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GE Healthcare and Nycomed announced the signing of an agreement to form a joint venture to sell, market and distribute medical diagnostic contrast agents in Russia and CIS

GE Healthcare , a unit of General Electric Company, and Nycomed announced the signing of an agreement to form a joint venture for the local sales, marketing and distribution of GE Healthcare ’s medical diagnostic contrast agents in Russia and the Commonwealth of Independent States (CIS). The joint venture is expected to become operational during the second half of 2010, following the satisfaction of customary conditions.

The agreement further reinforces GE Healthcare’s and Nycomed’s commitment to local investment and growth in Russia and the CIS, and comprises the formation of a new Moscow-based sales, marketing and distribution company. The new company will sell, market and distribute GE Healthcare Medical Diagnostics’ computed tomography ( CT ), x-ray and magnetic resonance (MR) contrast media products, which are used to enhance a physician’s ability to distinguish structures and tissues in medical imaging.

“This joint venture, with such a strong partner in Nycomed, signals GE Healthcare 's firm plans to grow in this important strategic market of Russia and CIS,” said Reinaldo Garcia, President & CEO of GE Healthcare for Europe, Middle East and Africa. "It will bring GE Healthcare closer to its customers in Russia and is further demonstration of the company's commitment to the Russian medical and healthcare community.”

Håkan Björklund, Chief Executive Officer of Nycomed commented: “With GE Healthcare we found an ideal partner and this joint venture offers an excellent strategic fit and further strengthens Nycomed’s commitment to the Russia-CIS region. The investment underlines our belief in the long-term prospects of the healthcare market in Russia-CIS and optimally serving this market is vital for Nycomed.”

GE Healthcare's contrast media products are currently marketed in Russia and CIS through a distribution agreement with Nycomed, and the new joint venture is intended to further enhance the presence of these key products on the Russian and CIS markets. It is expected that the new company will have around 40 employees in its Moscow offices and across the region it serves. Further details of the agreement were not disclosed.

The announcement from GE Healthcare follows the company’s 2009 announcement that it is partnering to produce in Moscow, Russia’s first locally assembled advanced 16-slice computed tomography ( CT ) scanner, and the inauguration in the city of GE Healthcare’s advanced medical technology Training Centre for physicians.

Source: GE Healthcare