Millennium HealthCare, a developer and distributor of advanced healthcare services and innovative medical technologies, announced the Company has been evaluating several medical device distribution providers and is in the final stage of selecting a partner for its Products Division.
As part of the Company’s recently announced structural re-organization, Millennium is formally organizing a Products Division dedicated to the manufacturing, strategic alliance and distribution of leading edge medical devices and equipment while leveraging the Company’s "in-house" network of private medical practices, primary care physicians (PCPs), clinics and hospitals.
Management’s plans for the re-organization include minimizing overhead expenses while maximizing Millennium’s ability to re-launch and grow at an enhanced pace. This endeavor includes the forming of strategic alliances and aligning the Company with high quality industry partners.
The medical device distribution partner would provide the infrastructure and trained staff for the delivery, certification and support of devices and equipment, enabling Millennium to more effectively and efficiently re-launch and expand this division with minimal investment and allocation of resources.
"We have narrowed our selection down to a few quality nationwide providers and are in the final stages of consummating a partnership to provide the Millennium Products Division immediate infrastructure for product distribution and customer support with minimal resource and capital expenditure," stated Dominick Sartorio, Executive Chairman of Millennium.
"Enhancing the breadth and depth of the Millennium Product Division is a core component to our re-organization plan. We are excited about the opportunities before us and are maintaining a prudent cost structure while positioning the company for growth," stated Lou Resweber, Chief Executive Officer of Millennium.
Millennium’s current product offerings include non-invasive, early detection diagnostic tools for health issues such as cancer and heart disease. Additionally, the Company is currently evaluating specific products in the growing pain management device market and is aggressively seeking to add selected devices and equipment to its Products Division.
Pain management products include devices and equipment that may be used for patients managing chronic long-term or severe pain and can include electrical stimulation devices (ESDs), radiofrequency ablation devices, analgesic infusion pumps, and neurostimulation devices.
The market for pain management devices is forecasted to potentially reach over $5 billion worldwide by the year 2020, with the United States being the largest market segment. This projected potential growth is expected to be driven in part by the demand for long term rehabilitation pain management and the pain management needs of the aging population.
Millennium Healthcare, through its wholly owned operating subsidiaries, provides hospitals, primary care physician practices, physician groups and healthcare facilities of all sizes with cutting-edge technology driven applications,systems and medical devices focused primarily on preventive care through early detection.