US-based BWXT Medical Ltd (a subsidiary of BWX Technologies) and Global Medical Solutions Ltd (GMS) have entered into a joint venture (JV) to manufacture and distribute radioisotopes and radiopharmaceuticals in the Asia-Pacific (Asia), BWXT said on 8 March. BWXT Medical is a global supplier of medical isotopes and radiopharmaceuticals. GMS is a global operator of centralised radiopharmacies, manufacturer and distributor of diagnostic and therapeutic radiopharmaceuticals, diagnostic imaging equipment, medical devices and services.
BWXT said it is currently setting up operations in North America for the irradiation of molybdenum and the manufacture of technetium-99m (Tc-99m) generators; the JV is intending to replicate these operations in Asia. The JV agreement anticipates that any physical operations will be owned by subsidiaries of GMS, and, dependent on certain factors, investment will begin in 2023. Tc-99m, the daughter product of molybdenum-99, is used in over 40 million diagnostic imaging procedures worldwide every year. Currently, hospitals and pharmacies in Asia are primarily dependent on supply from Europe or the USA, which can lead to issues with reliability of service, BWXT said.
“We look forward to this collaboration with GMS, a leader in the supply of time-critical radiopharmaceuticals, as we seek to expand our products into Asia to meet increasing demand, and will do so with modest BWXT investment,” said Martyn Coombs, President of BWXT Medical. “I’m confident our partnership with GMS will expedite our commercialisation efforts and expand our global footprint.”
“GMS is proud to partner with BWXT Medical and their cutting-edge technology to bring much needed stability to the regional supply chain and expand access to radiopharmaceuticals for our customers and their patients. GMS is focused on starting the next phase of our global growth strategy and we are looking forward to bringing this project to fruition,” said Haig Bagerdjian, Chairman and CEO of Global Medical Solutions.