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- Medical device company PolyNovo (PNV) has entered the Italian market after appointing Medival as its distribution partner in Italy
- Italy’s medical device market is the fourth-largest in Europe, and worth around US$10 billion (approximately A$13 billion)
- PolyNovo’s latest distribution partner will extend the customer base for the company’s NovoSorb BTM product
- This follows on from two similar distributor appointments, which recently allowed the company to expand into Poland and Turkey
- PolyNovo is down 1.52 per cent and trading at $2.59 per share
Medical device company PolyNovo (PNV) has entered the Italian market after appointing Medival as its distribution partner in Italy.
Italy’s medical device market is the fourth-largest in Europe, worth approximately US$10 billion (roughly A$13 billion) in value. The market demand for advanced medical products is high there, making it fertile ground for PolyNovo’s NovoSorb BTM products.
The company’s NovoSorb product range includes an assortment of bioresorbable polymers which can be produced as films, fibres, foams, and coatings. The NovoSorb BTM acts as a dermal scaffold, allowing the skin to regenerate after being burned or undergoing extensive surgery.
PolyNovo has been working with surgeons at a major hospital in the hopes of having its NovoSorb BTM product included in an important new national guideline. The hospital in question has already implanted two BTMs, with early feedback flagged as very positive.
The company’s new distribution partner, Medival, primarily provides advanced and innovative medical devices to critical care and surgical specialties. Its 25 representatives and dedicated product manager access a customer base covering approximately 1500 plastic surgeons in Italy.
PolyNovo’s Managing Director, Paul Brennan, said the company is extremely excited to enter Italy through Medival.
“The Italian market is very sophisticated, and we think it will value innovative, quality medical technologies like ours,” he said.
“The country is important both geographically and commercially, and is a major step forward in our European strategy. We will now be servicing surgeons who are a very influential throughout Europe,” he added.
This latest distribution appointment follows on from two similar appointments, which recently allowed PolyNovo to enter the Polish and Turkish markets. Back in November 2020, the company also entered the markets in Belgium, the Netherlands, Sweden, and Luxembourg.
PolyNovo is down 1.52 per cent, trading at $2.59 per share at 1:03 pm AEDT.
