Johnson & Johnson MedTech Korea said Wednesday that it signed an agreement with Yuhan Corp. and Huinno to co-promote MEMO PATCH PLUS, an electrocardiogram (ECG) monitoring medical device.
MEMO PATCH PLUS, developed by Huinno, is a device prescribed to continuously monitor a patient's electrocardiogram for up to 14 days. It includes software that analyzes the collected ECG information with artificial intelligence technology and provides a result report to medical staff.
The device won approval from the Ministry of Food and Drug Safety (MFDS) in 2019 and got insurance coverage in 2020. Huinno signed a domestic distribution agreement with Yuhan in April 2022.
Under the agreement, J&J MedTech Korea will promote MEMO Patch Plus to healthcare providers at major hospitals for the diagnosis and monitoring of atrial fibrillation patients. Together, the three companies will begin joint domestic promotion activities simultaneously.
"With the addition of J&J MedTech's sales force along with our existing distributor, Yuhan Corp., we expect to gain even greater control over the domestic market,” said Huinno CEO Gil Yeong-joon. “As we plan to enter the global market with Johnson & Johnson MedTech, we expect this partnership to help prove that our medical AI technology and wearable medical device technology are top tier.”
According to Johnson & Johnson, the prevalence of atrial fibrillation worldwide has more than doubled in the past 20 years, and about 72 million people in the Asia-Pacific region alone will suffer from atrial fibrillation by 2050. In Korea, the number of AFib-related hospitalizations more than quadrupled between 2006 and 2015, which is expected to increase with population aging, the company said.
"With over 30 years of experience leading the treatment of atrial fibrillation, we understand the importance of early diagnosis to improve patients' quality of life," J&J Medtech North Asia Managing Director Oh Jin-yong said. "We are pleased to collaborate with local innovators to contribute to the full cycle of care for patients with atrial fibrillation, from diagnosis to treatment."