It’s a great time to reflect upon some key differences between...

It’s a great time to reflect upon some key differences between the Japanese and US market, notably:
- No advertising for prescription medicine allowed
- Much higher patient cost coverage (c.30% vs often zero)
- More challenging to acquire a repeat script, lower telemedicine adoption
- Perhaps some social/cultural differences resulting in higher acceptance and adoption of medical services, e.g. Botox which has a c.15x higher penetration rate in the US (Source: American Society of Plastic Surgeons, Society of Aesthetic Plastic Surgery)
- In general, the US has milder winters, meaning less clothing to cover excessive sweating
- Japan has an ageing population who may have other medical conditions and medicine interactions preventing the use of, or increasing the side effects of, sofpironium bromide

As a result, and combined with our world class Management team, I’m confident Botanix will reach higher growth numbers than what we’re seeing in this latest quarterly.