EOFlow to provide KRW 45.3 billion in “EOPatch” to Indonesian company
EOFlow Co., a provider of portable drug delivery solutions, announced on December 8 that it had signed a contract with PT Prasasti Nusantara Sukses of Indonesia to supply 45.3 billion won of “EOPatch”, a pump portable, disposable insulin dispenser.
The company said the contract amount represented 209,316.90 percent of its sales last year. The duration of the contract extends until December 5, 2026. By this contract, PT. PNS will be granted exclusive sales rights in Indonesia for the innovative portable insulin pump EOPatch for five years.
Located in Jakarta, PT. Prasasti Nusantara Sukses specializes in the production and sale of disposable medical devices. It plans to sell EOPatch in Indonesia through its local distribution network.
Indonesia is among the countries that recognize the European CE certification obtained by Eoflow for the EOPatch portable insulin pump, the ADM (advanced diabetes manager) controller and the Narsha smartphone application. Therefore, the European CE certification will allow the Indonesian company to start selling EOPatch after completing the product registration without going through a separate licensing process.
According to statistics recently released by the International Diabetes Federation (IDF), Indonesia has the fifth most diabetic population in the world after China, India, Pakistan and the United States, with 19 million older adults. ages 20 to 79 with diabetes. In particular, the prevalence of diabetes among adults in Indonesia is 10.8 percent and the rate of undiagnosed diabetes is 73.7 percent.
An EOflow official said, “Indonesia is a very important market because it has a large diabetic population as well as a large economy. Using Indonesia as a base, we plan to seriously expand into the ASEAN market, including Thailand. ”
He added, “Indonesia is a country that our competitor Insulet from the United States has not yet entered. As Indonesian consumers are familiar with Korean medical products, we can quickly dominate the Indonesian market. “
EOFlow successfully marketed the world’s second portable and disposable insulin pump, “EOPatch”. EOFlow has extended its reach to Europe, completing the first EOPatch shipment on September 30. Additionally, on October 27, the company announced that it had signed a contract with China’s largest diabetes management device company to establish a joint venture in China, where the largest diabetic population lives.
To meet growing global demand for its insulin pump, the company is expanding its production facilities. To finance its rapid growth, the company will raise some 100 billion won through a public offering of its new ordinary shares.