The shares of Medical Developments International Ltd (ASX: MVP) have edged higher by around 3% in morning trade following a positive announcement out of the healthcare company.

Today’s announcement revealed that Medical Developments International had reached an agreement with BL&H Co Ltd for the exclusive distribution rights of its Penthrox pain management product in Korea.

The company’s CEO John Sharman had this to say on the agreement: “BL&H are one of Korea’s fastest growing pharmaceutical companies and we are delighted to partner with them for Penthrox. Korea is an important market in Asia and BL&H believe Penthrox represents an attractive commercial opportunity with sales potential of circa 300,000 units per annum.”

The transaction will include upfront and milestone payments of $1.2 million, with BL&H managing the registration, reimbursement, and approval process of Penthrox in Korea. According to the release BL&H expects to obtain approval and launch Penthrox into the Korea market during FY 2018.

This is yet another positive step for the “green whistle” following a busy year which saw the company achieve approval to sell the product in the United Kingdom, Republic of Ireland, France, Belgium and Singapore.

Furthermore the company has entered into a license, development, and commercialisation agreement with Mundipharma for Penthrox in Europe. Mundipharma is one of the world’s leading pharmaceutical companies specialising in pain management and has the exclusive rights for Penthrox in 39 European markets.

As a result Penthrox international sales rocketed a massive 147% in FY 2016, boosting total Penthrox sales 26% year on year.

With the company in the process of working with the FDA to have the product approved for sale in the United States, the future certainly looks positive.

Should you invest? Whilst I think Medical Developments International is a great buy and hold investment, there’s no getting away from the fact that its shares are on the expensive side of town and look overvalued in comparison to CSL Limited (ASX: CSL) or Mayne Pharma Group Ltd (ASX: MYX).

I would argue that its explosive growth potential warrants the premium and encourage an investment, though limiting it to just a small part of your portfolio.

But before making an investment in Medical Developments International I would highly recommend taking a look to see if these three wealth destroying ASX shares are in your portfolio. Each could be harming your portfolio and might be best swapped out if you ask me.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.