Published date: May 9th, 2022
[Reporter Jang Hyo-won of Asia Economic Daily]
[Reporter Jang Hyo-won of Asia Economy] BioPlus (CEO Jeong Hyun-kyu) announced on the 9th that it has signed a business cooperation contract with Chimin Health Management (referred to as Chimin Health), a Chinese pharmaceutical and medical device company, for medical device businesses such as hyaluronic acid fillers and agents targeting the Chinese market.
Under this contract, the two companies agreed to promote strategic cooperation to expand the medical device business in the Chinese market by cooperating with each other based on their core competencies such as development and production of medical device products and import license and sales of medical devices. In order to promote the details of the agreement, a joint venture company(company name: BioPlus-Chimin (Haenam) Co., Ltd.) is also being established in China. The joint venture (Bioplus-Chimin (Haenam) Co., Ltd.) is a strategy to import BioPlus’ products into China to obtain permission for imported medical devices, and then pursue distribution and sales with exclusive exclusive rights to all regions in China. The main products are filler (HyalDew), anti-adhesion agent (InterBlock), articular lubricant (HyalSyno), and cystitis treatment (Blad-Care).
From BioPlus’s point of view, it is the first step in establishing a meaningful business model that can secure additional sales profits in China following the export of products. In addition to the products, products produced and exported by BioPlus will be added in the future, and discussions on production in China will also be held.
The two companies will first obtain approval for clinical emergency imported medical devices for each product through the Boau Medical Special Zone. In particular, since Boau International Hospital operated by Chimin Health has received several product licenses as a direct beneficiary hospital located in Hainan Boau City Medical Center, which receives preferential policies for import medical device permits, clinical research, and clinical use. Therefore, it is expected that approval for clinical emergency imported medical devices will be completed as early as the end of the second quarter within the third quarter at the latest. The goal is to obtain an import license from the NMPA (China’s National Drug Administration) within a year or a year and a half after that.
Meanwhile, Chimin Health, established in 1996, is a company specializing in pharmaceuticals and medical devices in Zhejiang Province, China. And its main businesses are the medical health service industry, medical devices and chemical pharmaceuticals. It produces and sells medical devices approved by the U.S. FDA, and in the case of production facilities, it has the highest level of facilities and facilities optimized for production activities by obtaining GMP approval from Japan’s Ministry of Health, Labor and Welfare.
In addition, it owns and operates two large general hospitals in China, including Boau International Hospital, has production bases in Zhejiang, Shanghai, and Spain in China, and is known for its excellent hospital sales network in China. It was listed on the Shanghai Stock Exchange in 2015, with 2,000 employees and a market capitalization of about 1 trillion won. It achieved about 200 billion won in sales last year.
Reporter Jang Hyo-won | email@example.com