GC Medical Science (MS) will export CERA-PET multitest meter, a pet blood glucose monitoring device, to Shinewin, a Chinese pharmaceutical and medical device distributor.
|GC MS CEO Ahn Eun-uk (right) and Shinewin CEO Jason Shao signed a supply contract at Shinewin headquarters in Fujian, China, on Tuesday.|
The device is an animal-only medical device that can measure the blood sugar of pets within five seconds and lactic acid levels within 10 seconds. In addition to producing accurate results, the product is hygienic and convenient to measure by using a blood glucose strip, a hand-held test strip, the company said.
Under the $29.4 million contract, the Korean company will supply finished CERA-PET multitest meter for five years to Shinewin, which will be responsible for registering and selling the product locally. Shinewin will market the product through its distribution network of animal hospitals and pet supplies throughout China based on its experience with various global healthcare companies.
“Starting with this agreement, the company will strengthen its brand reputation and explore business diversity in the veterinary medical market in China.” GC MS CEO Ahn Eun-uk said. “We look forward to actively conducting R&D for veterinary medical devices through collaboration with various companies, including Shinewin.”
According to market researcher Market & Market, the global pet medical market is expected to grow from $4.8 billion in 2017 to $6.7 billion in 2021.