New JV set to strengthen UK sales for medtech Mediwatch
WARWICKSHIRE-based medtech firm Mediwatch has entered a new joint venture agreement to strengthen the sale of its products in the UK.
The Rugby firm has agreed a three-year deal with Genesis Medical Ltd and the new company – Mediwatch Genesis Ltd – aims to market more effectively and supply more efficiently all Mediwatch equipment into the National Health Service and private health sector in the UK (excluding Northern Ireland).
Genesis has been established for 25 years and specialises in the sale and marketing of medical devices and equipment to urologists in the UK. Under the JV, Mediwatch will manufacture and supply capital and disposable equipment, and Genesis will provide sales and marketing expertise to penetrate the market, particularly in the urology and gynaecology sectors.
The JV takes effect from February 1, 2013, and is expected to increase the company’s sales in the UK and reduce overheads. Under the terms of the agreement Genesis will be due a commission on revenue generated. The rate of such commission will vary depending on the type of product sold.
Dr Philip Stimpson, Mediwatch’s Chief Executive Officer said: “This is an excellent opportunity for Mediwatch to expand its sales in the UK without incurring additional costs and this joint working relationship will enable us to attend more exhibitions and draw on the extensive experience of Genesis’ personnel.”
Mediwatch is in need of a boost. In an update in the autumn ahead of its then full-year results, the firm warned its profit levels were likely to be materially lower than market expectations due to the company’s depressed markets.
