NEWS
MedCare Technologies Sharpens Online Business Focus; Launches New Pharmaceutical Site for Physicians, Rx Sheets.com
OAK BROOK, Ill., Oct 18, 1999 (BUSINESS WIRE) -- MedCare Technologies,
Inc. (NASDAQ: MCAR) announced today the launch of its new web site, Rx
Sheets.com (www.rxsheets.com), which supersedes MedCare's previously
planned Physician Virtual Office and is directed exclusively at the
physician and pharmaceutical marketplace.
RxSheets offers a wide array of compelling and focused information and
services that will enable physicians to more efficiently and
effectively manage an important aspect of their business, the sampling
of pharmaceutical drugs. Through RxSheets.com's partnerships with
pharmaceutical companies and researcher databases, RxSheets offers
services such as drug sample request for physicians, drug protocols and
studies, research information, and other pertinent aspects of the $270
billion worldwide pharmaceutical market.
"As online general consumer health and wellness related content,
offered by the likes of Dr. Koop (NASDAQ: KOOP), OnHealth (NASDAQ:
ONHN) and Healtheon's WebMD (NASDAQ: HLTH), continues to become more
and more of a commodity, we believe the branding and marketing
challenges will likely consume greater amounts of capital in order to
garner any applicable market share," comments Jeff Aronin, President
and Chief Executive Officer. "Consequently, we've focused our online
asset business on strictly the pharmaceutical needs of doctors - a
huge, untapped need that is not only synergistic with our present core
incontinence business, but also opens up other possible opportunities
in the pharmaceutical distribution business."
Mr. Aronin continues, "We are narrowing our online business focus on
the under-served physician segment, specifically the pharmaceutical
needs of doctors. Our goal is to provide the physician with a timely
concise report pertaining to several compelling areas of the
pharmaceutical industry. In addition, RxSheets.com serves as a conduit
for the doctor's drug sampling requirements. Because we offer
compelling services and information for physicians to utilize our site
daily, we anticipate we will have an opportunity for a very significant
portion of the physician population enrolling and utilizing our site.
Given the void of this type of information and service in the
marketplace, the response we have received thus far, has been extremely
favorable from both the doctors and our partners the drug companies."
As a result of its' online endeavors, the company has renamed its
Medcareonline.com subsidiary as RxSheets.com. MedCare Technologies is
in the process of making the appropriate management changes to increase
its' presence in the marketplace. All future references to
Medcareonline.com will solely pertain to the MedCare Technologies' new
corporate web site, which should be available to the public during the
fourth quarter, 1999.
The MedCare Program
MedCare Technologies continues to focus its sales efforts on the
hospital market. "We initially had the hospitals in our long-range
plans, but because of our clinical success and growing demand, we are
able to reach this market much earlier than expected. Concentrating on
hospitals should allow us to broaden our market reach at a faster pace
and improve the profitability of the program," said Mr. Aronin.
"Although the sales cycle is potentially longer, the new market focus
and fee structure should put us in an excellent position to meet the
growing demand and improve the overall financial profile of our
corporation. The physicians will continue to have the ability to offer
an effective, non-intrusive alternative to their patients and hospitals
will now have the opportunity to offer a value-added ancillary program
that generates incremental revenues and provides new services for their
communities. Ultimately, we believe it is the incontinence sufferer
that will reap significant life-enhancing benefits from the partnership
developed by MedCare Technologies and hospitals."
Mr. Aronin concludes, "While the new strategic initiatives will
initially lead to a reduction in the number of physician sites, the
growth of the more financially desirable hospital sites should provide
us with the catalyst for improved and profitable results. Furthermore,
we believe our new business strategy re-affirms our commitment to the
continued and future success and growth of the MedCare Program."
MedCare Technologies, Inc. is a healthcare technology service company
that focuses on under-served high growth markets. Its core business,
the MedCare Program, is the leading and most comprehensive conservative
therapy for treating incontinence, a hidden health condition that, at
approximately $26 billion, costs more than diabetes and bypass surgery
combined.
This news release contains forward-looking statements as defined by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events or performance and underlying assumptions and
other statements which are other than statements of historical facts.
These statements are subject to uncertainties and risks including, but
not limited to, product and service demand and acceptance, changes in
technology, changes in insurance reimbursement, economic conditions,
the impact of competition and pricing, government regulation, and other
risks defined in this document and in statements filed from time to
time with the Securities and Exchange Commission. All such
forward-looking statements, whether written or oral, and whether made
by or on behalf of the Company are expressly qualified by these
cautionary statements and any other cautionary statements which may
accompany the forward-looking statements. In addition, the Company
disclaims any obligation to update any forward-looking statements to
reflect events or circumstances after the date hereof.
Copyright (C) 1999 Business Wire. All rights reserved.
Distributed via COMTEX.
CONTACT: MedCare Technologies, Inc.
Bruce Byots, Director, 888/479-7900
Website: www.medcareonline.com
WEB PAGE: businesswire.com
GEOGRAPHY: ILLINOIS
INDUSTRY CODE: PHARMACEUTICAL
MEDICAL
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