Healthcare Industry News: Cyberonics
News Release - May 14, 2007
Generic Medical Devices Establishes European Headquarters in BrusselsFirst Generic Device Maker Expands Business Globally, Opens First European Office, Adding Industry Veterans to Management Team
GIG HARBOR, Wash. & BRUSSELS, Belgium--(HSMN NewsFeed)--Generic Medical Devices, Inc.(TM) (GMD(TM)), the first company to design, develop, manufacture and supply quality surgical products marketed at generic prices, today announced that it has opened for global business with the establishment of its European headquarters in Brussels, Belgium. In addition, J.P. Allar has been named GMD's Vice President, International Sales and Managing Director, GMD Europe, and Daniel Verstappen, R.N. will join GMD as Senior Director, Clinical and Regulatory, GMD Europe.
"We are thrilled to expand GMD's business opportunities into the European market," said Richard Kuntz, president and CEO of Generic Medical Devices. "Our goal is to bring quality, standard-of-care devices to hospitals and physicians at a fraction of the current market prices. The opening of our Brussels office will open the door for business in Europe, which will allow us to begin bringing down healthcare costs for EU-based healthcare facilities and systems where physicians and administrators alike have often been the first to embrace new initiatives that help them deliver the best care to as many patients as possible. We are proud to have J.P. Allar and Daniel Verstappen, two veterans of the medical device industry with extensive experience in the European market, spearheading these efforts."
Together, Allar and Verstappen have almost 40 years of experience in biotechnology in the European market. Before joining GMD, Allar served for 10 years as the Managing Director and Director of Sales for Cyberonics Europe. He also held various positions at Guidant Corporation, Eli Lilly Benelux and Deckers Medical. Verstappen has held various sales, marketing, clinical and regulatory positions at Cyberonics Europe over the past nine years. Most recently, he served as the Senior Director for the Clinical and Regulatory Department.
"The opportunity to help bring the revolutionary concept of generic medical devices to the European market is one I couldn't pass up," said Allar. "I believe my experiences with big device companies will allow me to bring a keen focus to the launch of GMD's international business."
"We want to be able to maintain high quality healthcare in worldwide systems that are experiencing ever-increasing prices," said Verstappen. "Introducing the generic model, which has helped reduce costs so drastically in the pharmaceutical market, will hopefully allow us to reduce device costs in a similar fashion--ultimately providing services for more patients."
In January, GMD announced 510(k) clearance from the U.S. Food and Drug Administration (FDA) and CE Marking to market its first product, a circumcision clamp, domestically and internationally. In May, GMD announced 510(k) clearance from the FDA of its first implantable device, the GMD Universal Surgical Mesh. The Company has a pipeline of additional products which are currently in the clinical review process for CE Marking and 510(k) clearance.
GMD is the first company to implement the generic model, made successful by the pharmaceuticals industry, within the medical device market. Leveraging expired patents on standard-of-care surgical devices that have undergone few, if any, changes since first being introduced to the market, GMD is bringing high-quality, substantially equivalent alternatives to market at lower prices. Devices chosen by GMD all have existing 510(k) classification, reimbursement by Medicare and third-party payors, established product safety, efficacy and outcomes, and a trained surgeon/physician base.
About Generic Medical Devices
Generic Medical Devices, Inc.(TM) is the world's first designer, developer, manufacturer and supplier of quality medical products marketed at generic prices that allow healthcare providers to meet the standard of care for patients. Recognizing the need for healthcare reform and the ever-increasing burden that America's aging population is placing on the healthcare system, GMD(TM) set out to develop lower-priced products with proven outcomes and "better-than" product features. These generic devices, based on products that are becoming a commodity in the marketplace, allow the healthcare system to provide more patients access to innovative and often expensive treatments while helping to stem the tide of rising healthcare costs. The company's quality system has been certified to meet the requirements of ISO 13485:2003, providing a framework for global regulatory compliance of its products. For general information, please visit www.genericmedicaldevices.com.
Source: Generic Medical Devices
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