D Medical has selected Pharmaserve-Lilly for the distribution of ADI durable insulin pump, related consumables and its Universal Detach Detect Infusion Sets in Greece, under a three-year agreement signed between the companies.
Pharmaserve-Lilly is a joint venture between Greece-based Pharmaserve and Eli Lilly and Company.
The agreement will be automatically renewed for one-year periods, unless either party notifies the other of its desire not to renew six months in advance.
As per the contract, each party may terminate the agreement upon 180-days’ prior written notice to the other party. The agreement is mutually exclusive and the parties have agreed to set a yearly sales target.
D Medical CEO Efri Argaman said that the company continues to roll out its products in Europe in support of expanding its brand and product recognition.
“We expect to continue executing this strategy as we also prepare to launch into our five initial target markets – Mexico and the BRIC countries of Brazil, Russia, India and China – commencing in 2011,” Argaman said.
D Medical is a medical device company engaged through its subsidiaries in the research, development, manufacture and sale of products for diabetes treatment and drug delivery.