The US is the largest healthcare market in the world and where we see the greatest opportunity.
We intend to leverage our platform technologies dCELL® and BioRinse™ to further our market penetration through a hybrid sales model, a combination of direct sales, distribution and OEM agreements.
Although COVID-19 may have slowed the commercial expansion of the Company the injection of Capital from the equity fundraise in June has allowed us to commence the facility expansion programme in San Antonio and will provide sufficient working capital to support Company growth and drive towards profitability. Therefore, although we do not consider cash resources a major risk, should the pandemic continue this could become a more pressing concern. During 2021, we will focus on exploiting the milestones achieved in 2020 and pursuing further opportunities with product line extensions and additional capacity.
Drive sales growth of product portfolios in the US market through current and potential direct and indirect distribution channels and increasing GPO relationships and penetration
Our current commercialisation efforts are focused on the US markets; however, there is the opportunity and market demand for us to enter new geographic territories.
Historically, capacity constraints have impacted the Group’s ability to produce sufficient product to service demand outside of the core US markets. However, with the capacity constraints being alleviated by the capacity expansion programme, we envisage that the Group will be able to expand its outreach into additional geographic territories during 2021 and beyond.
Continue to build global sales reach through expansion of distribution partnerships and licensing agreements
Our commercial strategy focuses on establishing and building strategic partnerships to further our market penetration.
This allows for the potential to increase OEM agreements and initiate discussions around joint IP collaborations, as well as extending our geographic reach. Key to this, is also increasing our real world clinical data collection to highlight our clinical differentiators for customers, reimbursement agencies, and strategic partners.
Despite the challenges that COVID-19 presented to the commercial landscape during 2020, the Group was successful in broadening our base of strategic partnerships and OEM agreements, and remains well positioned to build on these relationships moving forward.
Pursue further, and develop existing distribution, licensing or IP collaboration partnerships
Our success is reliant upon the ability to commercialise our current product portfolio and the potential for augmenting this with product line extensions and new innovative products.
We look to establish a database of compelling clinical data to validate our technology platforms and further our physician conversion rates.
These clinical data portfolios are also imperative when we seek new strategic partnership opportunities for negotiating favourable reimbursement pricing and when navigating regulatory clearance in new territories.
During 2020, we brought to market two new products that diversify our product portfolio and also provide additional opportunities with new strategic partners and expand our geographic footprint.
During 2021, we intend to expand the market penetration and opportunities for these products as well as develop further product line extensions to address specific clinical applications where we see a market opportunity and have the capabilities to execute quickly.
Bring new products and product line extensions to market from pipeline of products currently in development