EOFlow’s Innovative Wearable Insulin Pump ‘EOPatch’ gets UAE Approval
Press Release
By:
Ref: EOFlow
Published: 09/01/2022
▶ Fast product approval after signing the exclusive distribution agreement with GulfDrug in GCC 6 countries in March
▶ 1 in 6 adults has diabetes in the UAE – EOFlow targets the Middle East diabetes market with high growth potential
EOFlow Co. Ltd. (KOSDAQ: 294090) (EOFlow or the Company), a provider of wearable drug delivery solutions, has announced on August 31st that it has received certification from the United Arab Emirate (UAE) Ministry of Health and Prevention (MOHAP) to commercialize its wearable insulin pump ‘EOPatch’ and its controller ‘ADM’ as well as its smartphone app ‘Narsha’.
On March 31st 2022, EOFlow announced that it signed a contract with GulfDrug LLC (GulfDrug), one of top pharmaceutical and medical device suppliers in UAE, to supply KRW 48.8 billion (U$40 million) worth of EOPatch in five years. At the time, Company indicated that it had already made its submission to MOHAP last year.
With this certification, EOFlow will be able to sell its EOPatch insulin management system through online and offline distribution channels throughout the UAE. GulfDrug plans its full launch of EOPatch in 2H of 2022 supported with various sales promotions to build product awareness. GulfDrug plans to set UAE as a sales base for the Middle Eastern market and begin its submission process of EOPatch to other GCC members in 2023.
According to the International Diabetes Federation (IDF) data from 2019, approximately one in six adults (1.2 million) are living with diabetes in the UAE, a prevalence of 16.3% which is significantly higher than Korea's 6.9% and the world average of 8.24%. Diabetes and its complications account for 72.1% of main causes of death among Emiratis (citizens of the United Arab Emirates) under the age of 60, which suggests that most of the adult population is at risk of diabetes.[1] The government's efforts to improve the health of the Emiratis with diabetes continue, creating a favorable market condition for EOFlow to expand its wearable pump business in the region.
“I am excited about the expedient product approval from the UAE MOHAP which enables EOFlow’s entry into the Middle East market this year. Middle East has huge unmet needs for insulin patch pumps due to lack of supplies in the market despite its enormous market potential,” EOFlow’s founder and CEO Jesse J. Kim said.
He added, “EOFlow is moving quickly to enter the sizable markets that other competitors have not yet entered. EOFlow has announced its entrance into China, Indonesia, Columbia, and Middle East so far, and we plan to add more. Of course, growing population of diabetes is a global concern, and even in developing countries where competitors currently do not focus, the pain and urgent needs are great. EOFlow strives to improve the quality of life for people with diabetes, no matter where they live.”
▶ 1 in 6 adults has diabetes in the UAE – EOFlow targets the Middle East diabetes market with high growth potential
EOFlow Co. Ltd. (KOSDAQ: 294090) (EOFlow or the Company), a provider of wearable drug delivery solutions, has announced on August 31st that it has received certification from the United Arab Emirate (UAE) Ministry of Health and Prevention (MOHAP) to commercialize its wearable insulin pump ‘EOPatch’ and its controller ‘ADM’ as well as its smartphone app ‘Narsha’.
On March 31st 2022, EOFlow announced that it signed a contract with GulfDrug LLC (GulfDrug), one of top pharmaceutical and medical device suppliers in UAE, to supply KRW 48.8 billion (U$40 million) worth of EOPatch in five years. At the time, Company indicated that it had already made its submission to MOHAP last year.
With this certification, EOFlow will be able to sell its EOPatch insulin management system through online and offline distribution channels throughout the UAE. GulfDrug plans its full launch of EOPatch in 2H of 2022 supported with various sales promotions to build product awareness. GulfDrug plans to set UAE as a sales base for the Middle Eastern market and begin its submission process of EOPatch to other GCC members in 2023.
According to the International Diabetes Federation (IDF) data from 2019, approximately one in six adults (1.2 million) are living with diabetes in the UAE, a prevalence of 16.3% which is significantly higher than Korea's 6.9% and the world average of 8.24%. Diabetes and its complications account for 72.1% of main causes of death among Emiratis (citizens of the United Arab Emirates) under the age of 60, which suggests that most of the adult population is at risk of diabetes.[1] The government's efforts to improve the health of the Emiratis with diabetes continue, creating a favorable market condition for EOFlow to expand its wearable pump business in the region.
“I am excited about the expedient product approval from the UAE MOHAP which enables EOFlow’s entry into the Middle East market this year. Middle East has huge unmet needs for insulin patch pumps due to lack of supplies in the market despite its enormous market potential,” EOFlow’s founder and CEO Jesse J. Kim said.
He added, “EOFlow is moving quickly to enter the sizable markets that other competitors have not yet entered. EOFlow has announced its entrance into China, Indonesia, Columbia, and Middle East so far, and we plan to add more. Of course, growing population of diabetes is a global concern, and even in developing countries where competitors currently do not focus, the pain and urgent needs are great. EOFlow strives to improve the quality of life for people with diabetes, no matter where they live.”
[1] Korea Trade-Investment Promotion Agency (KOTRA) Trend News, “1.2 million adults live with diabetes in the UAE”, Feb-16-2021
https://dream.kotra.or.kr/kotranews/cms/news/actionKotraBoardDetail.do?SITE_NO=3&MENU_ID=180&CONTENTS_NO=1&bbsGbn=243&bbsSn=243&pNttSn=187172