VibroSense Dynamics AB (VibroSense) has signed a Framework Agreement with Genertec Universal Medical Group (UMCARE), a subsidiary of China General Technology Group (Genertec), which is China's 42nd largest central State Owned Enterprise. The framework agreement concerns the distribution of VibroSense's product VibroSense Meter® II, with the application Diabetes Foot Screening in the Chinese market.
To speed up the process, the parties have divided the negotiations into different parts, where the framework agreement sets the context for future cooperation. This is the first of three agreements to be signed.
The remaining two agreements comprise a Registration Agreement to apply for regulatory approval of the VibroSense Meter® II in China and a Distributor Agreement. The latter will give UMCARE a time-limited exclusive right to sell VibroSense Meter® II in China.
The plan is to sign the Registration Agreement during 2021 and the Distributor Agreement no later than Q1 2022.
“As we prepare for the launch of VibroSense Meter II and the application Diabetes Foot Screening in China, we are taking a very important step into a new international market with a huge potential. We are very happy that UMCARE, which belongs to one of the largest central State Owned Enterprises in Chinese healthcare, has decided to sign a Framework Agreement with VibroSense Dynamics. This shows the great interest in VibroSense Meter II. I’m also convinced that our experience from the launch processes in Sweden and Germany will support UMCARE in their launch in China”, says Hans Wallin, CEO of VibroSense Dynamics.
Hans Wallin, CEO VibroSense Dynamics AB,
Phone: +46 40 88 026
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.
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.