Business
Mangoceuticals Launches MangoRx Mexico Subsidiary, Paving the Way for Over-the-Counter Retail of Erectile Dysfunction Line of Products in Latin America
Tapping into a market of more than 40,000 pharmacies, retail outlets, and convenience stores across Mexico in 2024 and fueling International Sales Access
About this update from Mangoceuticals, Inc.
[{"type":"text","content":" Tapping into a market of more than 40,000 pharmacies, retail outlets, and convenience stores across Mexico in 2024 and fueling International Sales Access Across Latin America Dallas, Texas, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Mangoceuticals, Inc. (NASDAQ: MGRX) (“MangoRx” or the “Company”), a company focused on developing, marketing, and selling a variety of men’s health and wellness products via a secure telemedicine platform, including its uniquely formulated hair growth product (‘GROW’) and erectile dysfunction (ED) drug (‘Mango’), is excited to announce the establishment of its subsidiary, MangoRx Mexico, which will act as the lynchpin of the Company’s Mexican and expanded Latin American sales strategies for its Mango ED products. The Company has engaged one of the largest international law firms, Diaz Reus International Law Firm, to establish its subsidiary presence in Mexico. With offices across five continents, Diaz Reus represents major Fortune 500 brands including Oracle, Nissan, Sony, and Allianz, to name a few. “This has enormous implications for our growth trajectory going forward for several important reasons,” noted Jacob Cohen, MangoRx’s Co-Founder and CEO. “First, ED medications - such as branded and generic Viagra (Sildenafil) and Cialis (Tadalafil) - are available to consumers over-the-counter in Mexico. That presents increased margin and sales volume potential for what we already produce and market here in the United States. Second, Mexico is a completely untapped market as our research indicates that we will be the only company offering an ED product in a flavored rapid-dissolve tablet (RDT).” Next steps include establishing a manufacturing partner, applying for, and achieving certification with, the Comisión Federal para la Protección contra Riesgos Sanitarios (“COFEPRIS”), and establishing and formalizing distribution partnerships. The Company is already engaged in substantive negotiations with potential manufacturing partners, and it intends to formalize those relationships before the end of 2023. Cohen added, “This is not a sudden shift. We have been working on this strategy since May 2023, and we are now in the final stages of cementing our lab partner for production, packaging, and fulfillment of products. We are also already in discussions with multiple potential distribution partners in Mexico who have...