WSI Establishes Strategic Partnership with China SunGentech Group... Accelerates New Business Expansion

WSI, a pharmaceutical and medical device distribution specialist, has partnered with China's LifeTech Scientific Corp group for future growth businesses.

On the 5th, WSI announced that it signed a strategic business cooperation memorandum of understanding (MOU) with global medical device company LifeTech Scientific Corp.

The signing ceremony was held at LifeTech Scientific Corp's headquarters in Shenzhen, China. Ms. Eileen Feng, Vice President of Overseas Business at LifeTech Scientific Corp, and CEO Yoonseok Lee of WSI met to have in-depth discussions on future cooperation directions.

LifeTech Scientific Corp manufactures and sells devices for congenital and structural heart diseases, peripheral vascular diseases, and surgical vascular treatments in over 100 countries worldwide. It has branches in North America and Europe and is Medtronic's China partner, manufacturing and supplying Medtronic's core product, the pacemaker. The company is listed on the Hong Kong Stock Exchange with a market capitalization of approximately 2 trillion KRW.

In particular, LifeTech Scientific Corp's structural heart disease-related products have been recognized for their high product competitiveness, holding the number one market share in Europe. With outstanding research and development (R&D) capabilities, it holds about 840 patents as of the end of August this year, with over 1,900 patent applications. To strengthen R&D capabilities, it continuously invests more than 40 billion KRW annually in research and development.

LifeTech Scientific Corp's next-generation business and flagship product, the tricuspid valve replacement interventional medical device 'LUX-VALVE,' has been designated as an innovative medical device by the U.S. Food and Drug Administration (FDA) and approved for clinical use. Unlike traditional surgical procedures that involve direct heart incision, this minimally invasive (percutaneous) medical device enables interventional procedures without incisions, securing a dominant position in the global market. The minimally invasive procedure using a stent results in less trauma and pain and faster recovery.

Through this MOU, both companies will expand their cardiovascular interventional medical device business, collaborate on joint research and clinical trials for products under development, and engage in comprehensive business cooperation regarding surgical robots developed and sold by each company.

A WSI representative stated, "This MOU aims to strengthen a long-term partnership across all business areas beyond a typical business alliance," adding, "We expect to create synergy in various business sectors, including the product competitiveness of LifeTech Scientific Corp, a global leader in cardiovascular interventional procedures, and surgical robot business cooperation through group affiliates."

He continued, "The cardiovascular disease business will become a new growth engine for WSI," and said, "We will quickly enter and respond to the domestic market."

WSI is expanding its business from spine-specialized pharmaceuticals and medical devices to the cardiovascular interventional procedure field. To this end, in August, it signed an exclusive domestic distribution contract for catheters such as PICC (peripherally inserted central catheter) with the UK medical device company KIMAL PLC. The goal is to expand market share in the domestic cardiovascular interventional procedure market by introducing globally verified products.

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