- Intelligent Bio Solutions (Nasdaq: INBS) advances its global presence with a new distribution agreement with SMARTOX for the SmarTest Patch.
- The partnership excludes the US and Canada, targeting justice and rehabilitation sectors with non-invasive drug testing technologies.
- The global drug testing market is set to reach $18.6 billion by 2030, with INBS already serving over 450 active accounts in 24 countries.
Intelligent Bio Solutions Inc. (Nasdaq: INBS), a leader in medical technology, has signed a global distribution agreement with SMARTOX to expand the reach of its SmarTest Patch, a non-invasive drug detection product, into international markets outside of the United States and Canada. This strategic move is aimed at enhancing INBS's product offerings in the justice and rehabilitation sectors, leveraging their existing collaboration with SMARTOX.
The SmarTest Patch introduces a new dimension to INBS's portfolio by providing continuous sweat-based drug detection capabilities, surpassing traditional single-point drug testing methods. This technological advancement positions INBS to capture a significant share in the burgeoning global drug testing market, projected to escalate to $18.6 billion by 2030.
Currently, INBS effectively supports over 450 active accounts across 24 countries, delivering non-invasive drug testing solutions tailored for health, justice, and workplace sectors. With the addition of the SmarTest Patch, INBS is set to offer an enhanced and flexible product ecosystem catering to both immediate and long-term drug detection needs.
INBS remains committed to expanding its presence in the US by pursuing FDA clearance for its fingerprint-based drug testing technology. This approval would facilitate the Company's expansion beyond forensic applications in the US, opening new avenues for market penetration and growth.
SMARTOX, established in 2012, specializes in drug and alcohol testing products and services and holds a diverse portfolio supporting various sectors including healthcare and education. The collaboration with INBS is expected to further solidify SMARTOX's footprint in the international drug screening market.
