Dx&Vx Signs Agreement with Jointown to Supply In Vitro Diagnostic Medical Devices to China
On the 24th, Dx&Vx announced that it signed a business agreement with Jointown Medical Devices Group (hereinafter referred to as “Jointown”) on the development, supply and distribution of next-generation in vitro diagnostic medical devices. They agreed to establish a strategic cooperation system in three phases over the next three years.
According to the agreement, Dx&Vx will take charge of R&D, production, and supply of various in vitro diagnostic products suitable for the Chinese market. Jointown will handle licensing, distribution and sales in China.
Also, both companies plan to lay the groundwork for supplying jointly developed products to international cooperation organizations and third countries in battle with infectious diseases, such as COVID-19.
Rong Wenhui, Deputy General Manager of Jointown, said, "In combination of DX&Vx's in vitro diagnostic R&D technology and Jointown's distribution network, we will be able to elevate China's medical service to the next level. […] We will team up to advance into the global market, including the third world,” he said.
Park Sang-tae, CEO of DX&VX, said, "In addition to diagnostic kits, we plan to make efforts to penetrate the Chinese market with genome analysis services for newborns and mothers. […] We will also serve as a bridgehead to help Korean companies enter into the Chinese market."
Notably, Jointown is the fourth largest company in China's pharmaceutical industry, with wholesale and retail supply chains for pharmaceuticals and medical devices. The company also ranks first among private companies. In 2021, its sales record reached 119 billion yuan (about 23.8 trillion won).
Source: The Korea Economic Daily