Research Center
Cyprus Economy

CYPRUS: Against all odds, IMS Iatromed sees growth in healthcare

13 July, 2017

* Company evolves in parallel with Samsung to become leading medical supplier in Cyprus *

IMS Iatromed Services Ltd., one of the leading medical equipment suppliers in Cyprus, has set its sights on a major new government contract worth about EUR 4 mln, for the supply, installation and support of digital X-ray equipment at all five state hospitals.


 
The company may have been established in November 2012, just six months prior to the collapse of the island’s banking sector and subsequent bailout, but in just a few years it has enjoyed a remarkable path from a small technical support company to a major player in diagnostic imaging and ultrasound supplier.
Interestingly, the company’s exponential growth has been on an identical, mirror-like path with Samsung Medical Solutions, that is set to become a ‘top three’ global supplier in the healthcare sector.
“Our aim is for a better position than that in the Cyprus market,” Iatromed’s Managing Director Sofoklis Sofokleous told the Financial Mirror.
“As Samsung grows and expands into other modalities, so will we. We started in the pre-crisis period – you could say that when others were closing we were just starting.”
Since striking a representation deal with Samsung for Cyprus 18 months ago, Iatromed has already raised a few eyebrows by achieving what others could only dream about – it has sold several Premium ultrasound units within a year, a sales record which can only be described as impressive, considering the size of the local market and the top-end equipment sold.
Furthermore, Iatromed’s four-man team, which expanded after the second year to cover the increasing workload, is confident that it will be a front-runner when it pitches later this year for a new government contract worth about EUR 4 mln, for the supply, installation and support of digital X-ray equipment at all five state hospitals, replacing existing equipment that have reached end-of-life. The tender, to be released later this year, will be for the supply two units each at the Nicosia General Hospital, as well as the state hospitals in Limassol, Larnaca, Paralimni and Paphos.
At this pace, the company has set its sights on becoming the market leader on the island, multiplying its turnover very soon.
“The secret to our success, where others in the sector closed or could not withstand the economic pressure, has been the collective experience of our dynamic support team with over 25 years in servicing medical equipment covering different modalities,” Sofokleous added, advising other companies to focus on providing quality service and support, if they want to grow in the future.
“Service and support is our strong point, in addition to our reputation and the strong Samsung brand.”
Iatromed has strengthened its presence with the addition of Samsung Diagnostic Imaging equipment product line, for the government, private hospitals and doctors in private practice.
“We are already pitching for up to three more Premium sales this year,” Sofokleous said, reiterating his confidence that the market is set to grow further.
“We expect that the introduction of the national health plan (GESY) over the next few years will see an increase in demand for quality medical equipment and high-level support, both in the public sector and in the private sector,” he explained.
“As the GESY is being gradually introduced, state hospitals will start becoming autonomous, both as regards performance and with their financials. So, there will be demand for high-end providers such as our company.
“On the other hand, in order for private healthcare providers to match the advanced equipment that government hospitals will soon have, both to secure outsourced work from the overflow at state hospitals and to keep up with these same state hospitals, further investment is needed,” Sofokleous concluded.
 
THE COMPANY

IMS Iatromed Services Ltd. (www.iatro-med.com) was established in 2012 by a dynamic group of individuals working in the medical sales and technical support field with over 25 years extensive expertise gained over the years in all diagnostic imaging modalities including X-ray (RAD, R/F), dental, mammography (analogue and digital), CT, MRI, nuclear medicine, lithotripsy, ultrasound, laser, CR/DR, laser imagers, mini-PACS and physiological monitoring.

THE MANAGEMENT TEAM

Sofoklis Sofokleous is the founder and Managing Director of IMS Iatromed Services, a company that provides diagnostic medical imaging equipment in Cyprus.
Sofoklis graduated top of his class with honours earning his Bachelor’s degree in Electrical and Electronic Engineering from Brunel University, UK, and was the first Cypriot to be awarded a final year project prize by the UK’s Institute of Electrical and Electronic Engineers (IEEE). Upon his return to Cyprus, Sofoklis entered the healthcare market, initially joining GE Healthcare. Going against the tide, during a time of great economic turmoil, Sofoklis took a giant leap and established his own company. His strong work ethic and dedication have gained him great respect in the healthcare sector helping him build a reputable company.
The Marketing and Sales Team Leader is Costas Pelas who has more than 25 years of medical sales experience working since 1988 as a sales engineer for TelerexA, promoting Test & Measurements systems, as well as vital parameters monitoring solutions and cardiac ultrasound from Hewlett Packard MPG. From 1999 to 2012 Pelas enhanced his knowledge on a wider range of diagnostic imaging systems and applications, selling GE Healthcare, Dornier, Konica-Minolta and other manufacturers before joining IMS in 2013. During the past six years has also been extensively involved with ISO certification and compliance procedures.
The backbone of the company is the service department which is made up of university graduates in the field of electronic and electrical engineering who have undergone extensive training in the various fields of medical imaging and medical instrumentation, and gained diverse experience as part of the same team under our previous employer.
The Medical Service Team Leader is Lefteris Sozou who is a medical physicist by education and has become a medical systems engineer by profession. He has been working in this field since 1989, first as a field engineer and since 1998 as a service manager. He has been trained on the service of X-Ray Rad and R/F, mammo, C-Arm, workstations, MRI systems and magnets, BMD, lithotripsy, gamma-camera, ultrasound, dental panoramic systems, CR systems and dry laser imagers. He has extensive knowledge and experience on pre-installation planning and commissioning. Over the years, he has acquired experience on the medical applications and QA of the systems.
The ISO Manager is Armen Tchetchenian, born and raised in Egypt in a multilingual and multicultural environment. With a B.Sc. in Communications and Electronic Engineering, he joined oil giant Halliburton from 1995 until 2007 and had assignments in Egypt, Russia, Nigeria, Thailand and Kuwait. From 2008 he entered the medical field as a field engineer with the GE Healthcare agent in Cyprus. In 2012-13, amidst the financial climate that prevailed in Cyprus, he joined the core team of Iatromed contributing his experience and training in health and safety (H&S) and drafting of procedures.

 

 

 

 



Delivery of a Samsung WS80 Elite for Dr Nikolas Christofi (Areteion Hospital)

 

 

 



 

 


Delivery of Samsung HM70A systems at Nicosia General Hospital in June