Medovex Corp. (NASDAQ:MDVX)
Medovex Corp. (NASDAQ:MDVX), medical technology developer, has announced that Germany’s reimbursement authority has renewed its 2017 reimbursement payment coding for DenerveX™ System technology designed to treat Facet Joint Syndrome.
The renewed coding, which takes effect immediately, was announced in the Diagnosis-Related Group (DRG) system in 2017. The renewed coding allows outpatient centers and hospitals to be reimbursed for treatment of spine Facet Joint Syndrome using DenerveX System.
Medovex Senior Vice President Global Sales & Marketing Manfred Sablowski says the renewal of the 2017 reimbursement code will be a major driver for the company as it prepares to launch the DenerveX System in the European market. Many pharmaceutical companies view Germany as a major force in the adoption of new and effective clinical technologies.
Many pharmaceutical companies regard reimbursement as the most important adoption factor for a new medical technology. Sablowski adds that Germany has one of the best healthcare systems globally in terms of distribution of health, overall level, responsiveness and the financial contribution to healthcare services. He adds that the reimbursement of the company’s DenerveX System is a major boost and motivation to the company.
Medovex Corp’s patented DenerveX System, not yet commercially available, offers long term relief to pain that originate from the facet joint. Lower back pain is ranked second in the causes of disability among adults in the United States.
According to a study, 10% of Adults in the United States have problems with pack pain while 31% of all back pain cases are associated with facet joint pain.
The DenerveX System is made up of the DenerveX device, which is used once together with the DenerveX Pro-40 Power Generator. The DenerveX system is made to offer a less invasive option of treatment which integrates two actions into a single device. The DenerveX is yet to be cleared by FDA.
Medovex was established to buy and develop a diversified portfolio of medical technology products. The company employs an elaborate criterion of selecting the products – mainly going for products with a high potential to cause improvement in a patient’s quality of care as well as being cost effective. Medovex’s first product, the DenerveX device is designed to offer long term relief from pain from facet joint syndrome at a cheaper cost than the current available options.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
About the author: Monica Gray has an undergraduate degree in Accounting and an MBA – earned with Honors. She has six years of experience in the financial markets and has been a securities analyst for the past two years.