Novo Integrated Sciences Subsidiary, Clinical Consultants International, Signs Agreement with Futura Surgicare Pvt Ltd.

Rhea-AI Summary

Novo Integrated Sciences, Inc. (NVOS) and Clinical Consultants International, LLC announce a Consulting Services Agreement with Futura Surgicare Pvt Ltd to bring Dolphin Sutures and mesh products to the North American healthcare market, aiming for FDA approval and cost savings.

Insights

Market Research Analyst

The strategic partnership between Novo Integrated Sciences and Futura Surgicare represents a significant move in the healthcare sector, particularly in the North American market. The collaboration aims to introduce cost-effective surgical products, which could potentially disrupt the current market dynamics by offering more affordable options to healthcare providers and patients. This could lead to increased market competition, prompting existing players to re-evaluate their pricing strategies and product offerings to maintain market share.

Furthermore, the successful FDA 510K approvals would not only validate the quality and safety of Dolphin Sutures and mesh products but also serve as a critical milestone for Futura's market penetration strategy in the U.S. The outcome of this approval process will be closely monitored by competitors, as it may set a precedent for other international manufacturers looking to enter the U.S. healthcare market.

Medical Device Regulatory Expert

The FDA 510K clearance process is a pathway for medical device manufacturers to legally market their products in the United States. This process requires substantial evidence to demonstrate that the proposed device is as safe and effective as a legally marketed predicate device. The consulting services provided by CCI in assisting Futura to obtain these approvals are critical, as the U.S. has stringent regulatory requirements for medical devices.

Should Futura's products receive FDA clearance, it would not only enhance their credibility but also potentially accelerate their adoption in the North American healthcare system. The impact of this on Futura's business could be substantial, as successful FDA clearance often leads to increased investor confidence and can provide a competitive edge in the healthcare market.

Healthcare Economist

The introduction of Futura's cost-effective surgical products into the North American market could have significant economic implications for the U.S. healthcare system. High costs of medical supplies are a well-known contributor to the overall healthcare expenditure in the U.S. By offering affordable alternatives, Futura and Novo Integrated Sciences might contribute to reducing the financial burden on the system.

However, it is crucial to consider that while the potential cost savings are promising, the actual impact will depend on the adoption rate of Dolphin Sutures and mesh products by healthcare providers and whether these products can meet the rigorous demands of the U.S. market in terms of quality and performance.

BELLEVUE, Wash.--(BUSINESS WIRE)-- Novo Integrated Sciences, Inc. (NASDAQ: NVOS) (the “Company” or “Novo”), and Clinical Consultants International, LLC (“CCI”), a Novo wholly-owned subsidiary, today announced the signing of a Consulting Services Agreement (the “Agreement”), with Futura Surgicare Pvt Ltd (“Futura”), an India-based leading manufacturer of wound closure and surgical products that are marketed and distributed in over 70 countries worldwide under the trade name “Dolphin Sutures”. Futura’s comprehensive and innovative product offering includes surgical sutures, skin staplers, hernia meshes, surgical tapes, hemostats, and bone wax.

The Agreement provides for (i) CCI to assist Futura in obtaining U.S. FDA 510K approvals for its advanced surgical products, and (ii) CCI and Futura to enter into a strategic partnership to introduce high-quality Dolphin Sutures and mesh products to the North American healthcare market, potentially bringing substantial cost savings and improved care to American patients and healthcare providers.

Dr. Joseph M. Chalil, MD, MBA, FACHE, President of CCI, remarked, "We are proud to partner with Futura in bringing Dolphin Sutures and mesh products to the North American market. FDA approval of these high-quality products would symbolize a beacon of hope in addressing the high costs of the American healthcare market. We are confident this partnership will mark a significant milestone in offering affordable and superior surgical solutions."

About Futura Surgicare Pvt Ltd

Futura Surgicare Pvt Ltd, under the stewardship of second-generation leader Abhijith Sagar, is pioneering the future of healthcare with cutting-edge surgical sutures, including Polyglycolic Acid, Polyglactin 910, PTFE, and Barbed sutures. Leveraging 30 years of industry leadership from Bangalore, India, the company is recognized for its firsts in synthetic absorbable sutures and its globally sourced high-quality materials. Upholding the highest standards, Futura is accredited with ISO 9001:2008, ISO 13485, CE2460, WHO-GMP, and GLP certifications. Abhijith Sagar exemplifies the transformative power of education and dedication as he guides Futura toward new horizons in medical innovation.

