Zinger Key Points
- Intelligent Bio Solutions partners with IVY Diagnostics to expand fingerprint drug testing in Europe, the Middle East, and Italy.
- Europe’s drug screening market could reach $3.6B by 2030; Intelligent Bio Solutions aims to enter the U.S. market in 2025.
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On Tuesday, Intelligent Bio Solutions Inc. INBS announced a partnership with IVY Diagnostics Srl to strengthen its presence in Europe and the Middle East.
IVY Diagnostics serves as Intelligent Bio Solutions’ primary contact in Europe 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.
As a key distributor, IVY Diagnostics is integral in expanding the adoption of Intelligent Bio Solutions’ Fingerprinting Drug Testing Solution across Europe and the Middle East, focusing 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. Europe is expected to reach $3.6 billion, and the Middle East and Africa $432.7 million.
IVY Diagnostics has collaborated with another Italian distributor to secure a tender to provide Intelligent Bio Solutions’ 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 centers aiming to enhance their testing protocols.
Intelligent Bio Solutions’ 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.
In December, Intelligent Bio Solutions submitted its 510(k) premarket notification to the FDA for clearance following the FDA review of its Intelligent Fingerprinting Drug Screening System.
The company plans to enter the US market with its drug testing solution in 2025.
Price Action: INBS stock closed at $1.41 on Monday.
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