Baxter International Inc. ( BAX Quick Quote BAX - Free Report) recently announced that it has received the CE marking and regulatory approval from Australia’s Therapeutic Goods Administration (TGA) for the Evo IQ Syringe Infusion System. The system has been developed to optimize efficiency for clinicians, thereby enhancing flexibility to help meet future demands. With this approval, Baxter is likely to strengthen its Medication Delivery segment and global presence. Notably, the Evo IQ Syringe Infusion System can help in the delivery of small volumes of medications and other fluids to patients in a controlled manner. The device joins the Evo IQ large volumetric pump (LVP) as part of the Evo IQ Infusion Platform. The system is anticipated to be available in select markets in Europe, Australia and New Zealand in June 2020. Significance of the Approval The recently approved Infusion System incorporates technology that allows hospitals to make immediate use of a drug library – the key safety feature of smart infusion pumps enabling clinicians to detect infusion programming errors. The Evo IQ Syringe Infusion System offers a broad range of infusion therapy options for different patient populations. Moreover, it also incorporates web-based Dose IQ Safety Software and wireless IQ Enterprise Connectivity Suite to enhance drug library management and boost patient safety.
The approval is likely to help Baxter in strengthening and evolving its portfolio to build on Baxter’s infusion system expertise. This, in turn, will further help to personalize treatment and eliminate preventable harm. Baxter’s Spectrum IQ Infusion System Another one from Baxter is the Spectrum IQ Infusion System, which builds upon proven Spectrum infusion pump technology and its comprehensive approach to patient safety. This helps health systems in drug library compliance, protection with respect to high-risk infusions and auto-programming. Apart from patients, the system helps clinicians through embedded on-screen barcode technology. It provides scan prompts to help maintain or increase auto-programming compliance and automatically document infusion data into the Electronic Medical Records (EMR). Market Prospects Per a report by Allied Market Research, global healthcare IT market (HCIT) is expected to reach $297 billion by 2022 at a CAGR of 13.2% during the forecast period of 2016-2022. Rise in demand for quality healthcare services and solutions along with patient safety and care, proactive supportive government initiatives and increase in acceptance of mHealth and telehealth practices are factors driving the market. Further, growing adoption of smartphones and patient-doctor convenience are also contributing to the market’s growth. Price Performance Shares of this Zacks Rank #4 (Sell) stock gained 15.3% in a year’s time, against the industry’s growth of 1.5%. Key Picks Some better-ranked stocks from the broader medical space include Aphria Inc. and HMS Holdings Corp. , both carrying a Zacks Rank #2 (Buy), and West Pharmaceutical Services, Inc. ( WST Quick Quote WST - Free Report) sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. Aphria has an estimated long-term earnings growth rate of 24.6%. HMS Holdings has an estimated long-term earnings growth rate of 11%. West Pharmaceutical has a projected long-term earnings growth rate of 9.2%. More Stock News: This Is Bigger than the iPhone! It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market. Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021. Click here for the 6 trades >>