Israeli company secures $32.4 million to provide medical watches to India

As per the agreement, CardiacSense is contracted to supply 150,000 watches over the next four years all across India.

By ZACHARY KEYSER
Israeli company secures $32.4 million to provide medical watches to India (photo credit: CARDIACSENSE)
Israeli company secures $32.4 million to provide medical watches to India
(photo credit: CARDIACSENSE)
Israeli med tech company CardiacSense doubled sales for its medical watch by securing a $32.4 million contract in India, the company announced this week.
The CardiacSense watch is specifically for patients with hypertension, however, the device can also monitor fever, heart arrhythmias as well as respiratory and chronic diseases. Additionally, the watch monitors respiratory rate, heart rate, blood pressure and blood oxygen saturation.
As per the agreement, CardiacSense is contracted to supply 150,000 watches over the next four years which will be used in hospitals, home hospitalizations and monitoring chronically ill patients all across India. They will be partnering with Xplore Lifestyle Solutions, who has held a presence in India for the past 40 years as a manufacturer and distributor of medical supplies and devices.
"The agreement in India is a major business success, demonstrating the international recognition that our solution, for constant monitoring, is the optimal technology for a range of diagnoses," said CardiacSense Founder and CEO Mr. Eldad Shemesh. "Supporting this is the fact that our clinical results speak for themselves with unprecedented success in precise measuring, to a level of 99%, of heart arrhythmias using a wearable medical wristwatch, as part of a clinical trial conducted in three medical centers in Israel and abroad."
"At the same time as signing distribution agreements in Argentina, Spain, Turkey, Uruguay, Australia, South Africa, and Chile, in the past months, we have submitted all that's required to receive FDA and CE approvals in order to also enter into major agreements in the US and Europe. We believe that we are only at the beginning of the road, and we are working to commercialize our solution in additional territories and markets."
The watch itself uses optical indicators that employ temperature, movement and pressure sensors to monitor the physical status of the wearer.
"CardiacSense's watch is designed to replace expensive, complex and invasive monitoring equipment and allow convenient, constant and effective monitoring over time at any time and place including outside of hospitals and clinics," the company said in a press statement. "Thus, the company is leading the response for the growing global demand for remote monitoring solutions and home hospitalization, both during the coronavirus crisis and ordinary times, as part of the global trend of switching to online community digital healthcare."


Related Tags
Medicare