Meditech startup Wellscare (CEO Lee Seong-won) announced on the 22nd that it has signed a strategic memorandum of understanding (MOU) with the Canadian subsidiary of global bio company Celltrion (CEO Shin Jeong-yong) to enter the North American pain treatment medical device market.
This agreement was signed at the 'K-GLOBE Korea-Canada Startup Summit' held in Ontario, Canada, and is expected to serve as an opportunity to fully pursue expansion into the North American market by combining Wellscare's technological prowess with Celltrion Canada's distribution capabilities.
The main contents of the agreement include ▲ expansion of distribution of Wellcare's wearable cold laser pain treatment device 'IASO' in North America and ▲ joint research and development and commercialization of next-generation hospital-use clinical-grade laser treatment devices.
"Iaso" is a medical device utilizing photobiomodulation (PBM) technology, delivering light deep into skin tissue to promote cell regeneration and reduce inflammation. It provides non-invasive pain relief without medication or injections, and its compact design, weighing only 28g, makes it easy to wear.
Based on this collaboration, the two companies plan to expand their product line beyond the home pain treatment device market to the field of specialized medical devices for hospitals, and focus on securing global competitiveness in the treatment of chronic diseases such as musculoskeletal pain and lymphedema.
“Our collaboration with Celltrion Canada is a significant turning point in Wellscare’s global market strategy,” said Lee Sung-won, CEO of Wellscare. “By combining our PBM-based technology with Celltrion’s North American distribution network, we will be able to provide new treatment options to millions of chronic pain patients.”
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