What Nihon Medi-Physics Co does

Nihon Medi-Physics Co., Ltd. (日本メジフィジックス株式会社) is a Japanese radiopharmaceutical company founded in 1970 that develops, manufactures, and distributes in-vivo diagnostic and therapeutic nuclear medicine products. Its core product portfolio includes SPECT imaging agents for brain perfusion (dementia), dopamine transporter (Parkinson's disease), myocardial (cardiac), and bone scintigraphy, alongside PET imaging agents such as FDG for cancer, Vizamyl (flutemetamol) for amyloid plaque detection in Alzheimer's disease, and fluciclovine for brain tumors and prostate cancer recurrence. The company also markets therapeutic radiopharmaceuticals including I-125 brachytherapy seeds (Sera AgX100 and Celastron-SL) for prostate cancer treatment, and a pipeline development candidate (18F PSMA PET agent, Phase I in 2026) for prostate cancer imaging.

The company's business model rests on two revenue streams: (1) one-time-per-dose sales of in-vivo diagnostic radiopharmaceuticals to hospitals and clinics across Japan via a direct sales motion executed by medical representatives (MRs) and supported by three regional ordering hotlines (East Japan, Chubu, West Japan), and (2) contract manufacturing services for radioisotope-labeled clinical trial drugs supplied to domestic and international pharmaceutical companies under clinical trial drug GMP standards. Distribution is logistically constrained by the short half-life of radioactive isotopes, which creates a structural barrier favoring established nationwide infrastructure. The company operates two manufacturing facilities (Sanda, Hyogo and Hokuriku Lab, Oyabe, Toyama, operational since 2018-2019) and reaches approximately 1,200+ medical facilities nationwide.

Following GE HealthCare's acquisition completed in February 2026 (announced December 2024), Nihon Medi-Physics now operates as a wholly-owned subsidiary within GE HealthCare's Pharmaceutical Diagnostics segment. Prior leadership transitions in March 2025 and January 2026 reflect post-acquisition integration with the parent's governance framework. The company is recognized as Japan's leading radioactive pharmaceutical manufacturer with over 50 years of operating history, and was awarded Health Management Excellence Recognition (大規模法人部門) by Japan's Ministry of Economy, Trade and Industry in 2026.

Name

Nihon Medi-Physics Co

Legal name

Nihon Medi-Physics Co.,Ltd.

Website

https://nmp.co.jp

Company type

Private

Founded year

1970

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Nihon Medi-Physics is a Japanese radiopharmaceutical company that develops, manufactures, and distributes SPECT and PET diagnostic imaging agents, therapeutic radiopharmaceuticals, and contract manufacturing services for RI clinical trial drugs to hospitals, clinics, and pharmaceutical companies across Japan.

Ownership category

akta.pro rank

Product category

Radiopharmaceuticals

NAICS

Pharmaceutical and Medicine Manufacturing (3254)

SIC

In Vitro & In Vivo Diagnostic Substances (2835), Pharmaceutical Preparations (2834)

akta.pro primary industry

Diagnostic Radiopharmaceuticals (SPECT/PET Tracers) (HLAIAGAA)

akta.pro secondary industries

Therapeutic Radiopharmaceuticals (Radioligand/Targeted Radionuclide Therapy) (HLAIAGAB), Radiation Therapy Isotopes & Sources (Brachytherapy seeds, sealed sources for oncology) (EUAKAIAD)

Keywords

• Radiopharmaceutical manufacturing
• Nuclear medicine imaging
• PET diagnostic agents
• SPECT imaging agents
• Radiopharmaceutical contract manufacturing

Headquarters

HQ city

Koto

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. In-vivo Diagnostic Radiopharmaceuticals: Sale of radioactive pharmaceutical products for nuclear medicine imaging diagnostics. Products include SPECT agents (brain perfusion, cardiac, bone), PET agents (FDG, amyloid PET, fluciclovine), and therapeutic radiopharmaceuticals. Revenue is generated from product sales to hospitals and clinics across Japan.
2. RI Clinical Trial Drug Manufacturing Services: Contract manufacturing of radioactive isotope labeled drugs for clinical trials conducted by pharmaceutical companies. Services include manufacturing, quality control, and supply of RI clinical trial materials for drug development.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Nihon Medi-Physics develops, manufactures, and sells in-vivo diagnostic radiopharmaceuticals including SPECT agents (brain perfusion, dopamine transporter, myocardial, bone scintigraphy), PET agents (FDG, amyloid PET, fluciclovine), and therapeutic radiopharmaceuticals (Iodine-125 brachytherapy seeds for prostate cancer). The company also provides contract manufacturing services for radioactive isotope labeled clinical trial drugs for pharmaceutical companies.

