YUCAIPA, Calif., April 21, 2010 (GLOBE NEWSWIRE) -- Ingen Technologies, Inc. (Pink Sheets:IGNT), an ISO Certified medical device manufacturer with an emerging new medical product line for the respiratory market worth an estimated $4 billion in the U.S. and $8 billion globally, today announced a new Group Purchasing Organization ("GPO") contract with MediGroup Physician Services.
Missouri-based MediGroup Physician Services is the nation's largest GPO for the alternate site marketplace, which consists of specialty physicians and surgery centers. MediGroup provides its customers with the purchasing power that is traditionally reserved for hospitals, while enabling participating manufacturers and distributors to deliver products and services to a focused demographic.
A Group Purchasing Organization (GPO) is an entity that helps health care providers - such as hospitals, nursing homes and home health agencies - realize cost-savings and efficiencies by aggregating purchasing volume and using that leverage to negotiate discounts with manufacturers, distributors and other vendors. There are more than 600 organizations in the United States that participate in some form of group purchasing. About 30 of the 600 are true-GPOs that negotiate sizeable contracts for their members. The remaining organizations may offer their members access to larger groups' contracts and negotiate agreements with regional vendors for some services. MediGroup was also profiled as of the leading market participants in GPO sector in Knowledge Source's report, titled "Group Purchasing Organizations (GPO) Market Overview," which examined the industry's competitive landscape.
"The company is making great progress. We have worked hard and completed the ISO 13485:2003 Certification required for export sales. Ingen's Government based GSA market is being spear-headed by KGMS Business Solutions who are close to finalizing government contracts domestically. The company's domestic sales have increased 100% just in the past 30 days, and we have officially closed and signed a contract with MediGroup as part of our plans to grow markets with hospital-based buying groups. Our respiratory product line, one of the product features at this year's MedTrade Conference in Las Vegas next month, will revolutionize the oxygen therapy market by offering more assurance directly to the patient and care-giver, while improving care management between the patient and provider," stated Scott R. Sand, Ingen's Chief Executive Officer and Chairman of the Board.
Mr. Sands will discuss the new contract on the Money Channel's American Scene Radio with host Steve Crowley today at 10:24 AM eastern standard time. Ingen Technologies projects that the SMART Nasal Cannula will bring $10M in revenues, and the new INGEN Pulse Oximeter an additional $1M in revenues in 2010.
http://knowsource.ecnext.com/coms2/summary_0233-3641_ITM
http://www.smartnasalcannula.com/
http://www.ingenpulseoximeter.com/
About Ingen:
Ingen is an ISO Certified medical device manufacturer with an emerging new medical product line for the respiratory market worth an estimated $4 Billion in the U.S., and $8 billion globally. The company introduced Oxyview into the respiratory market in late 2007 after securing U.S. and Foreign Patents and a successful registration with the Food & Drug Administration. The company is establishing domestic and global distribution with manufacture representative organizations, and OEM partners. In 2009 the SMART Nasal Cannula using Oxyview Technology was introduced as the world's first oxygen cannula with an in-line pneumatic oxygen flow meter. In 2010 the company introduced its new INGEN Pulse Oximeter. The Oxyview product line is available to the home care markets, commercial medical markets, aviation, automotive, and government sources. The company is licensed with the Department of Health and Human Services, and manufactures its products in the State of California. With approximately 32 million U.S. patients with Chronic Obstructive Pulmonary Disease (COPD), and 600 million patients worldwide, Ingen Technologies is now the largest manufacturer of in-line gravity-independent oxygen flow meters.
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