Huinno said it signed a distribution contract with Yuhan Corp. for Memo Patch, an electrocardiogram monitoring service, in Korea.

The accord follows the Ministry of Health and Welfare's recent amendment to reimbursement regulations, which increased the insurance coverage of Holter Monitoring for ECG by more than four times from the past.

The increased reimbursement helped Memo Patch secure competitiveness and the company’s conclusion of a sales agreement with Yuhan. Memo Patch is an ECG monitoring service developed by Huinno, which analyzes ECG data measured for up to 14 days with artificial intelligence to assist medical staff in diagnosis.

"With the conclusion of a sales contract with Yuhan, the company expects successful market entry based on the expanded market share of Memo Patch," Huinno CEO Gil Yeong-joon said. "The core competitiveness of the ECG device is the ECG analysis software, allowing hospitals to increase their efficiency and productivity by analyzing big data accumulated through long-term monitoring quickly and accurately."

To this end, Gil added that Memo Patch using artificial intelligence technology would provide a new paradigm for ECG testing.

Yuhan CEO Cho Wook-je also said, "This entry into the market through Huinno can serve as a cornerstone for diversifying business through medical device sales and solidifying Yuhan's position as a leading company in the smart healthcare industry based on data science."

As both companies have been preparing for a long time to provide stable service based on innovative technology, Yuhan will achieve the results of leading the rapidly changing ECG analysis market with its sales force, Cho added.