End stage renal disease (ESRD) is an enormous market. There are 550,000 patients in the US on dialysis, and the global figure is two million. That unfortunate statistic will only increase in coming years as co-morbidities like diabetes, heart failure, hypertension, and obesity tax the kidneys and contribute to their downfall. Today, the two leading hemodialysis providers in the US, Fresenius SE & Co. KGAA and DaVita HealthCare Partners Inc., bring in revenues of $11.2 billion and $6.1 billion respectively, so the markets are clearly healthy.
But the patients aren't. The Centers for Medicare and Medicaid Services (CMS) pay $33 billion or 6% of the total Medicare budget each year to treat less than 1% of...
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