There are approximately 129 million people in Mexico and 52 million people in Korea. Throughout both countries, there is an increasing burden of illness and rising healthcare costs associated with deadly inflammatory conditions such as sepsis. Additionally, there is a growing demand for CRRT treatments for acute kidney injury (AKI) and cytokine removal in intensive care unit patients.
In particular, there is a significant unmet need in patients suffering from infection and septic shock, Systemic Inflammatory Response Syndrome (SIRS), Acute Respiratory Distress Syndrome (ARDS), liver failure, burn injury, and trauma. Healthcare in Korea and Mexico 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 sectors. According to OECD (Organization for Economic Co-operation and Development) Health Statistics, healthcare expenditure in 2016 as a percentage of GDP was 7.7% and 6.5% for Korea and Mexico, respectively.
CytoSorbents Corporation, a critical care immunotherapy leader commercializing its CytoSorb® blood purification technology to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, announced today that it has expanded its partnership with Fresenius Medical Care to Korea and Mexico.
Under the terms of the agreement, Fresenius Medical Care has the exclusive rights to distribute CytoSorb for acute care and other hospital applications in Korea and Mexico. Commercial sales of CytoSorb are expected to commence after securing market registration clearance from Korean and Mexican health authorities. These multi-year agreements include an initial stocking order and are subject to annual minimum purchases of CytoSorb to maintain exclusivity.
Mr. Sung Ok Choi, President and CEO of Fresenius Medical Care Korea, stated, "Continuous renal replacement therapy (CRRT) treatment of hospitalized critically-ill patients is gradually increasing in Korea. We are very pleased to be able to introduce CytoSorb to the Korea market, and through the partnership with CytoSorbents, Fresenius Medical Care Korea will continue to strive to provide more comprehensive acute treatment options for healthcare professionals and patients with acute kidney injury."
Mr. Alfredo Merino, Senior Vice President - Business Strategy of Fresenius Medical Care North America, and CEO Fresenius Medical Care Mexico, said, "We are excited to expand our partnership with CytoSorbents to introduce CytoSorb to the Mexican healthcare system. In the country each year, hundreds of thousands of lives are lost at a tremendous human and economic cost from hyperinflammatory conditions such as sepsis, trauma, acute liver disease, and lung injury due to a lack of effective therapies. We hope to change this with CytoSorb."
Dr. Phillip Chan, CEO of CytoSorbents commented, "We are pleased to extend our collaboration with Fresenius Medical Care into these large and strategically important markets. Fresenius Medical Care's expertise in intensive care and strong commercial organizations in Mexico and Korea make them an excellent partner for CytoSorb."
Mr. Chris Cramer, CytoSorbents' Vice President of Business Development added, "Having worked closely together in Europe for the past several years, we plan to leverage that extensive experience with Fresenius Medical Care's outstanding sales organizations in Korea and Mexico to rapidly bring CytoSorb to the market in these countries, and to take advantage of this substantial growth opportunity."
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