L&K Biomed said Wednesday it signed a supply contract with the Hong Kong branch of Union Medical Healthcare (UMH) that will help it expand its presence into China.
The Korean medical device firm that specializes in spine implants said that it has been recording steady sales in the U.S. since its establishment, expanding its business area into foreign markets such as in Australia, Thailand, and Vietnam.
The sales contract now serves as an inroad into the Chinese market, the company said.
"This deal allows us to save time and money on market entry,” said L&K Biomed’s CEO Lee Seung-joo. “We will continue to strive to expand into the Chinese market through registration and licensing.”
The company added that it would actively pursue entry into Chinese and Macao markets through the agreement.
Union Medical Healthcare Limited is Hong Kong’s most prominent aesthetic medical service firm with a total of 55 clinics and service centers, L&K said. The firm provides medical and health services throughout China, Macau, and Hong Kong with more than 1,000 branches and hospital networks in the area. The firm began its spine business through establishing Spine Central in 2017.
L&K also noted that it expects high profitability in the area considering that it is well-reputed for spine fusions and top-tier spine specialists as well as having a high price level.