In Chile, one in eight adults have diabetes. The number of people with the condition there has risen almost 50% in the past ten years. By 2030, the healthcare spending on diabetes in Chile is set to surpass $4 billion.
Chile’s healthcare needs demand companies like medical tech company Proteomics (ASX: PIQ) that emphasise early detection to boost treatment and quality of life.
In keeping with that, Proteomics International has announced the signing of a license agreement to expand PromarkerD’s reach in Central and South America.
The deal is with long-standing partner Omics Global Solutions and will see the predictive test for diabetic kidney disease made available in the Republic of Chile, which is home to 1.7 million adults with diabetes.
Proteomics International Managing Director Dr Richard Lipscombe said, “The company was the first licence partner for PromarkerD (sold as Innovatio ND2), launching the test in Puerto Rico and the Dominican Republic ahead of entry to the United States market. We are delighted to be expanding the relationship with Omics to bring the test to patients in South America.”
Diabetic kidney disease (DKD) is a severe complication resulting from diabetes. Left untreated, it can progress to the need for dialysis or a kidney transplant. The Prognostic test, PromarkerD, anticipates future kidney function decline in type 2 diabetes patients without existing DKD. This patented system utilises a straightforward blood test to identify an early disease “fingerprint” (Elizabeth Holmes, take notes).
Omics Global Solutions holds an exclusive five-year license for PromarkerD in Chile, extendable by mutual agreement. The licence includes agreed-upon royalties tied to test sales, manufactured by Omics under the license. The agreement is governed by standard terms, including confidentiality and ongoing compliance with obligations, along with typical warranties.
Given the unpredictability of market penetration for a novel test, Proteomics is holding back on providing an estimate of the potential financial impact of this deal.
Omics General Manager, Luben Ron, commented, “Our vision is to introduce innovative diagnostic products that help health professionals intervene early and save lives. We are pleased to be working with Proteomics International to improve quality of life for people living with diabetes in Central and South America.”
The test will initially be targeted at Chile’s private payer market. Omics is also targeting expansion into other markets in Central and South America.
In another recent success on the continent, the Company announced in November 2023 that the Centers for Medicare & Medicaid Services (CMS) have affirmed the payment rate for the PromarkerD predictive test for diabetic kidney disease at US$390.75 ($578.08) in the United States. CMS, being the largest healthcare payer in the U.S., with Medicare and Medicaid jointly accountable for 42% of healthcare expenditures, offers health coverage to over 100 million Americans.
PromarkerD can predict the onset of diabetic kidney disease up to four years before symptoms appear. This, in turn, helps people seek out early treatment to slow or even stop its development. It also saves billions of dollars for healthcare institutions.
Alinda is a Business Reporter for The Sentiment
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