D. Medical Industries, a company in medical device been engaged through subsidiaries in R&D as well as manufacture and sale of diabetes treatment medicines and products, is set to distribute its products in Greece. The execution agreement is done with Pharmaserve-Lilly to make the distribution of insulin pump, consumables related to it and the infusion sets required in detecting the disease.
Pharmaserve-Lilly is a JV between Pharmaserve of Greece and Eli Lilly of United States. Lilly is a global leader for about 85 years in offering solutions that support the living of people and also for the treatment of diabetes.
The new agreement between the two companies is for three years that will commence on initial order of distribution and each year it will be renewed by its own for one-year term if no party shows the desire of withdrawing interest in the partnership agreement. For withdrawing the interest, either party has to notify in advance of at least six months to the other party.
The agreement will be terminated by either party after the completion of six months from the date of notification. It is a mututal agreement between the two companies and they have agreed of setting an annual sales target also.
The Federation of International Diabetes reveals in a report that there are about 754,000 diabetes patients in Greece, which is 8.8 percent of its total population.
D. Medical also has its presence in Europe. The company is expanding its presence in Brazil, China, India and Russia that will be commencing by next year.
