VibroSense Dynamics AB signs distributor agreement for the Chinese market with Genertec Universal Medical Group
VibroSense Dynamics AB (VibroSense) has today signed an exclusive distributor agreement with the Chinese state-owned company Genertec Universal Medical Group (UMCARE).
The distributor agreement means that UMCARE receives the exclusive right to sell VibroSense’s product VibroSense Meter® II, targeting screening of diabetic feet, in the Chinese market. The agreement also includes agreements of extensive marketing and sales execution by UMCARE in the Chinese market.
UMCARE will also be responsible for the execution and submission of a regulatory market approval in China, which is defined in a separate agreement signed between the parties in December 2021. Sales with deliveries will start when VibroSense Meter® II has received regulatory market approval in China, which is estimated to be finalized during Q2 2023.
“I am very proud and pleased that we now can start the process of launching our instrument VibroSense Meter II and the application Diabetes Foot Screening in China. At the same time, I am impressed by UMCARE, who has acted both humbly and very professionally throughout the entire negotiation process. The collaboration with UMCARE provides us with an entirely new platform to work from and opens up new interesting opportunities for the future. I look forward with great confidence to our new partnership and I am very hopeful as we now enter a new phase where we can plan for the launch of Diabetes Foot Screening in China, which is the world's single largest market in diabetes care”, says Hans Wallin, CEO at VibroSense Dynamics.
“We look forward to collaborate with VibroSense to launch and sell VibroSense Meter II to the diabetes care sector in China. UMCARE has a well-developed organization with its own hospitals and a very good infrastructure for marketing, sales and distribution in the Chinese healthcare sector. Our broad network of contacts in the segments we work in will strengthen our position when we start launching VibroSense Meter II in China", says Mr. Chongyang Huang, Director of Medical Equipment Business, at the Genertec Universal Medical Group.
About diabetes in China
According to an estimate from the American Diabetes Association (ADA) from 2020, there are about 130 million patients with diabetes in China, making China the largest market for diabetes care in the world. There are about 36,000 hospitals in China, of which 24,000 are private and 12,000 are public. The cost of diabetes care in China is estimated at the equivalent of SEK 800 billion per year
Contact
Hans Wallin, CEO VibroSense Dynamics AB,
Phone: +46 40 88 026
E-mail: info@vibrosense.com
www.vibrosense.com
About VibroSense Dynamics AB (publ)
VibroSense Dynamics AB (public) sells and develops efficient systems to support early detection and diagnosis of sensory neuropathy, i.e. disease of large nerve fibres and nerve trunks in e.g. legs and arms. Our vision is that the VibroSense Meter® shall be the golden standard instrument for neurological examinations to assess sensory neuropathy and help to improve life conditions for patients having a risk of getting nerve injuries.