Micromedic, a cancer diagnostic company based in Tel Aviv, recently confirmed that it had struck a deal with the Shanghai Gensource Medical Appliances with the latter expected to market the former's products to at least 25 cities across China. On top of that, Shanghai Medical Appliances will also bring Micromedic's products to more than 8,000 hospitals and medical centers.
Micromedic is widely praised for the company's state-of-the-art bladder cancer detection platform. On top of this, the company is also well-known for the development of a wide variety of cancer diagnostic products.
Among the top products, Micromedic has released to the market is the CellDetect. It is a non-invasive equipment which further enhances the accuracy of diagnosis especially with regards to early-stage bladder tumors.
The latest deal will give Shanghai Gensource Medical Appliances exclusive marketing rights to sell Micromedic products in China. It is important to note that Shanghai Gensource Medical Appliances is just a member of a group which is jointly owned by several Chinese companies that specializes in the development, production, and marketing of diagnostic and medical apparatus.
China's medical appliance market is still largely untapped. However, as the country slowly opens up its market, many foreign concerns are scrambling to take a piece of this lucrative market by inking deals with domestic companies.
Shanghai Gensource Medical Appliances confirmed that it has signed the deal which states a minimum purchase of diagnostic products worth approximately $137,000 before the end of the year. Starting in 2020, the company will increase its annual purchase requirement by 10 percent.
According to data provided by Micromedic, bladder cancer among Chinese males is the sixth most prevalent form of cancer in China. The company added that about 80,000 new cases of such disease are diagnosed annually and an estimate to 33,000 patients die as a direct effect of the disease.
Aside from winning over a major market, Micromedic said that it positive that the latest tie-up with Shanghai Gensource will help mitigate deaths from bladder cancer by detecting the disease during its early stages and thus increasing the survivability of the patient.
According to the China Food and Drug Administration, products provided by Micromedic provide a non-invasive diagnostic test and the diagnosis itself are laboratory based. Because of this, all products will be registered by the distributor and they will pay all the necessary dues within four months following the signing of the deal as a Class I medical device.
