Commercial Distribution Agreement - Turkey
This is another great step in showing investors / public that this new trial first, commercialize second strategy is working. Another 40-unit order to go along with the first 40-unit order out of Italy. Hardware revenue alone on a 40 unit order is close to $100,000 (based on what I believe Mike D stated as the per unit retail price in one of his interviews). SaaS revenue is key to strong margins and quickly scalable revenues. I am starting to feel more confident in the companies approach to commercializing this product. I am hopeful for more good news soon from the UK. It would be amazing to hear rumblings about penetration into the US market. Good luck everyone.
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MedX Health Corp. Signs Commercial Distribution Agreement with Makromed/Arhan Global A.S to Launch MedX's Teledermatology Screening Platform in Turkey
2022-05-12 08:05:00 AM ET (BusinessWire)
MedX Health Corp. ("MedX" or the "Company") (TSXV: MDX) is pleased to announce the signing of a commercial distribution agreement with Makromed/Arhan Global A.S ("Makromed") following the conclusion of its successful paid pilot project. In conjunction with signing the agreement, Makromed has committed to an initial 60-unit order for 2022, with an immediate order of 40 units and an option for 20 more units to be confirmed by October 2022.
MedX President and CEO Naman Demaghlatrous stated, "MedX is delighted to have successfully turned another paid pilot initiative into a commercialization agreement. Having a local partner like Makromed, with regional coverage, experience and understanding of the local dermatological market dynamics, is fundamental to our partnership's success."
Announced on November 16, 2021, the pilot allowed Makromed to better understand the patient pathway, assess its addressable market size, and set expectations. Results from the pilot concluded with the MedX DermSecure(R) Screening Platform receiving a very high level of acceptance amongst Turkish Health Care Professionals, from dermatologists to oncologists. Given these exceptional results, Makromed has entered into a distribution agreement with MedX for the commercialization of its high-definition image-capture technology, SIAscopy(R), and its secure, cloud-based patient management system, DermSecure(R), which transmits and stores patient data throughout the dermatology assessment process.
Founded in 2002, Makromed's mission focuses on providing caregivers in Turkey with state-of-the-art solutions and services offering development and transformation within the health care industry, hence the importance of introducing the MedX solution.
"As a company founded by a medical doctor, we have always approached our responsibility of working closely with our medical practitioners and caring for the patient's wellbeing as our primary objective. MedX's technology has been well received by the dermatologist and oncologist communities. We offer critical services for the early detection of skin cancer and other dermatological conditions, ultimately saving lives and reducing healthcare costs. We see a major opportunity in moving ahead with the commercial partnership with MedX," said Dr. Hasan Silav, Founder and CEO of Makromed.
In addition to expanding its DermSecure(R) Screening Platform network globally, MedX has focused on building a presence in multiple market verticals such as pharmacies, medical clinics, building hubs, medical scanning clinics, mobile and remote medical practices, as well as esthetics and skincare clinics. The partnership with Makromed further validates MedX's sales and partnership approach of establishing paid pilot initiatives with prospective global partners, gaining in-depth market knowledge and successfully converting them into long-term commercial contracts.
According to the World Health Organization's latest data in 2018, there were an estimated 1,201 skin cancer-related deaths in Turkey(1). Early and rapid detection of melanoma is key to improving patient outcomes.