What Medical Developments International does

Medical Developments International Limited (ASX: MVP) is an Australian specialty healthcare company founded in 1971 and headquartered in Scoresby, Victoria. The company manufactures and supplies two core product lines: Penthrox (methoxyflurane), an inhaled analgesic combination product for acute trauma and procedural pain, and a range of respiratory devices for asthma and chronic obstructive pulmonary disease (COPD) management. Penthrox is the strategic centrepiece, a self-administered, non-opioid analgesic used in emergency departments, ambulance services, and procedural settings. Products are registered in 28 countries across Australia, Canada, the UK, Ireland, continental Europe, and the United States.

The company operates a partner-supported distribution model for international markets, licensing Penthrox marketing and distribution rights to established pharmaceutical partners including Ethypharm (France), Labatec (Switzerland), and Galen (UK and Ireland). This model allows MVP to access hospital, ambulance, and pharmacy channels without building direct sales infrastructure. In August 2025, HPRA approved the extension of Penthrox's indication to children aged 6 and older, broadening the addressable market and removing barriers to UK ambulance adoption.

Revenue grew from A$22.4M in FY22 to A$39.1M in FY25, with FY25 representing an 18% year-over-year increase and a return to EBITDA profitability of A$3.4M after a A$29.4M loss in FY24. The company raised A$10M in underwritten capital in July 2024 to fund international expansion. MVP is led by CEO Brent MacGregor, whose prior experience includes senior commercial roles at CSL Seqirus, Novartis Vaccines, and Sanofi Pasteur.

Name

Medical Developments International

Legal name

Medical Developments International Limited

Website

https://medicaldev.com

Company type

Public

Founded year

1971

Operating status

Operating

Headcount range

51–100 employees

Short description

Medical Developments International is an Australian specialty healthcare company that manufactures the inhaled analgesic Penthrox (methoxyflurane) for acute pain and respiratory devices for asthma and COPD, selling through distribution partners across 28 countries to hospitals, ambulance services, and pharmacies.

Ownership category

akta.pro rank

Product category

Specialty Pharmaceuticals and Medical Devices

NAICS

Pharmaceutical Preparation Manufacturing (325412), Medical Equipment and Supplies Manufacturing (3391)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Inhalation & Nebulization Devices (Nebulizers, Spacers, Inhaler Accessories) (HLAHAGAE)

akta.pro secondary industries

Anesthesia & Respiratory Gas Delivery Equipment (Breathing Circuits, Vaporizers, Gas Mixers) (HLAHAGAK), COPD & Chronic Bronchitis Management (HLAKANAE)

Keywords

• Acute pain management
• Respiratory medical devices
• Inhaled analgesics
• Asthma and COPD devices
• Methoxyflurane products

Headquarters

HQ city

Melbourne

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Product Sales: Medical Developments International generates revenue through the manufacture and supply of acute pain and respiratory products globally. Revenue primarily comes from Penthrox sales and respiratory device products across 28 registered countries.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels2 records

Core offering

Medical Developments International manufactures and globally supplies Penthrox® (methoxyflurane), an inhaled analgesic combination product (medicine and device) used for acute trauma and procedural pain, and respiratory medical devices for patients with asthma and chronic obstructive pulmonary disease (COPD). The company operates as a specialty healthcare manufacturer with products registered in 28 countries and revenue of $33.2m reported in FY24.

Product overview

Medical Developments International offers a focused portfolio of two core product lines: Penthrox® (methoxyflurane), an inhaled analgesic for acute pain management used in hospital and emergency settings, and respiratory devices for asthma and COPD management. The company operates as a manufacturer and supplier with global distribution registered in 28 countries, generating revenue of $33.2m in FY24.

Differentiator

Problem solved

Functional benefit

Brands

• Penthrox: Inhaled analgesic (methoxyflurane) for acute pain management used across multiple countries.

Products and services

• Penthrox® (methoxyflurane) Penthrox® is an inhaled analgesic combination product (medicine plus delivery device) containing methoxyflurane, used for acute trauma and procedural pain management in hospital, emergency, and ambulance settings. It is a prescription-only medicine registered across 28 countries and is positioned as a fast-acting, non-opioid analgesic option.
• Respiratory Devices A leading product line of respiratory devices supplied by MDI to help patients manage asthma and chronic obstructive pulmonary disease (COPD), used in clinical and home-care settings.

