Totally agree! Plus, this deal differs from KT Hea
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Posted On: 04/06/2022 12:57:54 PM
Totally agree! Plus, this deal differs from KT Health, DonJoy, and SAI, all of whom are primarily retail shelf oriented. Yes, PRIM does 'sell' the product to hospitals, clinics, etc. but it is not retail per se. Remember all those tweets since beg'g Dec '21 emphasizing 'prescription only'? They were all, IMO, leading up this moment. This is the FIRST contract award strictly for RRx for medical centers, etc. I'm only thinking off the top of my head so pls correct me if I'm mistaken.
Another thing, obvious really, is PRIM is very large company supplying the national health care system of Spain, primarily. Most of the population is cared for via the Sistema Nacional de Salud, the SNS. RRx will get distributed thru prescription only. That means, in their system, a reimbursed medical product which is the first cousin to insurance. And this product works! And reduces cost. And has no side effects. And is drug free. All things discovered when they, PRIM, did their own inhouse due diligence.
PRIM would not even think about inking a deal unless they had done extensive research as to the potential market and profitability. You don't stay in business for 120 yrs by making stupid deals w/o having a thorough knowledge and understanding of your market; patient surveys, potential liabilities for opioids, etc. Yes, Spain and all of Europe are struggling w/ that. Not to the same extent we are in the US but they see the 'handwriting on the wall' should they ignore the problem hoping it goes away. RRx addresses that directly and don't think PRIM doesn't know that. Big money in them thar hills!
No doubt part of the negotiating process was our ability to deliver product. PRIM was convinced we could manufacture sufficient product w/ timely delivery to satisfy the contract for the whole of Spain, one of the largest countries in Europe. Might Viant/Meraqi (Dr. Sree Koneru's new home) have anything to do w/ that? Think about that initial order.
We have been 'silent' for a long time. The information drought is coming to an end. This is a major, highly significant deal and BIEL, CEO Kelly, Erin Sanders, (Mgr of Int'l Sales) and all the team deserve a lot of credit. We reeled in a very, very, big fish. The first of many in the coming months. Also, PRIM operates outside of Spain, like Latin America and the rest of Europe. In Nov 2020 we got the renewed CE Mark (Conformité Européenne). A year and a half later we land a breakthrough contract w/ one of the largest markets in Europe. Feelin' very good about this!
all the best, WBeacham
Another thing, obvious really, is PRIM is very large company supplying the national health care system of Spain, primarily. Most of the population is cared for via the Sistema Nacional de Salud, the SNS. RRx will get distributed thru prescription only. That means, in their system, a reimbursed medical product which is the first cousin to insurance. And this product works! And reduces cost. And has no side effects. And is drug free. All things discovered when they, PRIM, did their own inhouse due diligence.
PRIM would not even think about inking a deal unless they had done extensive research as to the potential market and profitability. You don't stay in business for 120 yrs by making stupid deals w/o having a thorough knowledge and understanding of your market; patient surveys, potential liabilities for opioids, etc. Yes, Spain and all of Europe are struggling w/ that. Not to the same extent we are in the US but they see the 'handwriting on the wall' should they ignore the problem hoping it goes away. RRx addresses that directly and don't think PRIM doesn't know that. Big money in them thar hills!
No doubt part of the negotiating process was our ability to deliver product. PRIM was convinced we could manufacture sufficient product w/ timely delivery to satisfy the contract for the whole of Spain, one of the largest countries in Europe. Might Viant/Meraqi (Dr. Sree Koneru's new home) have anything to do w/ that? Think about that initial order.
We have been 'silent' for a long time. The information drought is coming to an end. This is a major, highly significant deal and BIEL, CEO Kelly, Erin Sanders, (Mgr of Int'l Sales) and all the team deserve a lot of credit. We reeled in a very, very, big fish. The first of many in the coming months. Also, PRIM operates outside of Spain, like Latin America and the rest of Europe. In Nov 2020 we got the renewed CE Mark (Conformité Européenne). A year and a half later we land a breakthrough contract w/ one of the largest markets in Europe. Feelin' very good about this!
all the best, WBeacham
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