Osprey Medical wins prestigious supplier award, secures more distribution deals for medical imaging technology

Osprey Medical ASX OSP Supplier Horizon Award Premier Inc kidney imaging technology
Osprey Medical has been selected as one of nine Supplier Horizon Award recipients by leading US healthcare company Premier Inc.

Medical technology developer Osprey Medical (ASX: OSP) has been announced as the winner of a Supplier Horizon Award by US healthcare improvement company Premier Inc (NASDAQ: PINC).

Premier Inc is one of the leading Group Purchasing Organisations (GPOs) in the United States with more than 4,100 member hospitals in its network.

Osprey is one of nine suppliers to win the award, and the only cardiovascular supplier, and was recognised for its support of Premier members through “exceptional local customer service and engagement value creation through clinical excellence and commitment to lower costs”.

Osprey chief executive officer Mike McCormick said the award reinforces the company’s DyeVert technology and its ability to improve both hospital and patient outcomes.

“Osprey supports Premier members by offering valuable products and services that help to lower supply chain costs and improve operating efficiencies,” Premier senior vice president of supply chain David A Hargraves added.

Osprey’s proprietary medical technology, which originated in Australia, has been in the US market for more than two years now with the company now focused on increasing its market penetration through a US GPO strategy, as well as expanding through distribution agreements in Europe, Asia and the Middle East.

In this regard, the company secured a strategic alliance with GE Healthcare in July and announced another distribution deal last week, with Regional Health Care Group (RHCG) for the Australian and New Zealand market.

Reducing kidney damage

Osprey’s aim is to make heart imaging procedures safer for patients with poor kidney function. The amount of dye (known as contrast) used during angiographic imaging procedures increases a patient’s risk for dye-related kidney damage known as contrast-induced acute kidney injury (CI-AKI).

Osprey’s DyeVert system involves proprietary dye reduction and monitoring technologies designed to help physicians minimise dye usage and monitor the dose of contrast in real-time throughout a procedure.

According to the company, about 25% of patients presenting for heart procedures are at risk of having a CI-AKI event, which can lead to negative patient outcomes, longer hospital stays and, in some cases, kidney failure and death.

CI-AKI is a fast-growing problem (growing an estimated 15-25% globally each year) that is exacerbated by the global increase in obesity and diabetes.

Australia and New Zealand distribution deal

Last week, the company announced the signing of an agreement with Australian medical distribution company RHCG for the latter to exclusively distribute Osprey’s products across Australia and New Zealand.

The three-year deal will see Osprey’s technology made available to healthcare professionals across both countries for the first time.

The agreement complements the strategic alliance announced in July with GE Healthcare, which will exclusively distribute Osprey’s products in Europe, Russia, Turkey, the Middle East, Africa and Central Asia.

Mr McCormick said Osprey’s technology originates from Australia and as such, it has been a long-held desire to offer it to Australian healthcare professionals.

According to Osprey, RHCG is a highly successful medical distribution company with extensive experience in supplying medical equipment, contrast media and medical consumables to the radiology and cardiology imaging sector across Australia.

“We are excited about the DyeVert technology and the impact it will have on reducing the numbers of CKD patients with CI-AKI and ultimately, reduce the cost of these patients on hospitals across Australia and NZ,” RHCG general manager Stephen Doorey said.

Join Small Caps News

Get notified of the latest news, events and stock alerts