INSIGHTEC ANNOUNCES INDIA DISTRIBUTION AGREEMENT WITH KIRLOSKAR
TIRAT CARMEL, Israel (January 25 2010) - INSIGHTEC Ltd. today announced that it has signed a distribution agreement with Kirloskar, the leading distributor of radiation therapy equipment in India. Kirloskar will serve as a distributor of INSIGHTEC’s products in India, working together with INSIGHTEC and GE Healthcare to promote non-invasive Magnetic Resonance-guided Focused Ultrasound (MRgFUS) technology and products to leading healthcare institutes throughout the country.
“This partnership expresses the importance of the Indian market,” said Dr. Kobi Vortman, INSIGHTEC’s president and CEO. “With India taking its place as one of the leading economies in the global market, enormous opportunities exist there. We believe that with its long and established presence in the region, Kirloskar is the ideal partner to help us maximize success in this important country. This agreement also emphasizes our increasing focus on the worldwide oncology market where we believe ExAblate has the potential to play a key role.”
ExAblate enables physicians to perform noninvasive procedures that are an alternative to some of the current surgical and radiation procedures – without the use of a scalpel. Noninvasive procedures offer numerous benefits over conventional surgery, including a reduced chance of infection, fewer adverse events and significantly faster recoveries.
Mr. Amardeep Sethi, CEO, Kirloskar Technologies (P) Ltd. (KTPL) said “As a part of our business policy, we are always more than keen to add promising new medical technologies to our product portfolio. I am sure that with the support of KTPL’s efficient sales and service team, ExAblate will soon become a well established treatment modality in India, offering a completely noninvasive treatment option with minimum post-treatment hospitalization and quicker return to daily routine”.
The Indian Healthcare market, currently estimated at approximately $35 billion, is predicted to grow between 10 to 15 percent per year, reaching $150 billion by 2017. In addition to increasing domestic consumption of healthcare, due in part to the expected doubling of the nation’s insured population, the market is expected to be complemented by an inflow of medical tourism. With an average treatment cost of one-eighth to one-fifth of those in western countries, Indian medical tourism has increased 20-fold from 10,000 in the year 2000 to about two million in 2006.
Over 5,500 patients worldwide have already benefited from the ExAblate treatment which is the only U.S. Food and Drug Administration (FDA)-approved system currently in use for the treatment of uterine fibroids. The ExAblate system uses the breakthrough MRgFUS technology that combines MRI -- to visualize tissues in the body, plan the treatment and monitor, in real time, treatment outcome -- and high intensity focused ultrasound to thermally ablate tissue. MR thermal feedback, provided uniquely by the system, allows the physician to control and adjust the treatment in real time to ensure that the targeted tumor is fully treated and surrounding tissue is spared. ExAblate received the CE Mark for uterine fibroids in October 2002 and FDA approval for the treatment of symptomatic uterine fibroids in October 2004 and received CE mark for the treatment of pain caused by bone metastases in June 2007.
About Kirloskar Technologies Pvt. Ltd. (KTPL)
Kirloskar Technologies Pvt. Ltd. (KTPL) is today one of the leading suppliers of high-tech medical equipment in India. It is part of the 100-year-old Kirloskar Group.
With over 250 installations in 175 major government hospitals, medical colleges and private hospitals, KTPL’s business philosophy revolves around providing solutions to customer hospitals. For this, KTPL has a large number of trained personnel in its service, providing quick, high quality and cost-effective solutions to client hospitals. For more information about Kirloskar Technologies, please go to: http://www.kirloskarmedical.com/
INSIGHTEC is the global leader in MRgFUS. The Company, founded in 1999, develops and distributes a non-invasive therapy platform that is transforming medicine. INSIGHTEC is continuously expanding its applications ranging from functional neurosurgery to oncology and gynecology. MRgFUS is embraced by world-renowned physicians in more than 120 medical facilities who applaud both its clinical and economic value. The Company has received numerous innovation awards, among others from the Wall Street Journal and TIME magazine. INSIGHTEC is privately held by GE Healthcare, Elbit Imaging, York Capital Management, GEOC Hengtong Investment Limited Partnership and MediTech Advisors.