GC Biopharma MS (142280.KQ) is moving to bring continuous glucose monitors (CGMs) to South Korea in partnership with Chinese medical device maker Yuwell, expanding beyond its existing home blood glucose meters into devices that track blood sugar levels continuously.
GC Biopharma MS said on the 14th that it signed a memorandum of understanding to that effect at Yuwell's headquarters in China on the 12th. The two companies agreed to extend their existing cooperation in home medical devices to continuous glucose monitors.
A continuous glucose monitor is a medical device that tracks changes in blood sugar levels through a sensor attached to the skin. Unlike conventional methods that require pricking a fingertip, the sensor allows users to check blood sugar fluctuations at any time.
Under the agreement, GC Biopharma MS will handle domestic regulatory approval, sales and distribution of the product. Yuwell will be responsible for manufacturing and for providing the technical documentation needed for Korean approval. The companies plan to negotiate specific terms, including product pricing, supply volumes and exclusive distribution rights, at a later date.
GC Biopharma MS has been selling personal blood glucose meters since last year under its home medical device brand GCFiT. The company is also pursuing plans to expand its sales network from online channels such as NAVER and Coupang into offline retail.
"This agreement is an opportunity to expand our product lineup from blood glucose meters to continuous glucose monitors," an official at GC Biopharma MS said. "We will pursue domestic approval and market entry, and respond to the diverse blood sugar management needs of consumers."