SA molecular imaging expansion through new joint venture for radiopharmacy sites
Benefitting patients and physicians in the diagnosis of cancer and other diseases
Life Healthcare Group, a leading global healthcare organisation and South African hospital group, and the AXIM Group of Companies, Sub-Saharan Africa’s leading medical equipment, device and consumable distributor, have signed a heads of terms agreement to form a joint venture (“JV”) to establish a cyclotron based radiopharmacy business across South and Southern Africa.
Patients and physicians have a clinical expectation that nuclear medicine imaging, also known as molecular imaging, when used for diagnostic purposes, will significantly improve the timeliness as well as the accuracy of detecting the presence and extent of disease.
“We are delighted to be working with AXIM on this fantastic opportunity to enhance the provision of molecular imaging in South Africa that ultimately will benefit physicians and patients. We will be bringing our experience of running Cyclotron Radiopharmacies within Europe to the country through our international operation, Alliance Medical and this complements both the provision and expansion of our Oncology services locally.”
“This is great news for patients in South Africa as the advancement of imaging technology and integrated systems in diagnostics enables clinicians to diagnose diseases such as cancer much earlier and more accurately,” said Peter Wharton-Hood, Life Healthcare’s Group Chief Executive.
The JV’s first planned radiopharmacy site established in the Gauteng province of South Africa will include two cyclotrons.
It is envisaged that following the establishment of the first cyclotron-based radio-pharmacy in Gauteng, at least two additional cyclotrons with radio-pharmacies will be created in other large conurbations in South Africa, with the locations to be decided and agreed upon by the parties. Depending on market conditions, further cyclotron radio-pharmacies may be created in one or more neighbouring countries.
“This pioneering JV will support South Africa’s nuclear medicine community and paves the way for providing future opportunities for our Group across the region,” said Peter Goldberg, Chairman of the AXIM Group. “Partnering with Life Healthcare presents an exciting opportunity to bring together our unique strengths and scalable capabilities to co-develop new sites and provide our customers with reliable and consistent supply of FDG and other radiopharmaceuticals.”
The AXIM Group and Life Healthcare anticipate the JV agreement will be finalised during the fourth quarter of 2021. Each party will co-own equal equity interest in the joint venture.
The forward-looking statements in this press release are made as of the date hereof, and the Company does not assume any obligation to update, amend or clarify them to reflect events, new information or circumstances occurring after the date hereof.
What is molecular imaging?
Molecular imaging includes the field of nuclear medicine, which uses very small amounts of radioactive materials (radiopharmaceuticals) to diagnose and treat disease. In nuclear medicine imaging, the radiopharmaceuticals are detected by sophisticated medical scanners (Including PET-CT scanners) that provide very precise scans/pictures of the area of the body being imaged.
What are Radiopharmaceuticals?
Radiopharmaceuticals are agents used to diagnose certain medical problems or treat certain diseases.
What is a Cyclotron?
A cyclotron is a particle accelerator that can be used to create molecular imaging radiopharmaceuticals.
About AXIM Group
The AXIM Group of Companies provides unparalleled sales and service solutions to the healthcare industry throughout Southern Africa. AXIM has decades of technical experience and a seasoned management team with established service and infrastructure capabilities and an extensive distribution network. The radiology, nuclear and oncology, as well as medical communities, are supported by AXIM’s branch offices and countrywide coverage of product, clinical application and service specialists. AXIM already operates radio-pharmacies and supplies a multitude of nuclear and oncology equipment, consumable and pharmaceutical products across South Africa, the South African Development Community (“SADC”) and into the continent. Visit https://www.axim.co.za/