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News

Indian alliance with CardioDynamics aims to boost global access to BioZ ICG technology

CardioDynamics : 01 February, 2008  (New Product)
CardioDynamics has formed a strategic alliance with Recorders and Medicare Systems, (RMS), one of the largest manufacturers of medical equipment in India.
Under the terms of the Distribution and Technology License Agreements, RMS will have rights to sell CardioDynamics manufactured BioZ ICG products in India and also will integrate BioZ ICG technology into RMS' patient monitoring products. CardioDynamics will receive product revenue for each ICG monitor and a licensing fee for each BioZ ICG kit purchased by RMS.

Michael K Perry, chief executive officer of CardioDynamics, stated, 'We have made a concerted effort to diversify our business beyond the US physician office market which is heavily dependent upon Medicare and private insurance reimbursement. These agreements with RMS are another step in driving our international growth initiatives and will build upon the recently announced record 50 percent year-over-year quarterly growth in our international business. Through our technology licensing strategies, we are increasing global access to our BioZ ICG technology and increasing the recurring revenue content of our business.'

India, whose population exceeds one billion people, has significantly increased its healthcare expenditures over the past decade to more than $34 billion or roughly six percent of GDP. The population of individuals at least 60 years of age is projected to triple over the next 20 years to an estimated 190 million people.

Suman Jolly, managing director of RMS, stated, 'We are proud to partner with the world's premier ICG monitoring company and to bring innovative medical technology to our healthcare system. The rebuilding of India's healthcare infrastructure, combined with the emergence of medical tourism and telemedicine, will drive strong demand for medical equipment. Additionally, the government is encouraging growth of the medical equipment market through policies such as a reduction in import duties on medical equipment, higher depreciation for life-saving medical equipment, and a number of other tax incentives.'

India presently has one-fifth of the world average number of hospital beds per million population and an estimated 450,000 additional beds will be required by 2010 - an investment estimated at over $25 billion.

Perry added, 'We view this strategic alliance with RMS as beneficial on two major fronts. First, RMS has an extensive presence in the developing, healthcare market in India, which will be instrumental in helping to drive continued market adoption of our proprietary BioZ ICG technology. Secondly, we believe RMS will be an excellent technology partner to utilise for low cost development and manufacturing in the years ahead.'
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