Israeli start-up InterCure today announced the signing of an exclusive distribution agreement with Ilyang Pharm, one of the largest pharmaceutical companies in South Korea. Ilyang Pharm will be the sole distributor of InterCure’s flagship product, the RESPeRATE, in South Korea. RESPeRATE is used to treat hypertension without drugs. InterCure said that under the agreement, Ilyang Pharm was committed to selling at least $7 million worth of the devices within four years.
This is InterCure’s first overseas distribution agreement. InterCure president Erez Gavish said that Ilyang Pharm had been chosen from a number of drug and medical equipment companies in South Korea that expressed interest in acquiring the distribution rights. The device will be marketed to cardiologists, family physicians, and hypertension patients.
Bio-Med Pharma, InterCure’s distributor for Israel, recently signed agreements with Clalit Health Services, Leumit Health Fund, and Kupat Holim Meuhedet. Under these agreements, InterCure’s product will be offered at a discount to patients with supplementary health insurance. InterCure predicts that these agreements will produce sales of NIS 20 million.
Ilyang Pharm, founded in 1946, operates in a number of countries around the world.
Published by Globes [online] - www.globes.co.il - on February 4, 2003