CytoSorbents Corporation, manufacturer of the CytoSorb® extracorporeal blood purification therapy that reduces excessive levels of inflammatory mediators in critically-ill and cardiac surgery patients, announced today that they have entered into a partnership with Dr. Reddy's Laboratories Ltd for the South African market.
Under the terms of the agreement, Dr. Reddy's has the exclusive rights to distribute CytoSorb for intensive care, cardiac surgery, and other hospital applications in South Africa. This multi-year agreement is subject to annual minimum purchases of CytoSorb to maintain exclusivity.
M.V. Ramana, Executive Vice President and Head of Emerging Markets & India Business, Dr. Reddy's Laboratories said, "We are happy to partner with CytoSorbents, which we believe will strengthen our endeavor to enhance patient access to novel treatment options in South Africa."
"Dr. Reddy's is a leading global pharmaceutical firm operating in over 25 countries with more than $2.3B in annual sales." commented Dr. Phillip Chan, Chief Executive Officer of CytoSorbents. "Their influential presence and solid reputation in South Africa make them an excellent partner for CytoSorb."
Chris Cramer, CytoSorbents' Vice President of Business Development added, "Dr. Reddy's combines the strengths and resources of a large organization with the agility and experience required to introduce CytoSorb. We look forward to supporting Dr. Reddy's in South Africa and we are confident that this will lay the groundwork for an expanded partnership in the future."
There are approximately 55 million people in South Africa. Throughout the sub-Saharan Africa region, infectious diseases like HIV/AIDS and malaria represent major public health challenges. As a result, these patients are at greater risk for contracting sepsis. Healthcare in South Africa varies from the most basic primary health care, offered free by the state, to highly specialized, hi-tech health services available in the both the public and private sector. According to The Economist Intelligence Unit, South Africa's health care spending, which totaled $29.8 billion in 2013, is projected to increase steadily from 2014 to 2018, to a total of $39 billion.
Financial terms of this agreement have not been disclosed.