MedX Health Corp. (TSX-V:MDX) has announced that recently-appointed CEO Naman Demaghlatrous has been appointed to its board of directors.
MedX noted that Demaghlatrous, who was named CEO on March 23, 2022, has over 20 years of healthcare and pharmaceutical industry experience, previously building international market development strategies and distribution networks for Medtronic, Johnson & Johnson, and Atfal Pharma.
Demaghlatrous joined MedX in 2021 as managing director of the company’s operations in Europe, the Middle East and Africa, and has since been instrumental in developing and expanding its global market opportunities and establishing distribution partnerships and adoption of MedX's DermSecure Screening Platform in Europe, the Middle East, and North America, the company added.
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"I am delighted to have joined MedX's board of directors, as the company continues to execute on its strategic growth initiatives and positions itself as a global leader in teledermatology,” Demaghlatrous said in a statement. "Our team remains committed to furthering our successful paid pilot-to-commercial partnership model, growing our offering into new jurisdictions and expanding into new vertical market opportunities.”
MedX said Demaghlatrous' experience in the international medical technology market has been essential in the design and implementation of a robust business model to capture market share, expand its domestic and international geographic footprints and enter new business verticals.
Real-world market validation of DermSecure's efficacy has resulted in the successful transition from paid pilot to commercial distribution agreements in Italy and Turkey, representing an immediate commitment for 80 units and an option for an additional 40 units to be confirmed by year end, the company said.
Commercialization pilot projects with partners in the United Kingdom and the Middle East are ongoing and represent significant opportunities on both a geographic and strategic level. Domestically, MedX said it has added skin screening service partners across Ontario and in New Brunswick in a number of target verticals including pharmacies, medical clinics, and mobile and remote medical practices, with broader initiatives underway to grow its North American presence.
Throughout the remainder of 2022, MedX said it will look to execute its strategy and grow its business through the following key initiatives:
- Continued growth of its paid pilot-to-commercial business model: MedX has recently established a clear 'paid pilot-to-commercial contract' methodology that allows prospective global customers to fully assess the patient pathway, market demand and economics before committing to a long-term contract. Ultimately, the real-world use validates the DermSecure platform's efficacy and accelerates its sales cycle through the efficient transition and conversion of pilot programs to commercial agreements.
- Global expansion: MedX continues to focus on expanding into new global markets and adding to its growing pipeline of new customers. The company recently announced commercialization agreements in Italy and Turkey, with pilot programs currently under way in the United Kingdom with that country's largest non-hospital private healthcare services provider and in the United Arab Emirates with the largest distributor of medical devices in the Gulf Cooperation Council region.
- Expansion into new verticals: The company will look to identify new revenue streams and build a presence in multiple market verticals; pharmacies, medical clinics, building hubs, medical scanning clinics, mobile and remote medical practices, and esthetics and skincare clinics. The partnership with Health Partners in the United Kingdom, currently conducting its pilot program, represents the company's first foray into the occupational health vertical.
“We believe that the strategic decisions we've made and the corporate, operational, and technological foundation we've laid over the past few months has put us in a strong position to build MedX's DermSecure skin screening platform as a growing force in the fight against skin cancer on a global scale,” Demaghlatrous added.
MedX Health is a global leader in teledermatology through its high-definition image capture technology, SIAscopy, and its secure, cloud-based patient management system, DermSecure, which transmits and stores patient data throughout the assessment process.
The company’s leading telemedicine platform allows healthcare practitioners to quickly and accurately assess suspicious moles, lesions and other skin conditions via its image-capture technology.
Contact the author at stephen.gunnion@proactiveinvestors.com