Medicalgorithmics entered the new year by expanding into a new, important market – the United Kingdom. The company signed a strategic distribution agreement with Express Diagnostics, the largest British provider of heart monitoring and ECG analysis services. The agreement covers distribution of Pocket ECG, Deep Rhythm AI, and analytics technologies. Now the Company will be able to provide an innovative ecosystem for long-term heart rhythm monitoring and early diagnosis of arrhythmias, including atrial fibrillation.
The contract does not assume exclusivity for the UK market. The goal of Medicalgorithmics is to establish cooperation with the largest entities on the British medical services market to provide UK patients with access to the leading-edge heart diagnostic technologies. The PocketECG technology is highly competitive with existing remote heart monitoring solutions and generates diagnostic reports that surpass others in the quality and accuracy of data.
“The British market is one of the strategic markets for us and we approach this expansion with great expectations. I see a huge potential in this market and its openness to innovative technologies such as ours. Now we have established a strategic cooperation with Express Diagnostics, and we plan further investments in building and strengthening our business in the UK,” said Chief Commercial Officer and Management Board Member at Medicalgorithmics S.A.
The UK cardiac monitoring market is large with more than 3,000 cardiologists and 75,000 general practitioners. More than 1,700,000 people are affected by atrial fibrillation in the UK. The ambulatory ECG market in the UK grows dynamically, with CAGR (Compound Annual Growth Rate) of 6% over the last 5 years. This growth is driven by the aging population resulting in an increase in the number of cardiac arrhythmia patients in the UK, which is projected to reach over 3 million by 2025.
“We at Medicalgorithmics are excited to partner with Express Diagnostics to bring our innovative PocketECG, Deep Rhythm AI, and advanced software and analytics technologies to the UK market. The PocketECG is a wearable ECG device that allows for near real-time analysis of ECG data. This technology is in high demand in the UK market, as it provides patients and healthcare providers with more accurate and near real-time information about cardiac arrhythmias,” concluded Przemysław Tadla, Chief Technology Officer and Management Board Member at Medicalgorithmics S.A.
Express Diagnostics is a company with many years of experience in this market. During tests, the company appreciated the clinical value of the PocketECG solution, confirmed also by clinical studies conducted by scientists from Medicalgorithmics in cooperation with doctors from the most renowned scientific centers in the world.
The conclusion of the agreement with Express Diagnostics and thus the entry into the British market is the result of a new strategy of dynamic expansion on global markets announced last year at the point of merger with Biofund. This expansion will be continued in 2023. The strengthening of the company by the Biofund investor and their innovative AI technologies, as well as the expanded portfolio of cardiovascular solutions – thanks to the subsidiary Kardiolytics and its VCAST technology – enables creation of an attractive, consistent, and complementary offer of cardiovascular solutions, and opens up Medicalgorithmics Group to entirely new markets.