Aims to Enter World’s 5th-largest Diabetes Market
EOFlow Co. announced on Oct. 25 that it has received certification from the Ministry of Health of Indonesia to commercialize its wearable insulin pump ‘EOPatch’ and its controller ‘ADM’. Its smartphone app ‘Narsha’ does not require an approval from the ministry.
On December 2021, EOFlow announced that it signed a contract with PT. Prasasti Nusantara Sukses (PT.PNS), a subsidiary of PT. Safelock Medical, one of top manufacturers and distributors of medical disposables in Indonesia, to supply US$38 million worth of EOPatch in five years. The Indonesian registration is done through PT. PNS.
PT. PNS is a company established by PT. Safelock Medical solely to import EOPatch into Indonesia. EOPatch will be imported through PT.PNS and distributed across Indonesia through PT. Safelock Trading, a subsidiary of PT. Safelock Medical that owns 211 medical device distributors nationwide and handles blood glucose meters (BGMs) and consumables.
With this certification, EOFlow will be able to sell its EOPatch insulin management system through PT. Safelock Medical’s distribution channel throughout the country. The company is currently working closely with PT.PNS to launch the product in Indonesia.
According to the International Diabetes Federation (IDF) data, Indonesia is the world’s fifth country with the highest number of diabetics, with around 19 million adults (20-79 years) and a prevalence of 10.8%, which is significantly higher than Korea's 6.9% and the world average of 8.24%. When taking undiagnosed rate of diabetes into account, which is 73.7%, the number of diabetic population in Indonesia is estimated to be higher. Furthermore, diabetes is one of the three leading causes of death in Indonesia.
EOFlow’s founder and CEO Jesse J. Kim said, “Indonesia is one of the major markets where our only competitor has not yet entered. Entering the Indonesian market is another important achievement following our recent advances in the Middle East and China. We hope to enable many people around the world suffering from diabetes to control disease in a smarter way and improve quality of life through our products, and we will continue to strive for this.”
“EOFlow aims to establish a bridgehead in Indonesia for exporting wearable insulin pump solutions to Southeast Asian countries such as the Philippines, Vietnam, Thailand, and Singapore,” he added.