Covalon Technologies Ltd. , an advanced medical technologies company, today announced that it has received a $1.9 million order to fulfil demand for its infection management and advanced wound care products in Saudi Arabia. Covalon expects to ship and be paid for the full order prior to the end of June 2016.
Covalon has been successful in capturing market share from other multi-national companies, although the process took longer than anticipated. Due to delays in the awarding of tenders by the healthcare authorities in Saudi Arabia, approximate half of the order received was delayed and originally anticipated to have shipped in March 2016. As a result, the revenue associated with the delayed portion of the order will be fully recognized in the quarter ended June 30, 2016.
‘I have always been of the view that in order for companies like Covalon to be successful they have to specifically target a geographic market in order to achieve a sales breakthrough’, said Brian Pedlar, Covalon’s Chief Executive Officer. ‘Today’s announcement demonstrates that Covalon has achieved success in Saudi Arabia and we are in the process of replicating this business model in other markets throughout the world.’
‘Covalon employed an aggressive brand awareness campaign in Saudi Arabia which resulted in our IV Clear, SurgiClear and ColActive Plus products achieving top brand recognition in their categories in major hospitals associated with the Ministry of Health’, said Hamed Abbasian, Covalon’s Vice President of Business Development. ‘IV Clear has been selected as the exclusive antimicrobial vascular access dressing in the Intensive Care Unit of one of the most influential hospitals in Saudi Arabia. The Diabetic Foot Department of King Fahd General Hospital in Jeddah, which is the reference hospital for the Saudi Arabian Ministry of Health for patients with diabetic foot conditions, considers ColActive Plus as the most advanced collagen dressing available in the market for treating chronic wounds. ColActive Plus and SurgiClear have been selected as winners of their respective categories in a major tender. These successes have resulted in Covalon growing its market share rapidly over the past year, while most other international wound care companies have seen declines in their business in Saudi Arabia.’
Covalon has also been winning business in the private hospital market in Saudi Arabia. Covalon is the exclusive supplier of wound care products to the Health Oasis Hospital in Riyadh, a major private hospital in Saudi Arabia, considered as one of the most advanced long term care hospital in the Middle East. Because of the success of ColActive Plus in preventing the need for limb amputations on diabetic patients with chronic wounds, Covalon became one of the main suppliers of wound care products to the International Medical Centre hospital in Jeddah.
Covalon offers infection management and advanced wound management dressings for both acute and chronic wounds, including its CovaWound’ ColActive’ and SurgiClear’ brands that have strong clinical evidence to support their superior efficacy in helping to prevent infections in surgical procedures and in chronic diabetic foot wounds. ColActive and CovaWound when used together have the ability to rapidly promote wound closure and healing in chronic wounds, which remains an under-addressed market in Saudi Arabia.
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