Michael K. Perry, CardioDynamics' chief executive officer, stated that BioZ.net is the initial phase in the development of an entirely Internet-based medical product family. It will host the capacity to provide e-commerce ordering capabilities, and form a foundation for the company's telemedicine business. The Internet is improving efficiency in bringing new technologies more rapidly to the medical marketplace, and CardioDynamics is ready and able to initiate the execution of its Internet business strategy, which the firm believes will accelerate the rapid adoption of its proprietary technology.
This initial phase advances CardioDynamics into the estimated $25 billion emerging Internet medical market, and provides access to the approximately $83 billion which is being spent annually by hospitals and other health care organisations on medical supplies and equipment. More and more hospitals and physicians are embracing the Internet to buy products and currently are able to rapidly generate electronic purchase orders and invoices. In addition, the company also intends to offer its products through its strategic alliance partnerships, including GE Marquette Medical Systems' e-commerce.
CardioDynamics has spent over two years evaluating and planning for its Internet-based electronic data centre and medical supply chain business. With an experienced management team in place, and market acceptance of the company's proprietary Impedance Cardiography (ICG), BioZ.net and the e-commerce service, it will efficiently join buyers, sellers, and patients in a technology-based marketplace. This additional medium will have a positive impact on the company's position in the entire health care supply chain, from the point of production to the point of patient home use, the company's ultimate goal.
Michael Perry added that the business of exchanging data among patients and physicians on a real time basis is already finding more applications and acceptance, as has been proven by research published in this month's issue of Chest, that found very high patient acceptance of an Internet-based home telemonitoring system. "This is the exact niche, which we are expanding into, and we will be well positioned as telemedicine rapidly expands into the United States health care system. In the USA alone, home health care and telemedicine have the potential of eliminating more than $50 billion out of the $400 billion annual hospitalisation costs", stated Mr. Perry.
The company's primary products, which are the BioZ System, BioZ Portable, and BioZ.com, utilise Impedance Cardiography (ICG) to non-invasively obtain data on a wide range of haemo-dynamic parameters. Electro-cardiography (ECG) measures the heart's electrical characteristics, whereas ICG measures the heart's mechanical or blood flow characteristics. Physicians around the world are currently using the BioZ products, including major hospitals, such as Mayo Clinic in Rochester, UCSF Stanford Health Care in Palo Alto, Yale New Haven Hospital in New Haven, and Baylor College of Medicine, located in Houston.