OneMedNet Inks Agreement with a Global Top-10 Medical Technology Company
OneMedNet announced a three-year Master Services Agreement with a top-10 global medical technology company, impacting over 150 million patients annually.
The agreement leverages OneMedNet's iRWD™ platform to securely de-identify, search, and curate regulatory-grade clinical data.
This deal highlights growing industry adoption of OneMedNet's platform and aims to enhance the customer's competitive positioning through better-informed decision-making.
- Three-year agreement with a top-10 global medical technology company.
- Impacts more than 150 million patients worldwide annually.
- Utilizes proprietary iRWD™ platform for secure and regulatory-grade clinical data.
- Fee-for-service model ensuring predictable revenue stream.
- Highlights growing industry awareness and adoption of iRWD™ platform.
- Aims to enhance customer’s competitive positioning through better decision-making.
- The customer is undisclosed, which may raise transparency concerns.
- Short-term agreement (three years) might necessitate frequent renewals.
- No specific financial terms disclosed, limiting insight into revenue impact.
Insights
The new agreement with a leading medical technology firm is a significant milestone for OneMedNet. The three-year Master Services Agreement indicates a stable revenue stream, especially under a fee-for-service model. This model ensures predictable cash inflows, enhancing financial stability. Investors should note the strategic alignment with a top-tier client, which can boost OneMedNet's brand reputation and open doors for future collaborations within the industry. Additionally, the deal's impact on more than 150 million patients annually underscores the scale and potential growth in data service demand. Short-term, this agreement could positively influence quarterly earnings. Long-term, it may set a precedent for similar high-value deals, potentially driving sustained revenue growth.
The iRWD™ platform's role in securely de-identifying, searching and curating regulatory-grade clinical data is technologically notable. This agreement showcases the platform's robust capabilities and its appeal to major players in the medical technology sector. The emphasis on de-identified data is critical, aligning with stringent privacy regulations like HIPAA. This capability not only ensures compliance but enhances data utility across various development stages from ideation to post-market surveillance. For investors, this highlights OneMedNet’s innovative edge and technological prowess, setting it apart in a competitive landscape. The ability to handle complex data securely and efficiently can be a key differentiator, driving both client acquisition and retention.
The agreement signifies a growing trend in the healthcare industry to leverage Real World Data (RWD) for informed decision-making. The adoption of OneMedNet’s iRWD™ platform by a top-10 medical technology company reflects a broader movement towards data-driven approaches in medical device development and regulatory processes. This trend is likely to fuel demand for RWD platforms, positioning OneMedNet favorably in the market. The company's ability to provide timely, comprehensive and accurate data can significantly enhance its client's competitive advantage, leading to potential market share gains. For investors, the deal emphasizes the strategic importance of RWD in the industry's future, suggesting a positive long-term outlook for OneMedNet’s growth and relevance.
OneMedNet’s new iRWD™ platform customer impacts more than 150 million patients each year
MINNEAPOLIS, May 29, 2024 (GLOBE NEWSWIRE) -- OneMedNet Corporation (Nasdaq: ONMD) (“OneMedNet” or the “Company”), the leading curator of regulatory-grade Real World Data (“RWD”), inclusive of electronic health records, laboratory results and medical imaging, is pleased to announce that it has entered into a non-exclusive three (3)-year Master Services Agreement (“MSA”) with an undisclosed U.S.-based medical technology company that affects more than 150 million patients worldwide annually.
Pursuant to the MSA, OneMedNet will utilize its proprietary iRWD™ platform to securely de-identify, search and curate current, regulatory-grade clinical data for the new customer, including its world-wide subsidiaries and affiliates, under a pre-established fee-for-service model.
"As medical device companies increasingly look to leverage the use of existing RWD, particularly medical imaging data, across many stages of development, from ideation up to and including post-market surveillance, there is growing industry awareness and adoption of our highly differentiated iRWD™ platform,” said Aaron Green, OneMedNet’s President and CEO. “By providing timely access to de-identified and hard-to-curate current clinical information to this global medical technology industry leader, our aim is to not only provide it with comprehensive, accurate, and much needed patient information, but also help improve its competitive positioning by enabling it better informed decision-making.”
About OneMedNet Corporation
OneMedNet provides innovative solutions that unlock the significant value contained within the Real-World Data (“RWD”) repositories of more than 1,400 healthcare system and provider sites that currently comprise its iRWD™ network. OneMedNet’s proprietary iRWD™ platform provides secure, comprehensive management of diverse clinical data types, including electronic health records, laboratory results, and uniquely, medical imaging. Employing its robust iRWD™ platform, the Company securely de-identifies, searches, and curates the clinical data, bringing a wealth of internal and third-party research opportunities to its drug, medical device and imaging/diagnostic AI development customers.
OneMedNet’s platform is designed to meet the clinical requirements necessary across various domains, including but not limited to rare diseases, oncology, and cardiology. The Company is committed to delivering precise and robust research support services that span the entire continuum of care. This commitment is a cornerstone of OneMedNet’s strategy to enhance patient outcomes and help pave the next wave of healthcare innovation. For more information, please visit www.onemednet.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as "may," "should," "expects," "anticipates," "contemplates," "estimates," "believes," "plans," "projected," "predicts," "potential," or "hopes" or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of OneMedNet; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur.
OneMedNet Contacts:
Stephen Kilmer, Investor Relations
Phone: 647.872.4849
Email: stephen.kilmer@onemednet.com
Michael Wong, Director of Marketing
Phone: 800.918.7189
Email: michael.wong@onemednet.com
SOURCE: ONEMEDNET CORPORATION
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