Business
Intelligent Bio Solutions Partners with IVY Diagnostics to Expand in Europe’s $3.6 Billion Drug Screening Market and in Middle Eastern Regions
NEW YORK, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company delivering
About this update from Intelligent Bio Solutions Inc.
[{"type":"text","content":"NEW YORK, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) (\"INBS\" or the \"Company\"), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced the strengthening of its foothold throughout Europe and the Middle East through its partnership with IVY Diagnostics Srl (“IVY Diagnostics”). As a key distributor, IVY Diagnostics is playing an integral role in expanding the adoption of INBS' Intelligent Fingerprinting Drug Testing Solution across Europe and the Middle East, with a particular focus on drug rehabilitation and law enforcement applications. According to Grand View Research, the European and Middle Eastern drug screening markets are projected to grow significantly by 2030, with Europe expected to reach $3.6 billion1 and the Middle East and Africa $432.7 million2. This growing demand emphasises the strategic importance of INBS' partnership with IVY Diagnostics. IVY Diagnostics, a well-known consulting and distribution company within the diagnostics, life sciences and pharmaceutical sectors, has collaborated with another Italian distributor to secure a tender to provide INBS' drug screening technology for drug rehabilitation programs across Italy. The solution offers a non-invasive, rapid, and hygienic method for drug screening, which has been well received by rehabilitation centres aiming to enhance their testing protocols. In addition to its success in rehabilitation services, INBS' drug screening system is currently undergoing a trial with the local police force in Turin. The trial aims to explore the effectiveness of fingerprint-based drug testing in roadside screening initiatives, offering a more efficient, less invasive alternative to the traditional methods currently used. As the demand for drug screening solutions rises across Europe and the Middle East, INBS’ collaboration with IVY Diagnostics positions the Company to effectively capture new opportunities. IVY Diagnostics serves as INBS' primary contact in Europe, leveraging its extensive network of distributors and expertise in identifying and vetting new partners across key regions, including Romania, Hungary, Slovakia, Austria, and Scandinavia. The collaboration extends to the Middle East, targeting markets such as the UAE, Saudi Arabia, and Qatar. \"Our strategic partnership with ...