Quantifiable outcome

• 8% revenue growth in FY2026 half year results
• +1 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• EthypharmcoreChannel Partner/ Reseller/ Distributor · 29 April 2025Licensing agreement for marketing and distribution of Penthrox in France. Ethypharm is responsible for marketing and distribution, with commercial activities commencing July 2025. Ethypharm's existing portfolio and market presence is complimentary to Penthrox, well positioned to support distribution in the hospital segment. Ethypharm has 1,800 employees and operations in France, UK, Spain, and China.
• LabateccoreChannel Partner/ Reseller/ Distributor · 29 October 2024New partnership agreement for commercialization of pain management product in Switzerland. Labatec has extensive market access and deep customer relationships. This partnership demonstrates commitment to ensuring patient access to treatment through transition to partner-supported operating model in Switzerland.
• GalencoreChannel Partner/ Reseller/ DistributorExtended agreement for Penthrox distribution with Galen in UK and Ireland. Galen has been a distribution partner supporting access to Penthrox in these markets, with the extension ensuring continued market presence.

Scale indicators5 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Mundipharma International: Mundipharma has historically been the international distributor and partner for Penthrox (methoxyflurane) across multiple regions, making it the closest direct commercial peer to Medical Developments International's flagship product. Both companies operate in the acute-pain specialty space with overlapping molecule exposure.
• Grünenthal GmbH: Grünenthal is a specialty pharmaceutical company focused on pain management (including Tramal/tramadol and other analgesics), directly comparable to MDI's acute-pain specialty positioning. Its mid-cap, niche-pain focus mirrors MDI's scale and go-to-market.

Broad incumbents

• AstraZeneca: AstraZeneca's respiratory franchise (Symbicort, Fasenra, Tagrisso's respiratory adjacencies) places it as a major incumbent in asthma/COPD — the same therapeutic category where MDI sells its respiratory devices. Comparable on indication and end-prescriber, not on scale or technology.
• GlaxoSmithKline (GSK): GSK's respiratory portfolio (Advair/Seretide, Ventolin, Trelegy) makes it a leading broad incumbent in asthma/COPD inhaler markets that overlap with MDI's respiratory device business. Comparable on indication overlap; vastly larger in scale and R&D resources.
• Boehringer Ingelheim: Boehringer Ingelheim's respiratory franchise (Spiriva, Respimat inhaler platform) is a global incumbent serving asthma/COPD patients — directly comparable end-user base to MDI's respiratory devices, though much larger in scope and portfolio depth.
• Teva Pharmaceutical Industries: Teva is one of the largest generic respiratory players with a broad inhaler portfolio (ProAir, Qvar). It overlaps with MDI in respiratory device/pharma combinations, particularly in supplying payers and hospital formularies for asthma/COPD.

Emerging players

• Cipla Limited: Cipla is a major India-based generic respiratory and specialty pharma player with inhaler and respiratory product breadth comparable to MDI's respiratory line, plus broader international distribution — a meaningful emerging competitor in respiratory generics.
• OMRON Healthcare: OMRON Healthcare is a leading manufacturer of nebulizers and respiratory devices for asthma/COPD management — directly overlapping with MDI's respiratory device portfolio in product category and end-user (patient/caregiver at home or clinic).

Regional players

• Aspen Pharmacare: Aspen Pharmacare is a South African-headquartered specialty pharma with regional anesthetic, pain, and respiratory portfolios. Like MDI, it operates as a mid-cap specialty pharma with a partner-supported international model — strong comparability on business model even if geographies differ.

Others

• Recipharm: Recipharm is a contract development and manufacturing organization (CDMO) similar in scale and European footprint, illustrating the comparable size band for small-cap specialty pharma manufacturers and a plausible comparator for MDI's manufacturing/supply positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/medical-developments-international
• Facebookfacebook.com/medicaldevelopments

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Medical Developments International