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news.VeriChip, a provider of radio frequency identification systems for healthcare and patient-related needs, has entered into a development and supply agreement with Medical Components or Medcomp, a manufacturer of vascular access catheters, to develop and manufacture a RFID microchip for implantation into Medcomp's vascular access medical devices on an exclusive basis.
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The initial term of the agreement is five years totaling more than $3 million over the life of the agreement, assuming successful completion of the development of the new, smaller microchip and Medcomp’s receipt of approval from the FDA of the vascular port containing the microchip.
VeriChip will receive a product development fee for the new, smaller radio frequency identification (RFID) microchip, the development of which is expected to be completed within 90 days. Additionally, Medcomp will buy scanners from VeriChip for use by healthcare professionals nationwide in order to identify a patient’s vascular port for correct medication dosage.
Timothy Schweikert, president of Medcomp, said: “We believe this agreement with VeriChip will help to further differentiate our product from our competitors, expanding our market advantage. By affirmatively identifying the particular type of vascular access device a patient has prior to treatment, we are increasingly ensuring patient safety.
“Because both our vascular catheter and VeriChip’s RFID microchip are already FDA-cleared devices, we anticipate a smooth submission and approval process with the FDA.”