www.stirlingproducts.net
Stirling Products (ASX:STI) is a manufacturer and marketer of proprietary and/or patented pharmaceutical products and natural health products for its own interests as well as on a contractual basis for third parties. Strategically, Stirling Products is positioned to capitalise on the rapidly changing conditions within the global pharmaceutical and health markets.
The Stirling Products corporate headquarters are in Sydney, Australia and its North American pharmaceutical manufacturing operations are based on Cape Breton, Nova Scotia, Canada.
Stirling operates through three main business units each managed by proven industry specialist managers:
- Pharmaceutical & Healthcare
- Research & Development
- Animal Products
Stirling Products closes acquisition of TeleMedCare
Pharmaceutical and Healthcare group Stirling Products (ASX: STI) has reported that the acquisition of a 65% controlling interest in TeleMedCare has now been finalised with all outstanding documentation completed.
The transaction enables the company to tap opportunities arising from health authorities around the world seeking efficiencies through e-health applications.
TeleMedCare is well positioned within this rapidly emerging market having developed some of the world’s most comprehensive advanced and integrated remote vital signs monitoring products that are fully video, voice and data enabled for use through the Internet.
For example, the company said that four major health insurers - Aetna, Humana, UnitedHealth Group and WellPoint's Anthem Blue Cross in California – have recently announced funding programs that will allow heart disease patients to remotely monitor themselves and to send vital-sign data to their healthcare professional for tracking and follow-up purposes.
These recent initiatives will allow patients to stay in their homes and will reduce patient hospitalizations and re-admissions through the better health administration made possible having access to regularly monitored vital statistics.
Last month, Russia announced a $16 billion overhaul of the country’s healthcare system, US$750 million being allocated to the establishment of e-health services.
In the UK, major government initiatives are being implemented to provide multimillion pound support for e-health initiatives and last year, President Obama introduced a US$19.2 billion stimulus package for health IT.
Stirling has agreed to pay, subject to shareholder approval, TeleMedCare employees and consultants a total $600,000 in part of their respective annual salary and fees in Stirling shares to be issued at $0.01 each, both as an incentive and also to preserve company cash reserves.
In addition, Peter Boonen, Stirling's managing director, today executed and exchanged a non exclusive TeleMedCare Distribution Agreement in the UK with United Health.Co.UK Limited. Boonan and Professor Glyn Tonge worked with staff to identify and consolidate current pipeline sales of 11.1 Million Pounds ($19.3 Million) of TeleMedCare product.
Stirling has also reported that following an approach by two major global industry interests, the company’s executives have commenced early discussions and meeting initiatives in London this week with three of the largest global pharma and healthcare companies regarding partnering and/or alliance agreements for its Inhalation Drug Delivery Platform.
The company said there can be no assurance that the discussions and planned meetings will result in any formal or final relationship at this stage and will advise the market accordingly as further developments materialise.
