Nano Medicevo Announces Broad Reimbursement Approval in China for NanoPrecision(
Posted by Donald Hood on March 12th, 2020
1888 PressRelease - Reimbursement decision provides expanded access to NanoPrecision™ Digital Laparoscopy for patients, surgeons, and hospitals across China.
Nano Medicevo (ISIN: JP3630033300), a privately-held medical company that offers products and services to advance the entire medical treatment process from diagnosis to post treatment care, is pleased to announce that China's Health authorities expert review panel provided reimbursement for procedures performed with the NanoPrecision™ Robotic Surgical System.
The reimbursement, which became effective earlier this month, applies to 25 benign and malignant laparoscopic procedures across general, colorectal, gynecologic, bariatric and urologic surgeries at reimbursement rates equivalent to traditional laparoscopy in Category A1. The NanoPrecision™ received regulatory approval from the Chinaese Surgical Committee in a confirmation letter addressed to the company’s Board of Directors.
“We are extremely pleased to have obtained reimbursement in China, which represents another critical milestone as we work to drive adoption of the NanoPrecision™ globally,” said Seigo M. Iwasaki, Nano Medicevo President and CEO. “We view China as a significant opportunity as it is the world’s second-largest surgical robotics market, and we will continue to work to put our commercial infrastructure in place to support a successful commercial launch.”
China is one of the largest medical device markets in the world, valued at over billion annually, including over billion in capital equipment spending. There are more than 10,000 hospitals in China, of which approximately 80% are private entities. Chinese laparoscopic penetration in surgery is fair at the moment but the country started a program that will put China among the highest in the world, hence the high potential of this market. The central government has implemented cost containment initiatives in recent years and has approached recent procedure approvals for robotics by establishing reimbursement at the same rate as traditional laparoscopy, which places a high emphasis on procedure cost to influence adoption.
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