Hunan Qianshan Pharmaceutical Co., Ltd. completed a US$2 million equity investment in Glucovation in the United States. Glucovation, a California-based medical device manufacturer, is developing a new low-cost continuous blood glucose monitor that displays blood glucose readings on a cell phone, tablet or watch.
In return, Qianshan Pharmaceuticals holds a 20% stake in Glucovation, and the two companies will also establish a joint venture in Hunan Province, China to develop, manufacture and market Glucovation continuous blood glucose monitoring devices.
Glucovation's technology is specifically targeted at Asia's growing market for Type 1 and Type 2 diabetes. According to the International Diabetes Association, China has 114 million diabetic patients, accounting for 11.6% of the adult population in China.
In July 2015, Qianshan Pharmaceutical Co., Ltd. reached a strategic cooperation with Glucovation. Now the two companies have been working together for a year and have produced a lot of results. Robert Boock, CEO of Glucovation, said: "We look forward to expanding our cooperation with Qianshan Pharmaceutical Machinery. We will establish a joint venture company in the second half of this year. Together, we will bring a world-class continuous blood glucose monitoring solution to the Chinese market."
Medton Medical , https://www.medtonmedical.com