Erskineville medical device company Polartechnics reports it has secured distribution agreements valued at over $7 million in Thailand, Philippines, Indonesia and Sri Lanka, following its participation in a NSW trade mission.
Polartechnics reports it has signed distribution agreements with major medical companies for its flagship products - TruScreen (a real-time point of care cervical cancer screening device) and CerviScreen (a self-testing device for the detection of sexually transmitted infections).
NSW Minister for State Development Ian Macdonald said: "The World Health Organisation (WHO) estimates that infection rates for sexually transmitted infections (STIs) across South-East Asia are significantly higher than other parts of the world and cervical cancer is also a growing problem.
"Polartechnics hopes its CerviScreen and TruScreen will provide Asian residents with access to affordable screening solutions for both STIs and cervical cancer.
"Congratulations to Polartechnics for achieving a positive response to its products from leading medical distribution companies in the strategically important Asian market."
Polartechnics' new distributors are Pacific Healthcare Holdings for Thailand and Philippines, PT Mega Utama Medica for Indonesia and Mega Pharma for Sri Lanka.
These companies currently supply over 2,300 pharmacies in the region and have extensive distribution networks across pharmacies, hospitals and private clinics.
Three of Polartechnics' new contracts are directly attributed to the company's participation in a NSW Government trade mission to the medical equipment trade show HospiMedica Singapore in September 2008.
While individual details of the contracts are confidential, Polartechnics is now predicting that significant annual sales could follow in the near term.
Polartechnics general manager sales and marketing Marty Dillon said: "The NSW Government trade mission to HospiMedica directly led to the signing of two contracts with a third contract also significantly generated by our involvement.
"Our attendance at HospiMedica allowed us to introduce our products to key people in the medical device industry who would otherwise never have known that we existed. It proved an excellent forum for generating medical device exports for our company."