International Isotopes has announced the renewal of an existing contract manufacturing agreement, which aims to continue the production of nuclear medicine calibration and reference standards.
The terms of the agreement sees the contract manufacturers making headway in the nuclear pharmacy market, tapping into new trends within the pharmaceutical industry, that has seen availability of isotopes, cost-effective approaches and improvements in patient outcomes create a wealth of new opportunities.
Under the terms of the new agreement, the companies will continue their contract manufacturing relationship on a long-term basis without any specific future termination date.
International Isotopes will continue to manufacture a wide range of Benchmark nuclear medicine calibration and reference standards exclusively for RadQual. Financial terms of the agreement were not disclosed.
The deal continues the agreement originally struck in 2001, which International Isotopes hope will contribute to the nuclear pharmacy business, which is anticipated to continue to grow, at an annual rate of about 5 per cent.
International Isotopes manufacture high purity fluoride gases and a range of cobalt-60 products such as teletherapy sources, high purity fluoride gasses, and provides radioisotopes and radiochemicals for medical devices, calibration, clinical research, life sciences, and industrial applications.
The company also provides a host of analytical, measurement, recycling, and processing services on a contract basis to clients.
Radioisotopes are isotopes, which spontaneously emit radiation and have proved essential in such applications as radioactive drugs that detect diseases, also known as diagnostic radiopharmaceuticals.
These have been used to examine blood flow to the brain, functioning of the liver, lungs, heart or kidneys, and to assess bone growth.
Although there are about 1,800 known radioisotopes, only about 200 are used on a regular basis and the market for production is expected to reach $550 million (€448 million) by 2005.
Main players in the nuclear pharmacy service sector include, Cardinal Health, Tyco Healthcare/Mallinckrodt, and PETNET.