US-based medical diagnostic and consumer healthcare technology company Biotricity has agreed to sign a licensing agreement with telemedicine company MD Matrix.

The licensing agreement will enable Biotricity to offer MD Matrix’s telemedicine platform under its brand, together with its Bioflux product offering.

The agreement also gives Biotricity the exclusive right to acquire MD Matrix.

The purchase option is structured through a payment schedule or revenues generated by telemedicine, the company said.

MD Matrix’s telemedicine platform provides patients with convenient and secure access to doctors. It enables real-time diagnosis through the live transmission of health data, using medical devices such as a stethoscope, otoscope and ultrasound.

The platform also includes an integrated Electronic Medical Record system for up-to-date medical records.

The addition of MD Matrix platform is expected to boost Biotricity’s core technology revenues associated with Biofluxand also add a complementary revenue stream from telemedicine software licensing.

The integration of telemedicine with the company’s Biofluxsolution will facilitate remote administration of the Biofluxand post monitoring follow-up.

Biotricity CEO Waqaas Al-Siddiq said: “Covid-19 has brought telemedicine to the forefront of medical discussions and accelerated adoption. We saw a need for a telemedicine solution that aligns with the Bioflux to facilitate remote visits and remote prescriptions for cardiac diagnostics.

“We believe the future of healthcare is in telemedicine and remote patient monitoring and are planning a commercial launch by the end of this quarter with our existing Bioflux clients.”

The companies are expected to finalise all agreements in the next 90 days.