BioPlus Signs Comprehensive Medical Device Business Agreement with Chinese Medical Pharmaceutical Specialist Jemin Health

[Asia Economy Reporter Jang Hyowon] BioPlus (CEO Jeong Hyungyu) announced on the 9th that it has signed a business cooperation agreement with Chinese pharmaceutical and medical device specialist company Chimin Health Management (hereinafter Chimin Health) for medical device business targeting the Chinese market, including hyaluronic acid fillers and adhesion prevention agents.

According to the agreement, both companies will mutually cooperate based on their core competencies in the development and production of medical device products, import approval, and sales of medical devices, and agreed to promote strategic cooperation to expand the medical device business in the Chinese market. To specifically advance the details of the agreement, a joint venture company (company name: BioPlus-Chimin (Hainan) Co., Ltd., ??普??民(海南)生物科技有限公司) is also being established locally in China.

The joint venture company (company name: BioPlus-Chimin (Hainan) Co., Ltd., ??普??民(海南)生物科技有限公司) plans to import BioPlus products into China, obtain import medical device approval, and hold exclusive distribution rights for all regions within China to promote distribution and sales. The main products include filler (HyalDew), adhesion prevention agent (InterBlock), synovial fluid agent (HyalSyno), and cystitis treatment agent (Blad-Care).

From BioPlus’s perspective, this marks the first step in establishing a meaningful business model that can secure additional sales revenue within China following product exports. In the future, additional products produced and exported by BioPlus are expected to be added, and discussions on local production in China will also be conducted.

Both companies will first proceed with clinical emergency import medical device approval through the Boao Medical Zone for each product. In particular, Boao International Hospital, operated by Chimin Health, is located in the Hainan Boao Lecheng Medical Pilot Zone, which receives preferential policies for import medical device approval, clinical research, and clinical use. Having experience in obtaining approvals for several products, it is expected that clinical emergency import medical device approval can be completed by the end of Q2 or at the latest within Q3. The goal is to obtain NMPA (China National Medical Products Administration) import approval within one year or one and a half years thereafter.

Jeong Hyungyu, CEO of BioPlus, stated, “We will create high synergy centered on the core competencies of both companies, including R&D technology for the medical device business, approval, and distribution know-how,” and added, “We expect to further enhance the company’s performance and competitiveness through entry into the Chinese market, which has a world-class medical market.” He emphasized, “This is a significant achievement as a joint venture for product sales following the joint venture with Ziming Hospital Group, with whom we previously cooperated to promote a beauty and plastic surgery franchise hospital.”

Meanwhile, established in 1996, Chimin Health is a pharmaceutical and medical device specialist company based in Zhejiang Province, China. Its main businesses include medical health services, medical devices, and chemical pharmaceuticals. It produces and sells medical devices approved by the U.S. FDA, and its production facilities have obtained GMP approval from Japan’s Ministry of Health, Labour and Welfare, equipped with top-level facilities optimized for production activities.

Additionally, it owns and operates two large general hospitals in China, including Boao International Hospital, and has production bases in Zhejiang, Shanghai, and Spain. It is known for an excellent hospital sales network within China. It was listed on the Shanghai Stock Exchange in 2015, employs about 2,000 people, and has a market capitalization of approximately 1 trillion KRW. Last year, it achieved sales of about 200 billion KRW.