StockNews.AI
INVE
StockNews.AI
173 days

Identiv and Novanta Announce Strategic Partnership to Streamline Adoption of RFID Solutions for Healthcare OEMs

1. Identiv partners with Novanta for RFID solutions in medical devices. 2. Collaboration aims to improve product performance and patient safety. 3. Streamlined RFID adoption to fill market gaps for manufacturers. 4. Focus on real-time monitoring and medication tracking capabilities. 5. Partnership enhances efficiency in medical technology applications.

7m saved
Insight
Article

FAQ

Why Bullish?

The partnership with Novanta targets high-growth sectors, enhancing INVE’s market position. Similar collaborations historically led to stock price appreciation in tech-driven sectors.

How important is it?

The partnership indicates a strategic move into the healthcare sector, which is vital for INVE's growth. Given the increasing demand for RFID solutions in medical devices, this collaboration will likely lead to significant revenue opportunities.

Why Long Term?

This collaboration sets the stage for sustained growth by tapping into the expanding medical technology market, which may yield gradual revenue increases.

Related Companies

N/A
Identiv and Novanta to market new RFID-based solutions that fill much needed gap for medical device and pharmaceutical manufacturers , /PRNewswire/ -- Identiv, Inc. (NASDAQ: INVE), a global leader in RFID-enabled Internet of Things (IoT) solutions, today announced a strategic business development and marketing partnership with Novanta Inc., a trusted technology provider in the medical device and life sciences markets. The partnership aims to streamline the adoption of intelligent, RFID-enabled solutions for medical device OEMs by combining Identiv's advanced RFID inlays, tags, and labels with Novanta's industry-leading ThingMagic reader modules and APIs, filling a key market gap by providing end-to-end vertical solutions for access, identification and traceability with better price and performance. The initial focus of this collaboration will be to market RFID solutions for medical device and life science OEMs that can be incorporated into smart medical devices, advanced diagnostics, and wearable devices to improve product performance, ensure proper assembly and improve patient safety. By combining Identiv's expertise in RFID inlays with Novanta's advanced reader technology and APIs, the two companies plan to deliver a comprehensive suite of RFID-enabled solutions tailored to streamline and simplify the development process and product integration for medical device manufacturers. "This collaboration with Novanta will facilitate the adoption of RFID technology in critical medical device applications," said Kirsten Newquist, CEO at Identiv. "By collaborating with Novanta to integrate our leading-edge RFID devices with their trusted reader technology, we are enabling innovative manufacturers to incorporate intelligence and performance, ensuring patient safety." Healthcare manufacturers and their suppliers face increasing demands to improve efficiency and reduce costs, with stringent requirements for safety and compliance. The Identiv-Novanta partnership expects to yield an optimized ecosystem where manufacturers can easily evaluate and implement RFID solutions, reducing complexity and expediting time to market. "Partnering with Identiv furthers our mission to offer innovative application specific solutions to our customers," said Lina Li, President of Precision Medicine at Novanta. "The Identiv relationship will support our connected care and medication management customers with real-time monitoring of key patient vitals like temperature, wetness, and patient motion as well as medication compliance and patient linen tracking. This is a game changer for patient safety and hospital compliance." The collaboration between Identiv and Novanta underscores both companies' commitment to innovation and customer success in the medical technology sector. This partnership aims to ensure that medical device manufacturers have access to the most advanced, integrated solutions available, enhancing efficiency and supporting the next generation of medical technology advancement. For more information about Identiv's IoT solutions, please reach out to [email protected]. About IdentivIdentiv's full-circle RFID-enabled IoT solutions create digital identities for physical objects, enhancing global connectivity for businesses, people, and the planet. Its solutions, integrated into over 1.5 billion applications worldwide, drive innovation across healthcare, consumer electronics, luxury goods, smart packaging, and more. For additional information, visit identiv.com. About NovantaNovanta is a leading global supplier of core technology solutions that give medical, life science, and advanced industrial original equipment manufacturers a competitive advantage. We combine deep proprietary expertise and competencies in precision medicine, precision manufacturing, robotics and automation, and advanced surgery with a proven ability to solve complex technical challenges. This enables Novanta to engineer proprietary technology solutions that deliver extreme precision and performance, tailored to our customers' demanding applications. The driving force behind our growth is the team of innovative professionals who share a commitment to innovation, the Novanta Growth System, and our customers' success. More information about Novanta is available on the Company's website at www.novanta.com. Identiv Media Contact:[email protected] Novanta Media Contact:[email protected] SOURCE Identiv WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Related News