The global medical device market is growing due to ageing populations, the prevalence of infectious diseases, the increasing prevalence of chronic diseases and technological innovation.
Medpoint is an Irish SME, established to meet the significant and growing demand for physio, injury management and near patient diagnostic healthcare products.
The company is launching its €400,000 seed funding round to expand and scale its sales and marketing functions and grow its staffing numbers to ten by 2023. It is targeting a turnover of €5 million over the next five years for both domestic and international markets.
“We will achieve this by cultivating key supplier relationships and becoming the partner of choice to the medical community,” said the firm’s founder Neil Brown.
The company has allocated 20 per cent of its share capital to private investors including EIIS. It is currently located in Blackrock, Co Dublin and employs six staff but plans to expand this to ten by the end of 2023.
Brown has over 25 years’ experience in growing and scaling businesses in a variety of sectors, including seven years in the medical and biotechnology industry. An experienced entrepreneur and accountant by profession, he started and trained in BDO and Mazars before setting up a corporate care business which he later sold to Nasdaq quoted Bright Horizons Family Solutions.
Joining Brown is fellow director Lisa Mitchell, who heads up Medpoint’s Marketing & IT function. She has a degree in information technology from Trinity College Dublin and over 20 years’ experience in all aspects of IT and infrastructure. She has worked in a variety of roles including with Zurich Insurance, Irish National Insurance and Phillips.
Medpoint sources and distributes a range of healthcare and diagnostic products for its expanding customer base including doctors, physiotherapists, nursing homes, chiropractors, pharmacies and professional sporting organisations. “We serve the physio and near patient diagnostics healthcare market with products in a variety of categories, including ergonomic and clinical equipment, exercise and rehabilitation, injury treatment and management and diagnostic testing products,” said Brown.
“We are committed to supplying patient and healthcare professionals with a range of niche medical products by offering superior levels of customer service and engagement.
“Medpoint will focus on the Irish market first before expanding to other EU markets in 2023. Of particular interest to us is the ergonomic and clinical equipment market where the company sees significant opportunities to specialise in neck pain products. Many studies over the years have pointed to an annual prevalence rate in the population of between 30 per cent and 50 per cent, with women reporting higher statistically.
“As a result of this, Medpoint recently announced partnerships with two European ergonomic manufacturers, Elsa of Switzerland and Reha Fund of Poland.”
“Medpoint will also be targeting HSE tender opportunities in 2021 and 2022, and European markets once it is fully established in Ireland.”
Medpoint’s Covid response has been to invest in upgrading its website in order to facilitate increased B2B & B2C demand. The company also reorganised its business model to facilitate remote working where possible.
Its EIIS scheme provides access to risk capital finance with significant tax breaks for investors. The four-year investment time frame will allow the company to scale without the additional pressure of debt repayments on cashflow.
The company may repeat the EIIS investment in follow-on years should growth demands dictate, according to Brown. EIIS has the potential to offer a better return on investment than traditional bank deposit rates. Unlike some EIIS schemes, shares in Medpoint are uncapped and there are no entry or exit fees. The minimum investment is €5,000 and, with investors potentially receiving a tax refund of up to 40 per cent, the scheme is highly attractive.
For further details, email [email protected], or see medpoint.ie/eiis; 01-9010395.