Nemaura Medical, Inc. (NASDAQ: NMRD) (“Nemaura” or the “Company”), a medical technology company focused on developing and commercialising noninvasive wearable diagnostic devices and supporting personalized lifestyle coaching programs, today announced it has received a provisional purchase order from TPMENA, its MENA (Middle East/North Africa) licensee for the Company’s sugarBEAT® system.
TPMENA issued the provisional purchase order with Nemaura following its regulatory registration submission for sugarBEAT® in the Kingdom of Saudi Arabia (KSA). Registration in KSA is anticipated in the first quarter of 2023. The provisional purchase order is for 17,500 devices, and 1.7 million sensors, with 7,500 devices and 700,000 sensors in the first year following launch in KSA and 10,000 units and 1 million sensors in the second year. The purchase order is contingent on receipt of KSA registration.
“We believe the Middle East, and Saudi Arabia in particular, represents a significant opportunity for Nemaura and its partner TPMENA, given the high rates of Type II diabetes in the region,” said Nemaura CEO, Dr. Faz Chowdhury. “We have worked closely with TPMENA over the past year to get all language translations and packaging ready and are eager to launch our affordable and patient-friendly monitoring solution for diabetes in the region.”
Based in Dubai, TPMENA is a full-service distributor that markets premium international brands in the Middle East region and brings significant expertise in logistics, marketing, distribution, and sales. Founded in 2011, it has built a reputation as a reliable partner in growing brands across a number of categories. According to the International Diabetes Federation there were over 4.1 million people with diabetes in Saudi Arabia alone in 2021, a number predicted to grow to 5.6 Million by 2030.
About Nemaura Medical, Inc.
Nemaura Medical Inc. is a medical technology company developing and commercialising noninvasive wearable diagnostic devices. The company is currently commercialising sugarBEAT® and proBEAT™. sugarBEAT®, a CE mark approved Class IIb medical device, is a noninvasive and flexible continuous glucose monitor (CGM) providing actionable insights derived from real time glucose measurements and daily glucose trend data, which may help people with diabetes and prediabetes to better manage, reverse, and prevent the onset of diabetes. Nemaura has submitted a PMA (Premarket Approval Application) for sugarBEAT® to the U.S. FDA. proBEAT™ combines noninvasive glucose data processed using artificial intelligence and a digital healthcare subscription service that has been launched in the U.S. as a general wellness product as part of its BEAT® diabetes program that is currently undergoing pilot studies.
The Company sits at the intersection of the global Type 2 diabetes market that is expected to reach nearly $59 billion by 2025, the $50+ billion pre-diabetic market, and the wearable health-tech sector for weight loss and wellness applications that is estimated to reach $60 billion by 2023.