Biotricity Partners with a Second Top Group Purchasing Organization - Positions Company for Expanded Market Access to 1 out of every 2 Hospitals in America

Rhea-AI Summary

Biotricity Inc. (BTCY) announces a strategic partnership with a top Group Purchasing Organization (GPO), expanding its market access to over 3,000 hospitals in the US with a purchasing power of $160 billion. This move highlights Biotricity's commitment to delivering cutting-edge healthcare solutions, driving positive clinical outcomes, and maximizing economic returns in the rapidly growing healthcare industry.

Insights

Market Research Analyst

The partnership between Biotricity Inc. and another top Group Purchasing Organization (GPO) signifies a strategic expansion in the healthcare sector. The collaboration is poised to enhance Biotricity's market penetration, providing access to a vast network of over 3,000 hospitals. This move leverages economies of scale and can lead to increased bargaining power for Biotricity, potentially resulting in more competitive pricing and improved margins. Given the healthcare industry's emphasis on cost containment, the association with GPOs can be seen as a proactive approach to address the rising healthcare expenditures, which reached $4.5 trillion in 2022.

For investors, this partnership could signal a positive trajectory for Biotricity's revenue growth and market share. The access to a larger customer base through GPOs may translate to higher sales volumes. However, it is crucial to monitor how this expansion impacts the company's operational costs and whether the increased market access can be effectively capitalized upon without compromising the quality of service or incurring excessive sales and marketing expenses.

Medical Device Industry Expert

Biotricity's strategic partnership with a leading GPO is indicative of the company's commitment to increasing the accessibility of its medical diagnostic and consumer healthcare technologies. GPOs, which represent 97% of U.S. hospitals, play a critical role in the healthcare supply chain by negotiating better prices for medical devices and supplies. This can lead to significant savings, which are essential in a sector where cost efficiency is increasingly prioritized.

From an industry perspective, Biotricity's affiliation with GPOs could enhance its competitive edge by ensuring a steady demand for its products. It's also a reflection of the company's technology value, as GPOs typically align with providers offering innovative and cost-effective solutions. While this is a promising development, Biotricity must continue to innovate and maintain high-quality standards to fulfill the expectations of GPOs and their affiliated hospitals, which could impact the company's research and development budget and resource allocation.

Healthcare Financial Analyst

The announcement from Biotricity Inc. about partnering with a top GPO has potentially significant financial implications. The GPO's $160 billion in purchasing power represents a substantial market opportunity for Biotricity. By tapping into the GPO's network, Biotricity stands to benefit from the collective savings that GPOs provide to the healthcare industry, estimated at $55 billion annually by the Healthcare Supply Chain Association.

For the financial community, the key metrics to watch would be the impact of this partnership on Biotricity's cost of goods sold (COGS) and the effect on its operating leverage. A reduction in COGS due to better procurement terms could improve gross margins. Additionally, investors should consider the potential for an expanded revenue base against the costs associated with servicing a broader network of hospitals. Long-term, this partnership could be a catalyst for sustained financial growth if managed effectively, but it will be important to track how it affects the company's balance sheet and cash flows over time.

REDWOOD CITY, CA / ACCESSWIRE / March 5, 2024 / Biotricity Inc. (NASDAQ:BTCY) ("Biotricity" or the "Company"), a leading medical diagnostic and consumer healthcare technology company, today announced its partnership with another of the nation's top Group Purchasing Organizations (GPOs). This strategic move solidifies Biotricity's presence in the healthcare landscape and broadly expands market access for the Company in 2024. Biotricity now has access to over half the hospitals in the US, with a network of over 3,000 hospitals, through these two major GPOs which are responsible for over $160 billion in purchasing power.

"Biotricity's relationship with yet another leading GPO marks a significant achievement for our company, both in terms of expanding our reach and unlocking substantial growth potential," said Waqaas Al-Siddiq, Ph.D., Founder, Chairman, and CEO of Biotricity. "This latest partnership provides additional validation of the value of our technology and strengthens our market access while emphasizing our dedication to delivering cutting-edge solutions that drive positive clinical results while maximizing economic returns."

With U.S. healthcare expenditures soaring to $4.5 trillion in 2022 and an aging population expected to drive further increases, the need for cost-effective buying solutions in medicine has never been more pressing. GPOs are pivotal in streamlining purchasing processes for clinical care systems across the U.S. According to research from the Healthcare Supply Chain Association, GPOs collectively save the healthcare industry as much as $55 billion annually.

Representing 97% of U.S. hospitals, GPOs leverage their significant negotiating power to secure advantageous terms for medical devices and supplies. Biotricity's newest affiliation gives the company access to over half of all hospitals in America and is a testament to the Company's strategy of promoting accessible, high-quality care to improve patient outcomes while strategically positioning it for unmatched market access and growth.

Investors interested in Biotricity's promising revenue prospects are encouraged to visit www.biotricity.com/investors for more information on the Company's array of medical diagnostic and consumer healthcare technologies.

About Biotricity

Biotricity is transforming the healthcare market by bridging the gap in remote monitoring and chronic care management with a focus on cardiology. Physicians and patients trust Biotricity's unparalleled standard for preventive and personal care, including diagnostic and post-diagnostic solutions for chronic conditions. The company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit www.biotricity.com and follow us on Twitter and LinkedIn.

Important Cautions Regarding Forward-Looking Statements

Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "should," "would," "will," "could," "scheduled," "expect," "anticipate," "estimate," "believe," "intend," "seek," "project," or "goal" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company's other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. There cannot be any assurance that the Company will ever become profitable. During the three months ended June 30, 2020 the Company incurred a net loss attributable to common stockholders of $3.4 million. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.

Investor Relations Contacts:

investors@biotricity.com

SOURCE: Biotricity, Inc.

View the original press release on accesswire.com

FAQ

What is the latest partnership announced by Biotricity Inc. (BTCY)?

Biotricity Inc. (BTCY) announced a partnership with another leading Group Purchasing Organization (GPO) in the healthcare industry.

How many hospitals in the US does Biotricity Inc. (BTCY) now have access to?

Biotricity Inc. (BTCY) now has access to over 3,000 hospitals in the US through its partnerships with major GPOs.

What is the purchasing power associated with the GPOs Biotricity Inc. (BTCY) partnered with?

The GPOs partnered with Biotricity Inc. (BTCY) have a combined purchasing power of over $160 billion.

Who is the Founder, Chairman, and CEO of Biotricity Inc. (BTCY)?

Waqaas Al-Siddiq, Ph.D., is the Founder, Chairman, and CEO of Biotricity Inc. (BTCY).

Where can investors find more information about Biotricity Inc. (BTCY) and its technologies?

Investors interested in Biotricity Inc. (BTCY) can visit www.biotricity.com/investors for more information on the Company's medical diagnostic and consumer healthcare technologies.