A Major Export Deal for Innovative Insulin Pump
EOFlow Co. Ltd., a provider of wearable drug delivery solutions, announced on Dec. 8 that it has signed a contract with PT. Prasasti Nusantara Sukses (PT. PNS) of Indonesia to supply 45.3 billion won worth of 'EOPatch,' a disposable and wearable insulin pump.
The Company said the contract amount represented 209,316.90 percent of its sales last year. The contract period is until Dec. 5, 2026. Through this contract, PT. PNS will be granted exclusive sales rights in Indonesia for the innovative wearable insulin pump EOPatch for five years.
Located in Jakarta, PT. PNS specializes in the production and sales of disposable medical devices. It plans to sell EOPatch in Indonesia through its local distribution network.
According to the Company, Indonesia is one of the countries that recognize the European CE certification obtained by EOFlow for the wearable insulin pump EOPatch, the controller ADM (Advanced Diabetes Manager), and the smartphone app Narsha. Therefore, the European CE certification will expedite the process that will allow the Indonesian company to start selling EOPatch.
According to recent statistics data from the International Diabetes Federation (IDF), Indonesia has the fifth most diabetic population in the world after China, India, Pakistan and the United States, with 19 million adults aged 20 to 79 with diabetes. In particular, the prevalence of diabetes among adults in Indonesia is 10.8 percent, and the undiagnosed rate of diabetes is 73.7 percent.
An EOFlow official said, “Indonesia is a very important market because it has a large diabetic population as well as a large economy. Using Indonesia as a base, we plan to expand into the ASEAN market in earnest, including Singapore, Malaysia and Thailand.”
He added, “Indonesia is a country that our competitor Insulet of the United States has not entered yet. As Indonesian consumers are well aware of Korean medical products, we will be able to quickly dominate the Indonesian market.”
EOFlow successfully commercialized the world’s second disposable, wearable insulin pump, ‘EOPatch.’ EOFlow expanded its reach to Europe, completing the first EOPatch shipment on Sept. 30. Also, on Oct. 27, the Company announced signing of a contract with China’s diabetes management instrument company Sinocare to establish a joint venture company in China where the world's largest diabetic population live.
To meet the surging global demand for its insulin pump, the company is expanding its production facilities. To finance its rapid growth, the company will raise some 100 billion won through a public offering of its new common stocks.
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