Jin System Supplies COVID-19 Diagnostic System Worth 1.4 Billion KRW to South Africa

[Asia Economy Reporter Hyunseok Yoo] On the 24th, Jinsystem, a field molecular diagnostic platform company, announced that it has signed a supply contract with a partner company in the Republic of South Africa. The contract is worth approximately 1.4 billion KRW, including COVID-19 diagnostic equipment and diagnostic kits. This amount accounts for about 10% of last year's sales revenue of 13.2 billion KRW.

Recently, as the season in South Africa has entered winter, the number of confirmed COVID-19 cases has surged. The Africa Centers for Disease Control and Prevention reported that the number of COVID-19 cases in Africa has exceeded 4.74 million, with the highest number of cases (1,628,335) occurring in South Africa. The company explained that continuous supply of diagnostic kits is expected due to the anticipated third wave of COVID-19 in South Africa.

Jinsystem is a specialized molecular diagnostic platform company. By using a biochip embedded with diagnostic kits, similar to capsule coffee, it holds a differentiated competitive advantage that enables rapid on-site testing. With this competitiveness, Jinsystem has successfully secured this supply contract following continuous repurchases by local demand sources since the initial supply to South Africa in May 2020.

Additionally, the company’s “COVID-19 Virus Variant Detection Kit” is currently undergoing approval procedures. Seo Yujin, CEO of Jinsystem, stated, “We hope that our differentiated platform-based COVID-19 testing system can contribute to local quarantine efforts,” and added, “Based on industry-leading technology, we will continue to expand our presence in the global molecular diagnostic market.”

Jinsystem is scheduled to enter the KOSDAQ market on the 26th.

This content was produced with the assistance of AI translation services.