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26 November 2020 | News
Malaysia represents a significant addressable market opportunity with approximately 10% of the population suffering from infertility.
Photo Credit: shutterstock
INVO Bioscience, Inc. developers of INVOcell®, the world's only in vivo Intravaginal Culture System, entered into an exclusive distribution agreement with idsMED Group to distribute the INVOcell system to Malaysia. idsMED, with its extensive distribution network, is one of the leading integrated medical solutions providers of equipment, consumables and services in Asia Pacific.
"We are excited to partner with idsMED Group to distribute the INVOcell system in Malaysia," commented Steve Shum, CEO of INVO Bioscience. "This agreement extends the addressable market of INVOcell with one of the region's largest and in our opinion most well-respected medical solutions providers. With more than 1700 employees, a network of 10,000 healthcare institutions and representing over 200 global medical brands in equipment and consumables, we believe idsMED Group is an ideal partner to expand INVOcell's adoption in this key region of the world."
The INVOcell system is a novel fertility treatment that uses a woman's own body as a natural incubator during fertilization and early embryo development. The IVC (Intra-Vaginal Culture) process using the INVOcell is cost-effective and has shown highly effective pregnancy rates and may have the ability to significantly increase patient access. The Company further believes the INVOcell system helps eliminate the need for costly infrastructure and overhead associated with IVF, one of the primary hindering factors to fertility treatment capacity.
According to idsMED, the addition of fertility treatment to their expansive suite of services is an important initiative. idsMED intends to work with physicians in Malaysia to begin offering INVOcell to the large, underserved patient population suffering from infertility.
The agreement between idsMED and INVO Bioscience provides idsMED distribution exclusivity in the country of Malaysia assuming certain minimum purchase obligations are achieved. The product received country registration earlier this year. Following standard training protocols, idsMED and INVO Bioscience expect product deployment to occur in the first quarter of 2021.
Since January 2019, INVO Bioscience has signed commercialization agreements in the United States, India, Mexico, as well as parts of Africa and Eurasia for the INVOcell device. The Company believes the worldwide fertility treatment market is severely underserved with only 1% to 2% of the estimated 150 million infertile couples being treated and is a market in need of an affordable and scalable solution to help expand care, something INVOcell can help address.