Quality Precision Technology (QPT) has signed a contract manufacturing agreement with Global OrthoBiologic, Inc. (GOB). GOB and other medical device companies represent customers that are an essential part of the medical community vision, which is to manufacture cutting edge medical devices and technologies that will be successful by being used in innovative yet common, high volume medical applications.
Quality Precision Technologywill manufactureGOB products and technologies developed by the Joint Venture with “MBSI” and its own R&D subsidiary “Global LIFE”.
Randy Beimel (GOB President) Through our extensive travel and business relationships around the world, GOB has identified a huge demand for EU R&D and manufacturing to offerto non EU medical technology companies an opportunity to successfully introduce their products into the EU under the strict guidelines of European UnionLaw in order to successfully develop the market for their products through the GOB physician and distribution network.”
The analysts have forecast the global regenerative medicine market to grow at a CAGR of 20.7% during the period 2016-2020. According to the 2016 report, a key growth driver for the regenerative medicine market is the increased focus on cell therapy products. There are more than 40 approved cell therapy products in the market. Most small and large biotech companies are working on various cell types such as progenitor cells, adult and embryonic stem cells, and iPSCs. Cell therapies are our own body products (such as regenerative cells) that can turn into other types of cells within the body. For this reason, surgeons use regenerative cells to speed the healing of bodily tissues including bone, muscle, cartilage, ligament and tendon. When a patient’s own regenerative cells are used in high concentration they may help promote faster healing and better outcomes. These cells have proved their efficacy in the treatment of chronic heart failure, cancer, diabetes, bone fractures, spine fusions, soft tissue healing, and many other procedures.
Most cell-based immunotherapy trials are conducted in the US and European countries. The scope of cell therapy products is widening with around 300 companies and many institutes conducting more than 1,900 clinical trials around the world. Regulatory approval of products is likely to further boost its demand and augment market growth during the forecast period.
James Laird (QPT President) “Quality Precision Technology provides high quality machining solutions to carry out all needs in the: water distillation, hydraulics, oil, electronics, telecommunications, aerospace, and semi conductor industries. Equipped to design and produce everything from prototype components to fully assembled machines and equipment. Capable of handling small and medium batch work as well as repetitive orders to meet the exacting demands of the customer. Quality Precision Technology is excited to expand their manufacturing expertise into the cutting edge sector of medical devices for use in cell therapies. The use of cell therapies is one of the fastest growing segments in medical technologies and Quality Precision Technology, through their partnership with GOB intends to capitalize on it.”
About Quality Precision Technology
Established in 1983, Quality Precision Technology Ltd (QPT) has become a strategic supplier of PCB assembly’s and full turnkey solutions to a wide range of Blue Chip companies. Accredited with ISO 9001-2008 and currently engaged in receiving ISO 13485. Backed up by our own in house IPC Training School, we place quality of product and on time delivery as our priority goals whilst being price competitive at the same time. We work very closely with our customers at the design stage to make sure that all design for manufacture issues are addressed. Our customer base are involved in a wide range of activities such as Oil and Gas – Sub sea and Topside Equipment, Satellite Communications, Railway Communications, Diving and Sub sea Acoustics, IC Development and Laser Products.
