London, UK, 25 July 2007: Based on
its recent analysis of the European MRI Market, Frost & Sullivan has recognised
Paramed Medical Systems with the 2007 European Frost & Sullivan Award for
Entrepreneurial Company for its pioneering spirit in exploring new markets and
developing products to capitalise on the opportunities they present. Paramed's
MR Open system is a true reflection of its outstanding entrepreneurial
abilities, showcasing a novel and revolutionary design that has taken the
traditional MRI system to the next level.
"Starting out as a software provider for
dedicated MRI systems and very quickly moving on to manufacture extremity
imaging systems, Paramed has shown an unrelenting thirst for venturing into new
segments within the MRI market," observes Frost & Sullivan Research Analyst
Divya B. "It has also ventured into the breast MRI segment through a
distribution tie-up with Aurora and developed a direct digital X-ray system to
fulfill the complete imaging needs of small private imaging clinics, which are
the prevalent set up in its home market, Italy."
The company's most recent innovation, the MR Open
whole body scanner, clearly demonstrates Paramed's steady climb up the value
chain from extremity MR imaging software to extremity MR systems and finally to
whole body MRI systems.
Unlike the earlier C-shaped magnets of open MR
systems, Paramed's MR Open is U-shaped and open on the top, which prevents
claustrophobia. The novel design of MR Open is the result of Paramed's strategic
alliance with an Italian industrial group (gruppo Malacalza) by means of two
companies: ASG Superconductors, which developed the magnet on which MR Open
system is based, and Columbus Superconductors, responsible for exploiting the
magnesium diboride technology, which is at the core of the magnet itself. This
magnet being super conducting, it is cryogen-free and does not require helium or
refrigeration gas or fluids, which makes it easier to install and less expensive
to maintain.
Since the technology is brand new, Paramed has
initially introduced a low field 0.5-tesla system but plans to introduce a
higher tesla system to the market in the future. This is a promising strategy as
current market trends reflect a distinct preference for higher tesla units, with
the low field segment experiencing declining growth rates in most parts of
Europe.
Having ventured into the whole body scanners
market, Paramed is now gearing up to meet competitive challenges from the bigger
and more established global participants. Despite having a strong distribution
network for its extremity scanners, the company is focused on strengthening its
network further and is entering into strategic alliances with several
distributors across Europe and the United States for this purpose.
Paramed's prior knowledge of the European MRI
market is bound to be an advantage as it can explore the possibility of up
selling to its existing customers. The company has projected sales of around
seven to eight systems in the initial year of launch and thereafter a minimum of
fifteen to twenty. This shows a healthy growth trend.
"Paramed has always been one step ahead of the
rest, introducing products in anticipation of customer needs, like a true
entrepreneur, whenever there is a relatively unexplored segment," says Ms. Divya.
"Paramed's innovative MR Open system is expected to impact the market
significantly and is the result of its keen desire to constantly explore new
markets; it is these factors that make Paramed Medical Systems the deserving
recipient of the 2007 European Frost & Sullivan Award for Entrepreneurial
Company in the European MRI systems market."
Each year Frost & Sullivan presents this award to
the small company that has demonstrated superior entrepreneurial ability in its
industry during the research period. This award signifies the company's
identification of a unique and revolutionary product solution with significant
market potential. Additionally, the award certifies that the company's marketing
strategy is sound and poised for success.
Frost & Sullivan Best Practices Awards recognise
companies in a variety of regional and global markets for demonstrating
outstanding achievement and superior performance in areas such as leadership,
technological innovation, customer service, and strategic product development.
Industry analysts compare market participants and measure performance through
in-depth interviews, analysis, and extensive secondary research in order to
identify best practices in the industry.
About Paramed Medical Systems
Paramed was born in 1998 with a specific concept
in mind: designing, building and commercializing MRI (Magnetic Resonance
Imaging) systems which were patient friendly and capable of reducing any
discomfort caused by the MRI exam. Half of the employees have an R&D background
and work towards new concepts like "open architecture" scanners or dedicated
systems customized to serve the orthopedists or the sport medicine, rather than
the breast radiologists and the brain surgeons. Paramed MRI systems are sold in
USA and Europe.
The strive towards innovation is also being
carried out through a strategic partnership with ASG Superconductors and
Columbus Superconductors, two companies belonging to the Malacalza Group and
dealing with superconducting magnets technologies (the core of any modern MRI
system). Thanks to this cooperation, Paramed is the world's only company to make
use of a recently discovered material (the magnesium diboride) in its systems,
therefore positioning its products at a technological leading edge.
