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Minneapolis, US and Shenzhen, PRC, July 28, 2014 - (ACN Newswire) - Medtronic (NYSE:MDT) and Lifetech Scientific Corporation (HKSE:1302) today announced an expansion of their strategic alliance to include jointly produced Lifetech pacemakers manufactured in and for China.
Under the expanded agreement, Lifetech will develop a portfolio of pacemaker and cardiac lead products and establish pacemaker-manufacturing capabilities at its facility in Shenzhen, China. As the world's leading medical device company, Medtronic will provide certain technology, training and support as Lifetech enters the Chinese pacing market. In return, Medtronic will have the opportunity to partner with Lifetech on commercialization of the Lifetech portfolio of pacemakers and leads, once approved and pursuant to applicable statutory requirements.
"In the absence of a local viable solution to treat the many patients in need of this therapy, this new agreement provides an unprecedented opportunity to serve the local market with locally produced products while leveraging the quality and expertise of the global leader in medical devices, and simultaneously boosting China's medtech capabilities," said Xie Yuehui, Chairman of Lifetech.
While China's population is significantly larger than that of the United States, the rate of heart arrhythmias is similar in the two countries. However, in the U.S., the pacemaker implant rate is 1,000 per one million people, but in China, that rate falls to approximately 31 out of one million people, highlighting the need for increased access to this life saving and life enhancing technology.
"We are delighted to partner with Lifetech in this new venture to bring lifesaving technology to Chinese patients, said Omar Ishrak, Medtronic Chairman and Chief Executive Officer. "We expect these pacemakers to serve the local market and to meet the healthcare needs of significantly more Chinese patients."
This strategic alliance, which the companies originally entered into in 2012, advances patient care in China by bringing together the resources and technologies of Medtronic with the local market expertise, brand recognition and growth potential of Lifetech, to reach patients and clinicians who previously have been unreachable by either company alone. Under the terms of the original agreement, Medtronic purchased a 19.0 percent equity interest in Lifetech, and received the right of first negotiation to distribute current and future Lifetech products as well as the opportunity to acquire additional ownership in Lifetech.
About Medtronic
Medtronic, Inc. (http://www.medtronic.com/), headquartered in Minneapolis, is the global leader in medical technology - alleviating pain, restoring health, and extending life for millions of people around the world.
Contact:
Winston Wu, Medtronic Public Relations, +86-10-53227176
Jeff Warren, Medtronic Investor Relations, +1-763-505-2696
Lawson Liu, Lifetech Investor Relations, +86 755 8602 8988
Topic: Press release summary
Source: Lifetech Scientific Corporation
Sectors: Daily Finance, Daily News, Healthcare & Pharm
https://www.acnnewswire.com
From the Asia Corporate News Network
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