SugenTech Obtains Chinese Product Approval for Self-Developed Allergy Diagnostic Kit

Published 27 Dec.2021 18:03(KST)

[Asia Economy Reporter Hyungsoo Park] SuzenTec, an in vitro diagnostic company, is gaining expectations for market entry as it received product approval for allergy products in China.

SuzenTec announced on the 27th that its self-developed allergy diagnostic kit and system medical device (in vitro diagnostic reagent) received product approval from the China Food and Drug Administration (CFDA).

Starting from the product approval, SuzenTec will supply products and systems to comprehensive hospitals and screening centers in China together with YHLO, a local listed in vitro diagnostic specialist company. SuzenTec's allergy diagnostic kit, which received product approval, is a product that diagnoses allergies to about 90 types of allergens in comprehensive hospitals and screening centers.

A SuzenTec official said, "More than 500 units of SuzenTec allergy diagnostic-related products are being used to analyze autoimmune diseases," adding, "The diagnostic system is compatible with these products, so we expect rapid market expansion through this."

He continued, "The global allergy market is estimated to be worth a total of 5 trillion won," and added, "China is growing at an average annual rate of more than 10% every year."

SuzenTec established a joint venture (JV), Nakboksa (Wuhan) Diagnostic Technology Co., Ltd., with Chinese healthcare specialist company Jissbon in August to actively promote its business in China and enter the local female hormone diagnostic business. Recently, it received some advance payments for technology transfer from the JV. According to the contract, SuzenTec is expected to receive additional milestones and a certain percentage of sales revenue as royalties in accordance with the progress of clinical trials and regulatory approvals in China.