Samjin Pharmaceuticals (CEO Hong-soon Jang, Yong-joo Choi) recently announced that they have entered into a business cooperation and investment agreement with Wellysis, a digital healthcare startup, for the wearable ECG measurement patch 'S-Patch Cardio'.
Wellysis, a startup spun off from Samsung SDS's digital healthcare team, was jointly founded by four individuals from Samsung SDS with over 20 years of experience in the global healthcare industry, including CEO Young Juhn, Jongwoo Kim (Strategy Director), Hongryul Kim (Technical Director), and Jungsoo Kim (Financial Director).
Developed to accurately and rapidly diagnose cardiovascular diseases, 'S-Patch Cardio' has obtained medical device certifications in Europe and countries such as Australia, Singapore, Vietnam, and Thailand, with exports to Italy, Greece, Thailand and others.
Especially in the post-COVID-19 era, amid the government's efforts to actively foster the digital healthcare sector as a future growth engine, the potential for growth in the market for medical solutions utilizing AI wearable devices is higher than ever.
Approved by the Korean Ministry of Food and Drug Safety in September 2019, 'S-Patch Cardio' is a medical device that attaches a small patch weighing 8g, measuring 10cm in length, around the heart to remotely monitor ECG for up to 100 hours.
Currently, it offers more convenient and accurate ECG monitoring compared to traditional 'Holter' devices, with a weight about 100 times lighter. Users can easily monitor precise ECG data in their daily lives and check it on their mobile devices, with the data being sent to a cloud-based web portal. Moreover, AI aids in analyzing initial ECG data, helping medical professionals accurately assess conditions such as arrhythmias and cardiovascular diseases.
'S-Patch Cardio' has completed clinical trials in eight countries worldwide, including Korea, Australia, and the UK, with results published in academic papers. FDA approved in the United States is scheduled for next year. Additionally, it is being jointly developed with Stanford University's Healthcare Innovation Research Institute to develop a COVID diagnosis algorithm.
Samjin Pharmaceuticals has invested a total of USD 3.2 million in Wellysis, along with innovative financial institutions such as Ulmus Investment, to provide a stable technological research base and actively support the development of new products. They also plan to establish a close cooperation system, including overseeing the domestic business of 'S-Patch Cardio' medical devices in hospitals and clinics.
Through this collaboration, Samjin Pharmaceuticals expands its business into the medical device sector beyond pharmaceuticals and consumer health. With strengths in specialty pharmaceuticals for cardiovascular diseases such as anticoagulants 'Flaris' and NOAC 'Elsavan', it anticipates synergies in sales between pharma and medical devices through its high-quality 'S-Patch Cardio' ECG medical device business.
Yongjoo Choi, CEO of Samjin Pharmaceuticals, stated, "Through this partnership with Wellysis, we have entered the rapidly growing AI-based wearable healthcare business," and added, "Through close collaboration, we will achiee sales growth and create an opportunity for Samjin to leap forward in the digital healthcare business, which has significant potential."
