The extended agreement is expected to allow Strata to enter deeper into the expanding Asian medical technology market using potential cost advantages derived from improving the logistics and operational capabilities of Kosmo
Strata Skin Sciences has expanded its global reach. (Credit: Towfiqu barbhuiya on Unsplash)
Strata Skin Sciences, a US-based medical technology company focused on dermatology and plastic surgery, has expanded its direct distribution agreement with Kosmo Meditech.
Kosmo is a Korea-based distributor of medical devices in dermatology and other medical sectors.
Effective 1 January 2024, the distribution agreement is now assigned to Kosmo’s corporate parent, Cutech, for a combination of direct capital sales and direct recurring revenue sales in Korea.
The deal now has an extended term through 31 December 2026 for a prolonged and stable partnership between both firms.
The amendment is said to strengthen Strata’s commitment to innovation and customer satisfaction by establishing defined annual and quarterly performance-based purchase needs.
This includes making Strata the exclusive supplier of fuel and consumables, guaranteeing a steady demand for the company’s goods, offering a reliable forecast for production and inventory control, and ensuring stronger top-line revenue.
Strata president and CEO Dolev Rafaeli said: “This agreement not only signifies the strength and growth of the partnership between Strata and Kosmo but also reinforces Strata’s dedication to upholding the highest standards in product and service offerings for dermatological treatments worldwide.
“Korea continues to present a significant opportunity for us, leveraging Kosmo’s extensive in-country distribution network.
“This ongoing collaboration allows us to provide our customers with innovative therapeutic solutions while ensuring a framework for sustainable growth and market leadership.”
The extended agreement is expected to allow the medical technology company to enter deeper into the expanding Asian medical technology market.
Strata’s advanced plastic surgery and dermatological technology aligns with changing demands and growth in market trends in Asia.
The firm will also gain potential cost advantages derived from improving the logistics and operational capabilities of Kosmo.
Strata Skin Sciences develops, commercialises, and markets products for the in-office treatment of various dermatologic conditions.
Its product portfolio includes the XTRAC excimer laser, VTRAC lamp systems, and the TheraClear X Acne Therapy System.