BAYER AND MATSUSHITA ANNOUNCE PLANS TO COLLABORATE IN DIAGNOSTIC PRODUCTS BUSINESS
Under the agreement, Bayer Corporation, through its Business Group Diagnostics, would acquire rights for the sale and marketing of newly developed products and services for a broad range of applications for the diagnostics market, while Matsushita Electric will be primarily responsible for the development and manufacturing of new products and services. Combining Bayer's knowledge of the diagnostics customer and marketplace with Matsushita Electric's technological expertise will enable both companies to develop products that meet the needs of the worldwide in vitro diagnostics market, which is estimated to reach $25 billion by 2005.
"This relationship will leverage our combined strengths to develop innovative diagnostics solutions that meet the changing needs of the healthcare market," commented Rolf Classon, President of Bayer Diagnostics. "We have already begun work on products for blood glucose monitoring through our Self Testing segment in Elkhart, Indiana, and the future opportunities are limitless."
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