About Clinical Consultants International LLC

Established in 2006 in Michigan as a hospital consulting firm, today, CCI is a global consulting firm specializing in providing value-added services for the pharmaceutical, biotech, healthcare management, hospital management, medical marketing and strategic planning, health policy, and medical device sectors. Headquartered in Boca Raton, Florida, we leverage over 30 years of industry experience and our expert consultants worldwide to support our clients.

About Novo Integrated Sciences, Inc.

Novo Integrated Sciences, Inc. is pioneering a holistic approach to patient-first health and wellness through a multidisciplinary healthcare ecosystem of services and product innovation. Novo offers an essential and differentiated solution to deliver or intends to deliver, these services and products through the integration of medical technology, advanced therapeutics, and rehabilitative science.

We believe that “decentralizing” healthcare, through the integration of medical technology and interconnectivity, is an essential solution to the rapidly evolving fundamental transformation of how non-catastrophic healthcare is delivered now and in the future. Specific to non-critical care, ongoing advancements in medical technology and interconnectivity allow for a shift of the patient/practitioner relationship to the patient’s home and away from on-site visits to primary medical centers with mass services. This acceleration of “ease-of-access” in the patient/practitioner interaction for non-critical care diagnosis and subsequent treatment minimizes the degradation of non-critical health conditions to critical conditions and allows for more cost-effective healthcare distribution.

The Company’s decentralized healthcare business model is centered on three primary pillars to best support the transformation of non-catastrophic healthcare delivery to patients and consumers:

• First Pillar: Service Networks. Deliver multidisciplinary primary care services through (i) an affiliate network of clinic facilities, (ii) small and micro footprint-sized clinic facilities primarily located within the footprint of box-store commercial enterprises, (iii) clinic facilities operated through a franchise relationship with the Company, and (iv) corporate operated clinic facilities.
• Second Pillar: Technology. Develop, deploy, and integrate sophisticated interconnected technology, interfacing the patient to the healthcare practitioner, thus expanding the reach and availability of the Company’s services beyond the traditional clinic location to geographic areas not readily providing advanced, peripheral-based healthcare services, including the patient’s home.
• Third Pillar: Products. Develop and distribute effective, personalized health and wellness product solutions, allowing for the customization of patient preventative care remedies and, ultimately, a healthier population. The Company’s science-first approach to product innovation further emphasizes our mandate to create and provide over-the-counter preventative and maintenance care solutions.

Innovation through science combined with the integration of sophisticated, secure technology assures Novo Integrated Sciences of continued cutting-edge advancement in patient-first platforms.

For more information concerning Novo Integrated Sciences, please www.novointegrated.com

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release are forward-looking statements. In some cases, forward-looking statements can be identified by words such as "believe," “intend,” "expect," "anticipate," "plan," "potential," "continue" or similar expressions. Such forward-looking statements include risks and uncertainties, and there are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors, risks, and uncertainties are discussed in Novo’s filings with the Securities and Exchange Commission. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown uncertainties and other factors that are, in some cases, beyond Novo’s control, which could and likely will materially affect actual results, levels of activity, performance, or achievements. Any forward-looking statement reflects Novo’s current views with respect to future events and is subject to these and other risks, uncertainties, and assumptions relating to operations, results of operations, growth strategy, and liquidity. Novo assumes no obligation to update or revise these forward-looking statements for any reason publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The content of any website referenced in this press release is not incorporated by reference herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240221772776/en/

Chris David, COO

Novo Integrated Sciences, Inc.

chris.david@novointegrated.com

(888) 512-1195

Source: Novo Integrated Sciences, Inc.

FAQ

What is the ticker symbol of Novo Integrated Sciences, Inc.?

The ticker symbol of Novo Integrated Sciences, Inc. is NVOS.

What is the nature of the agreement between Novo and Futura Surgicare Pvt Ltd?

The agreement involves Novo assisting Futura in obtaining U.S. FDA 510K approvals for its surgical products and forming a strategic partnership to introduce Dolphin Sutures and mesh products to the North American healthcare market.

Who is the President of Clinical Consultants International, LLC?

Dr. Joseph M. Chalil, MD, MBA, FACHE, is the President of Clinical Consultants International, LLC.

What products does Futura Surgicare Pvt Ltd manufacture?

Futura Surgicare Pvt Ltd manufactures wound closure and surgical products including surgical sutures, skin staplers, hernia meshes, surgical tapes, hemostats, and bone wax.

In how many countries are Futura's products marketed and distributed?

Futura's products are marketed and distributed in over 70 countries worldwide.