‘over the counter’ medicine brands and enable patients access to well established medicines in pharmacies without the need to see their doctor,” commented Dr Vijay Barathan, Life Science Partner with Catapult Ventures.