Paratus Diagnostics is positioned to create a disruptive opportunity in the rapidly emerging clinical retail sector of the healthcare market. This sector is sometimes aptly referred to as the “convenient care” market, as it places special emphasis on bringing convenience to patients while simultaneously improving health outcomes and lowering costs. A key challenge to the success of this market is being able to diagnose patients during their visit – commonly referred to as point-of-care testing. Paratus Diagnostics caters to this market by enabling a robust portfolio of point-of-care tests to be performed easily, accurately, and at low-cost. Specifically, our products will be sold to retail pharmacy clinics (>2,600 US alone and growing rapidly), urgent care facilities (>9,000 US alone), primary care physician offices, and emergency rooms.
Current clinical practice suffers from inefficiencies owing principally to the delays in diagnostic test results associated with the centralized laboratory testing model. Specifically, it is commonplace for a clinician to send out a patient specimen to a central laboratory for testing (such as culture or PCR) with a typical turn-around time of two to three days. Such delays are inconsistent with the goal of informing clinical decision-making at the time of the patient visit, and lengthen the period of time before the patient receives proper treatment. Paratus resolves this problem by providing clinicians with an accurate diagnosis of illness at the time of the patient visit. Our value to the patient is faster and more informed treatment at lower cost and with unparalleled convenience. Our value to the clinic is a differentiated technology providing improved care, a reduction in medical staff labor, and a new high-margin revenue stream. Our value to the big-box pharmacy is a not only a profitable new product, but also improved customer loyalty owing to the convenience, lower cost and improved outcomes provided by our diagnostic product.