The Eurasian commercialization agreements follow the recent agreement with Ferring Pharmaceuticals to distribute INVOcell in the United States and to distribute the INVOcell in select countries in Africa
Image: INVO Bioscience signs distribution agreements for Eurasia. Photo: Courtesy of Herney Gómez/Pixabay
INVO Bioscience, a medical device company focused on creating alternative treatments for patients diagnosed with infertility and developers of INVOcell, the world’s only in vivo Intravaginal Culture System, today announced it has entered into commercialization agreements in Eurasia, covering Turkey and Jordan. The agreements represent INVO Bioscience’s expansion into Eurasia, a region with a growing middle-class population, yet experiencing a multi-decade decline in birth rate according to The World Bank. The Eurasian commercialization agreements follow the recent agreement with Ferring Pharmaceuticals to distribute INVOcell in the United States, as well as agreements to distribute the INVOcell in select countries in Africa.
The multi-decade decline in fertility rates in Eurasia at large, and Turkey in particular, has pushed governments to allocate more resources to combating the issue. According to research, an estimated 15% to 20% of the Turkish population suffers from difficulty conceiving. Experts attribute this problem to environmental factors.
The INVOcell system is a novel fertility treatment that uses a woman’s own body as a natural incubator for the incubation of eggs and sperm during fertilization and early embryo development. INVO Bioscience believes this process is cost-effective and has shown comparable pregnancy rates to IVF and may have the ability to significantly increase patient access. The Company further believes the INVOcell system can eliminate the need for costly infrastructure and overhead associated with IVF, one of the primary hindering factors to fertility treatment in the continent. The Company’s unique in vivo fertilization process also has the potential to serve as a powerful motivator for many patients with religious and/or cultural concerns.
INVO Bioscience has entered into distribution agreements with Orcan Medical for Turkey, a leading medical distributor to large medical device companies including St. Jude Medical, Cooper Surgical, and Clarus, within the country. Orcan Medical will become the exclusive commercial partner for INVOcell in Turkey, contingent upon minimum purchase and other requirements.
In Jordan, Biovate will act as the exclusive distribution partner for INVOcell in the country following standard administrative requirements to begin supplying INVOcell in the country. INVO Bioscience believes distribution will commence in 2020 in both countries. Full terms of the agreement were not disclosed.
Pressly Ahammed, Director of Business Development for INVO Bioscience, added, “We are extremely pleased to have established commercialization agreements with Orcan Medical and Biovate to expand our reach into the Eurasian market. Infertility is an issue throughout the entire world. Unfortunately, due to the high cost and limited access of existing treatments, many go without treatment. We believe the INVOcell solution solves these important issues and we look forward to working with the teams at Orcan and Biovate to bring our technology to the people of Turkey and Jordan.”
Steve Shum, CEO of INVO Bioscience, commented, “The INVO Bioscience team has done a great job leveraging their previous relationships to create commercialization agreements to benefit the Company. We believe 2020 is shaping up to be an exciting year as we look to significantly expand our international efforts.”
Worldwide, the fertility treatment market is severely underserved. Currently, only 1% to 2% of the estimated 150 million infertile couples worldwide are treated, with the primary prohibiting factor being cost and access to treatment.
Source: Company Press Release