Boditech Med - makes point-of-care (POC) testers
http://www.boditech.co.kr
http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20160516000514
The market for in vitro diagnostic devices largely comprises of immunodiagnosis and molecular diagnostics market. It is usually carried out at hospitals though, it might be required to diagnose on the spot. This is called POCT (Point of Care Testing), and the market size of it is increasing. Diagnostic devices made by Boditech Med are created targeting the both hospital and POCT market at the same time.
In vitro diagnostic devices have two parts, the body part (device itself) and diagnostic cartridges (consumable products), which are inserted with the specimen into the diagnostic device. Boditech Med has so far focused on a product ichroma and several diagnostic cartridges for it. Boditech Med had sales of 39.8 billion KRW in 2015 with only this one product. Five more new products will be released in the future (some are already in the market). I expect the outlook for this company to be bright.
Diagnostic devices - account for 15% of sales
ichroma: Diagnoses 20 diseases (cancer, cardiovascular disease, hormone metabolism disorder, diabetes, etc.)
ichroma2: Improved design and added touch and bluetooth function to previous ichroma
AFIAS-1: Fully automatic examination device, diagnoses 11 diseases (infection, cardiovascular disease, cancer, hormone etc.), for small hospitals
AFIAS-6: Fully automated examination device, diagnoses 11 diseases (infection, cardiovascular disease, cancer, hormone, etc.), diagnosing 6 samples simultaneously, for mid-size hospitals
AFIAS-50: Fully automatic inspection device, 11 diseases diagnosis (infection, cardiovascular disease, cancer, hormone, etc.), for large hospitals
TRIAS: Portable Super Sensitive Immunodiagnostic Device
Hemochroma PLUS: Measures total hemoglobin concentration from 15 μl of blood within 3 sec
Diagnostic cartridges (diagnostic reagents) - account for 85% of sales
Boditech Med can now produce 33 kinds of diagnostic cartridges. They are planning to expand up to 50 types by 2019.
Boditech Med cares their employees
Boditech Med is well known to have a good welfare for employees. I was impressed that this growing company so much support the whole employees.
Targeting overseas market by Boditech Med
Boditech Med is positioned as the No.1 brand in Chinese market. The reason is that there is 'Rapid Medical' in China besides the Department of Diagnostic Medicine.
Rapid medical is the department where you have to visit 1 hr prior before you see a doctor. At this department, a lot of infants, who have very invisible blood vessels, are major visitors, so that Boditech Med's products, which allow diagnoses with one drop of blood, could rapidly raise occupation rate. China has abolished the birth control policy, and the population of China is now expected to increase much in the future. in the IVD market, Boditech Med is likely to make more sales in China.
However, due to the high dependence on the Chinese market, Boditech Med is also paying attention to find other markets outside of China.
In Japan, they are gonna increase sales by collaborating with a company ARKRAY. In the US market this year, they acquired 100% of the shares of Immunostics Inc, which will be used to target the market.