Bayer Diagnostics Expands Relationship with Matsushita Electric Creating Viterion TeleHealthcare LLC; A Bayer - Panasonic Company.Business Editors TARRYTOWN, N.Y.--(BUSINESS WIRE)--Jan. 27, 2003 The Diagnostics Division of Bayer HealthCare LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a member of the Bayer Group (NYSE NYSE See: New York Stock Exchange :BAY), and Matsushita Electric Industrial Co., Ltd. (NYSE:MC) Osaka, Japan, which is best known by its Panasonic brand, announced today an expansion of their relationship with the signing of a joint venture agreement and establishing "Viterion TeleHealthcare LLC", a Bayer - Panasonic Company, to market products and services for the rapidly growing telehealth market. Following an acute episode requiring hospitalization hospitalization /hos·pi·tal·iza·tion/ (hos?pi-t'l-i-za´shun) 1. the placing of a patient in a hospital for treatment. 2. the term of confinement in a hospital. , the use of telehealth technology enables healthcare professionals to monitor the patient's daily vital signs and specific health condition at home, which can result in fewer in-home nursing visits and can help prevent an acute reoccurrence. "This is an exciting opportunity to expand our relationship with Matsushita Electric which began with blood glucose monitoring blood glucose monitoring Sugar monitoring Lab medicine The periodic testing of serum glucose in Pts known to have DM. See Bedside glucose monitoring, Beta cell implants, Diabetes, Glucometer, Glycosylated hemoglobin, Non-Invasive glucose monitoring. through our Self Testing Segment " commented Wolfgang Hartwig, Ph.D., President Bayer Diagnostics. "Telehealth technology shows great promise in facilitating managed care and integrated delivery networks to implement disease management solutions in a remote setting resulting in faster recovery time at home and reducing home healthcare expenses for the patient." Bayer and Matsushita entered into a basic understanding agreement for a long-term, strategic business relationship to jointly develop, manufacture and market diagnostics products on May 17, 2001. "This joint venture compliments the competencies of our respective companies, " said Yoshinori Nishida, President, Healthcare Business Company, a Division of Matsushita's Electric Industrial Co., Ltd. in Yokohama, Japan. "The combination of Bayer's knowledge of the healthcare customer and marketplace with Panasonic's technological expertise enables both companies to develop products that meet the healthcare needs of people with diabetes and other chronically ill patients." Telehealth technology provides a mechanism for collecting and storing specific disease management data such as blood pressure, blood glucose blood glucose Diabetology The principal sugar produced by the body from food–especially carbohydrates, but also from proteins and fats; glucose is the body's major source of energy, is transported to cells via the circulation and used by cells in the presence , body weight, blood oxygen and temperature from a remote location. The technology also provides a means for the patient to communicate with their healthcare professional by video. The data is accessed in a clinical setting where it is interpreted by the healthcare provider, aiding in stabilizing the patient sooner upon discharge from the hospital and reducing the number of in-home interventions. "Viterion TeleHealthcare LLC, is uniquely positioned to help improve the care of the elderly and chronically ill," said Pramod Gaur Gaur, ruined city, India Gaur (gour), ruined city, West Bengal state, India. Known also as Lakhnauti, the city was an ancient Hindu capital of Bengal. It was captured (c. , Ph.D., Vice President and General Manager TeleHealthcare Business, Bayer Diagnostics and President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Viterion TeleHealthcare LLC. "As the population continues to age, we are seeing a greater number of people experiencing chronic illnesses requiring hospitalization and ongoing care. The need for home care services is expected to escalate, forcing home health care agencies to look for cost-effective ways to care for these patients. Bayer's customer relationships with both providers and patients and their strong position in the self test and near patient testing marketplace will help Viterion to be successful in bringing the telehealth technology to the chronically ill patients needing it the most." Viterion TeleHealthcare LLC will have a management board that will consist of members from both Bayer and Matsushita. Viterion TeleHealthcare will announce plans for the commercialization of its telehealthcare products in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. within the next 60 days. About Bayer Diagnostics With approximately 7,000 employees worldwide and 2001 sales of $1.8 billion, Bayer Diagnostics (www.bayerdiag.com), based in Tarrytown, New York Tarrytown is a village in Westchester County, New York, United States. The population was 11,090 at the 2000 census. The Village of Tarrytown is located in the northwest part of the Town of Greenburgh, New York. , U.S.A., is one of the largest diagnostic businesses in the world. The organization supports customers in 100 countries through an extensive portfolio of central, self-testing, nucleic acid nucleic acid, any of a group of organic substances found in the chromosomes of living cells and viruses that play a central role in the storage and replication of hereditary information and in the expression of this information through protein synthesis. and near patient care diagnostics systems and services for use in the assessment and management of health, including the areas of cardiovascular and kidney disease Kidney Disease Definition Kidney disease is a general term for any damage that reduces the functioning of the kidney. Kidney disease is also called renal disease. , oncology, virology virology, study of viruses and their role in disease. Many viruses, such as animal RNA viruses and viruses that infect bacteria, or bacteriophages, have become useful laboratory tools in genetic studies and in work on the cellular metabolic control of gene expression , women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. and diabetes. Bayer Diagnostics' global headquarters in the United States operates as part of Bayer HealthCare LLC a member of the worldwide Bayer HealthCare group. About Bayer HealthCare Bayer HealthCare, a subgroup of Bayer AG Bayer AG German chemical and pharmaceutical company. Founded in 1863 by Friedrich Bayer (1825–1880), it now operates plants in more than 30 countries. Bayer has originated scores of pharmaceuticals, chemicals, and synthetic materials; it was the first developer and with annual sales amounting to some 10 billion Euro, is one of the world's leading, innovative companies in the health care and medical products industry. Bayer HealthCare combines the global activities of the Animal Health, Biological Products, Consumer Care, Diagnostics and Pharmaceuticals divisions. More than 34,000 employees work for Bayer HealthCare worldwide. Our work at Bayer HealthCare is to discover and manufacture innovative products for the purpose of improving human and animal health worldwide. Our products enhance well-being and quality of life by diagnosing, preventing and treating disease. About Matsushita Electric Industrial Co., Ltd. Matsushita Electric Industrial Co., Ltd. is a worldwide leader in developing and manufacturing innovative electronics for the home, the workplace and in between. Recording sales of $51.7 billion in the most recent fiscal year, the company devoted over $4.2 billion to R&D expenditures, making it one of Japan's largest investors in research and development. Matsushita Electric has been at the forefront of development of remote health-monitoring devices in Japan where a rapidly aging population requires new and more efficient healthcare solutions. The company's principal U.S. subsidiary, Matsushita Electric Corporation of America, which is best known by its Panasonic brand name, operates a network of sales, service and R&D operations from its headquarters in Secaucus, NJ. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. based on current assumptions and forecasts made by Bayer Group and Matsushita Group managements. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. These factors include those discussed in our public reports filed with the Frankfurt Stock Exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. and with the U.S. Securities and Exchange Commission (including our Forms 20-F). The companies assume no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. |
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