Technopath Clinical Diagnostics enters Joint Venture with Northwell Health
TIPPERARY, IRELAND – (19 September 2017) - Technopath Clinical Diagnostics announce a joint venture agreement with Northwell Health, New York’s largest healthcare provider.
Northwell Health President and Chief Executive Officer Michael J. Dowling was in Ireland to join Malcolm Bell, CEO of Technopath Clinical Diagnostics to formally announce the transaction. The New York-based health system has signed a 50-50 joint-venture agreement with Technopath Clinical Diagnostics, a privately held life sciences company that provides quality control products and informatics solutions that enhance the quality and efficiency of laboratory testing. The deal brings the two healthcare entities together as Technopath Northwell Clinical Diagnostics, which will sell and market Technopath’s Multichem® quality control (“QC”) products and IAMQC® informatics platform in the US. Northwell Health will use the full Technopath product range in every laboratory in their health system.
"This collaboration with Technopath is an excellent opportunity to bring a high quality product into the US market to help promote cost-effective operations of clinical laboratories," said James Crawford, MD, PhD, executive director of laboratory services and chair of pathology at Northwell Health, which performs more than 30 million tests and analyzes 200,000 surgical specimens annually from its commercial lab service, hospitals, multiple outpatient facilities and over 40 blood-testing patient service centers.
Technopath is regarded as a leader in the in-vitro diagnostic industry, developing a first-of-its-kind consolidated immunochemistry testing product. Consolidation enables clinical laboratories to significantly reduce handling requirements, reclaim storage and minimize waste, leading to a more efficient quality control process.
“Our products are already used by leading clinical laboratories in over 120 countries globally and improve the quality, efficiency and cost effectiveness of laboratory quality control processes and ultimately patient care,” said Malcolm Bell, CEO of Technopath Clinical Diagnostics. “We are proud to join with Northwell Health to bring the benefits of our products to the US market. We have spent three years developing our strategy to enter the US market, which represents 49 percent of the global IVD market, and I am delighted to say that we have found the perfect partner.”
About Technopath Clinical Diagnostics
Technopath Clinical Diagnostics is a global leader in the development and manufacture of total quality control solutions for clinical laboratories. In 2008, we launched the In-Vitro Diagnostic industry’s first truly consolidated Immunochemistry Quality Control (QC) materials. Consolidating multiple tests into one QC product enables clinical laboratories to significantly improve the efficiency and cost effectiveness of quality control processes. Our IAMQC® software platform automates the handling and management of QC data while facilitating laboratory accreditation requirements. Today our products are used by leading laboratories in over 120 countries. For more information on Technopath Clinical Diagnostics, visit www.technopathcd.com. Technopath has been supported by Enterprise Ireland.
About Northwell Health
Northwell Health is New York State’s largest health care provider and private employer, with 22 hospitals, over 550 outpatient facilities and nearly 15,000 affiliated physicians. We care for more than two million people annually in the New York metro area and beyond, thanks to philanthropic support from our communities. Our 62,000 employees – 15,000+ nurses and 3,900 employed doctors, including members of Northwell Health Physician Partners – are working to change health care for the better. We’re making breakthroughs in medicine at the Feinstein Institute. We're training the next generation of medical professionals at the visionary Donald and Barbara Zucker School of Medicine at Hofstra/Northwell and the Hofstra Northwell School of Graduate Nursing and Physician Assistant Studies. And we offer health insurance through CareConnect. For information on our more than 100 medical specialties, visit Northwell.edu.