Chordate Medical’s CEO on UK market introduction
Chordate Medical recently began marketing introduction of its migraine treatment in the UK with the help of marketing consultants Futures.Health LTD. In addition, the list change to Nasdaq First North Growth Market is now completed. BioStock contacted Anders Weilandt for a comment.
Chordate Medical has developed the nerve-stimulating treatment technique Kinetic Oscillation Stimulation, K.O.S.,for the treatment of chronic nasal congestion (rhinitis) and chronic migraine.
The company’s business strategy is to achieve significant market penetration in selected markets to pave way for a sale of the company to an international medtech player or another financial taker. Among Chordates’s selected markets are the Nordic region, Italy and Saudi Arabia, and the UK has just been added to the group.
Collaboration with Futures.Health
In order to launch its migraine treatment in the UK, Chordate Medical has signed an agreement with Futures.Health LTD. Since the summer, Futures.Health has been conducting an in-depth analysis of the market to identify an appropriate approach to the marketing of K.O.S. in the UK., and it is now ready to initiate work for market launch there.
The agreement, which initially runs for a year, means that Futures.Health will raise awareness about the migraine treatment and introduce K.O.S. to opinion-leading neurologists, primarily in private healthcare. In addition, marketing activities will be organised with the goal of achieving desirable sales figures as soon as possible.
According to Chordate Medical’s CEO Anders Weilandt, Futures.Health has the right competence to achieve a successful launch of K.O.S. in the UK:
»To introduce a specialist care product to a new market requires focused individual competence in the healthcare market’s structure, academia, compensation issues and marketing, and Futures.Health have just that.«
Chordate’s CEO sees potential in the UK
According to the National Health Service (NHS), around 10 million people aged 15-69 suffer from migraines in the UK. Furthermore, the cost of treating migraines is estimated to be 150 million GBP, while sick leave is estimated to cost society a as much as 4.4 billion GBP a year.
BioStock contacted Chordate’s CEO Anders Weilandt to find out more about how the company’s treatment can help British migraine patients.
Could you first tell us a little about your partner Futures.Health LTD who will carry out the market introduction in the UK?
– The people behind Futures.Health have extensive experience in opening up the UK market to new medical devices, and also from introduction of pharmaceuticals. When it comes to specialist care, the number of contact points is relatively limited in a given market. What is important is the individual competence of the person or people who will carry out the work.
Why have you chosen the UK as the next priority market?
– The UK has a relatively large population and a structured migraine care programme. At the same time, the proportion of private and privately insured care is significant. This means that the conditions for a successful introduction should be good.
In your press release, you state that you want to achieve sales in the UK “at an early stage.” Can you elaborate on what you mean by this and how you define your desirable level of sales?
– We hope to engage a small number of private clinics as customers at an initial stage. But, as always, it takes time to get sales to take place, and early stage is hard to define – but within 9–12 months should be a restrained estimate.
Chordate’s shares have been traded on Nasdaq First North Growth Market since February 15th. What implications do you expect from the list change?
– We believe that the change of stock market listing can increase awareness of the company both in Sweden and internationally, make it easier for industrial investors to become shareholders and have a positive impact on the company’s relationships with partners and potential customers.
The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.
