Friday, October 29, 2010

(MED) Israel's Automated Pharmacy Technology Maker "MDG Medical" Unites In Ohio

"MDG Medical Inc. will move its research and development group to Aurora, Ohio, from Lod, Israel, by the end of March, creating up to 30 jobs.

The developer of automated pharmacy technology is one of the first Israeli medical companies to relocate to Northeast Ohio this decade. Started in Tel Aviv in 2001, MDG Medical opened a location in Beachwood, Ohio, a year later, keeping its research and development staff in Lod, Israel.

Then in January, MDG Medical moved its corporate headquarters to Aurora, creating 20 jobs. 'While it is hard to leave Israel, this is the right move for the company, said the company’s president and CEO, Mark Shaffran, in a press release.

'This decision was necessary as part of our efforts to improve customer focus, leverage resources and reduce expenses,' Shaffran said. 'Closing the Israel facility and consolidating our operations in Aurora will drive significant cost reductions, move product development closer to the customer and improve operational excellence.'

MDG Medical makes equipment and software that manage medications — often automatically — for medical staff at rural and community hospitals, correctional facilities and nursing homes. Its flagship product, ServeRx, manages the entire medication cycle from order entry to medicating a patient at bedside.

Automated pharmacy technology made by MDG Medical and its competitors ranges from simple, table-top machines to elaborate systems that fill a room.

In February 2008, the company raised $14 million in equity and debt to pay for marketing and sales growth. At the time, Saffran said his company would use the investment by Life Sciences Capital and RSL Investments, both in New York City, to 'help us with our growth rate and penetration into the marketplace' in the United States, Europe and the Middle East.

Then, MDG Medical had 90 customers and six employees. Today, it has more than 150 customers, mostly in the Unite States, and based on reports, likely has more than 30 employees.

The company expects to hire between 20 and 30 people in the next 18 months. 'This will create high-tech opportunities for programmers, hardware engineers and manufacturing,' Shaffran said in his company’s release. 'Several of our Israeli employees have expressed interest in relocating to the greater Cleveland community, and we are pleased about this outcome.'" (source)

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