POCTech announced the establishment of global strategic collaboration relationship with Ascensia Diabetes Care
On January 8th 2019, Zhejiang POCTech Co., Led（POCTech） announced plans to cooperate with Ascensia Diabetes Care (ADC) on global multi-regional sales and to joint develop next generation of Continuous Glucose Monitoring (CGM) system.
POCTech has reached agreements with Ascensia that appoint Ascensia to act as the sole distributor in 13 countries which POCTech has untapped. Meanwhile, Ascensia has the priority to be the exclusive agent of POCTech’s untapped markets. As a part of agreements, Ascensia will start to sell and promote POCTech’s CE certified CGM product (CT-100B) from mid-2019.
As the second part of strategic cooperation, POCTech and Ascensia have also reached an agreement on jointly development the next generation CGM products based on POCTech’s medical sensor technology. This agreement includes integration of two companies’ specific technologies, development and production new generation products that enhance functionality and performance in order to meet the needs of the diabetes more effectively.
Dr. Yanan Zhang, president and chief scientist of POCTech, said: “the cooperation between the two companies is an important milestone, the target is to expand the global market and create our next generation CGM products. By combining the global marketing, regulatory affairs, quality system, design and testing ability of Ascensia and the sensor technology of POCTech, We are able to provide high quality and competitive price products in the field of diabetes.”
Michael Kloss, the CEO of ADC, said: “we are committed to expand our business beyond glucose monitoring, we believe CGM is a key part of diabetes treatment. This relationship enables us to introduce an approved CGM product to selected markets in 2019. In the meantime, a new CGM system bases on existing technology of POCTech will be created to solve some unmet needs of diabetic patients. ”
Michael further said that: “the agreement with POCTech is a critical first step for Ascensia to build a world-class CGM corporate. Our goal is to combine our partnership with our own CGM development program to build a cutting-edge CGM product pipeline that can deliver a more optimized continuous monitoring products for diabetics.”
In 2010, POCTech was jointly established through joint venture by an international senior technical team which is represented by Chinese American scientist Dr. Yannan Zhang and Huzhou Chemicals & Civilian Explosives Corporation. In 2014, in order to accelerate development, POCTech signed strategic cooperation agreements with three venture capital firms, including Legend Capital, LenoMed Medical and LenoMed HK. In 2017, POCTech achieved a strong alliance by introducing three well-known institutions or listed companies, Yuan-sheng ventures, Tasly capital and Tonghua Dongbao, as strategic investors. POCTech is committed to the development, production and sales of portable or wearable medical diagnostic equipment with the biosensor as core technology.
Ascensia Diabetes Care is a global diabetes products specialist company and dedicate to serving people with diabetes. ADC was found in 2016 through the sale of Bayer diabetes care department to Panasonic Medical Holdings. Ascensia’s products are being sold in more than 125 countries and has about 1700 employees in 31 countries. Ascensia has a long tradition of diabetes products, this collaborative development agreement will use its in-house expertise and capabilities to develop and commercialize diabetes technologies, and expect the better technical expertise can apply to the next generation of CGM systems through this collaboration.
Through the strategic cooperation with ADC, POCTech will accelerate the layout and expansion of CGM products in overseas markets. Internally, proceed to planning, integration and coordination, combined with product upgrading and product standards improvement. At the same time, rely on the sensor designing and manufacturing technique, POCTech will accelerate the transformation of production automation to meet the requirements of mass production, provide cost-effective products for the majority of patients. POCTech will Work hard to implement the vision of the enterprise, provide comprehensive, effective and economic diabetes management plan, and strive to become a respected technical innovation leader in the industry.
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