Product overview

Nihon Medi-Physics Co is a Japanese radiopharmaceutical company specializing in diagnostic and therapeutic nuclear medicine products. The company offers a portfolio of PET and SPECT imaging agents for brain disorders (dementia, Parkinson's), cardiac conditions, and cancer imaging, alongside therapeutic radiopharmaceuticals (prostate brachytherapy seeds) and contract manufacturing services for radiopharmaceutical clinical trial materials. Core products include FDG injection for cancer PET imaging, Vizamyl for amyloid PET imaging in Alzheimer's diagnosis, dopamine transporter scintigraphy for Parkinson's, and myocardial scintigraphy for cardiac diagnostics. The company operates as part of GE HealthCare following its acquisition, with manufacturing capabilities compliant with pharmaceutical GMP standards.

Differentiator

Problem solved

Functional benefit

Products and services

• FDG Injection (FDGスキヤン注)

Quantifiable outcome

• Supplies nuclear medicine diagnostic products to approximately 1,200+ medical facilities nationwide

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• GE HealthCarecoreStrategic or Co-development Partner · 1 December 2024GE HealthCare completed the acquisition of Nihon Medi-Physics in late 2024/early 2025. This acquisition integrates Nihon Medi-Physics's Japanese radiopharmaceutical capabilities into GE HealthCare's global pharmaceutical diagnostics portfolio, enhancing GE HealthCare's presence in the Japanese nuclear medicine market.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Emerging players

• Telix Pharmaceuticals: Emerging radiopharma company commercializing PSMA-PET (Illuccix) and developing therapeutic radiopharmaceuticals; emerging competitor in PSMA imaging, the same indication NMP is pursuing with its 18F PSMA agent.

Broad incumbents

• Cardinal Health Nuclear Pharmacy Services: Largest U.S. radiopharmacy network distributing unit-dose radiopharmaceuticals to hospitals; structurally comparable to NMP's Japan-wide distribution model though operated at greater scale in the U.S.
• PETNET Solutions (Siemens Healthineers): Operates a global PET radiopharmacy network producing FDG and other PET tracers; comparable to NMP's Hokuriku Lab and broader PET manufacturing/distribution operations.
• Bayer Radiology: Operates a radiopharmaceuticals franchise (e.g., Xofigo) and broader contrast/imaging portfolio; competes with NMP in selected SPECT/PET segments globally and in Japan via distribution arrangements.
• Bracco Imaging: Global diagnostic imaging company with a portfolio of imaging agents including radiopharmaceuticals and contrast media; broader portfolio competitor to NMP in diagnostic imaging supplies.
• Novartis (Radioligand Therapy business): Sells Lutathera and Pluvicto radioligand therapies and is building theranostic infrastructure; a broad incumbent shaping the therapeutic radiopharma market NMP is adjacent to via its seed brachytherapy and eventual theranostic ambitions.

Direct peers

• Curium Pharma: Privately-held global nuclear medicine manufacturer producing SPECT, PET, and therapeutic radiopharmaceuticals across multiple isotopes; comparable manufacturing, product mix, and customer base to NMP.
• Lantheus Holdings: U.S.-listed radiopharmaceutical company with a leading SPECT (Tc-99m) and PET (PyL/PSMA) portfolio; directly comparable to NMP as a pure-play diagnostic and therapeutic radiopharma manufacturer supplying hospitals globally.
• FUJIFILM RI Pharma: Japan-based domestic competitor in radiopharmaceuticals for in-vivo diagnostics (FDG, etc.); directly competes with NMP for hospital accounts in the Japanese nuclear medicine market.
• PDR Pharma (PDR-Adjuvant Co., Ltd. and PDR Pharma): Japanese PET radiopharmacy operators and FDG suppliers; compete with NMP's PET distribution network across Japan.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nihon Medi-Physics Co