[Asia Economy Reporter Eunmo Koo] Jungang Ocean, a KOSDAQ-listed company, announced on the 10th that it has changed the name of its 100% subsidiary Jungang BDS Holdings to Jungang Gloworks and will officially enter the medical device distribution market. Jungang Gloworks plans to discover and sell excellent domestic and international medical devices and healthcare solutions, including the recently high-interest novel coronavirus disease (COVID-19) rapid diagnostic kits.
As the first step into the medical device distribution sector, Jungang Ocean signed a supply contract worth 1 billion KRW with Vivaio, a medical device developer, for COVID-19 rapid diagnostic kits. The products supplied to Jungang Ocean through this contract will be distributed via Jungang Gloworks.
Additionally, Jungang Gloworks secured the distribution rights for Vivaio's rapid diagnostic kits. Jungang Gloworks has formed a partnership with Vivaio and holds the domestic and international joint sales rights for the rapid diagnostic kits produced by Vivaio.
Jungang Gloworks is currently responding to sample requests from buyers in Europe and the Middle East and is reportedly pursuing supply contracts. Through this partnership, Jungang Gloworks plans to expand its product portfolio to include PCR diagnostic kits alongside securing supply rights for rapid diagnostic kits.
A Jungang Ocean official stated, “In the future, Jungang Gloworks will focus on building a distribution platform in the medical sector, Jungang Ocean will handle funding, and partner companies such as Vivaio will be responsible for product manufacturing and new product development, maximizing synergy effects.”
Vivaio is a specialized medical device developer engaged in in vitro diagnostic equipment development, facility manufacturing, raw material supply, and technology transfer. As a blood glucose meter manufacturer, it has achieved good results by exporting technology rather than focusing on the domestic market since its inception.
Vivaio completed the development and production facility setup for rapid diagnostic kits in March, prepared for overseas market entry by conducting clinical trials, registering products with the Ministry of Food and Drug Safety, and registering products in Europe (CE) in May. It currently has a production capacity of 1.5 million kits per month.
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