Medical technology company Singular Health Group Ltd (ASX: SHG) has appointed Yikun Technology (Hainan) Limited as Singular Health’s initial Sales Partner in Mainland China.
Yikun Tech, headquarted in Sanya City, Hainan Province, has recently joined Singular Health’s 3Dicom Partner Program to assist Singular Health in establishing an in-country presence on the East Coast of China.
With a number of local sales representatives and well-established relationships with hospitals in the Jiangsu Province, including Yancheng No 1 People’s Hospital, Yikun Tech have been granted sales and marketing exclusivity in the Jiangsu Province with non- exclusive rights to market and sell Singular Health’s non-diagnostically approved 3Dicom software throughout Mainland China.
Jiangsu Province is the fifth most populous and the most densely populated of the 23 provinces of the People’s Republic of China (PRC). Hosting some of the most prestigious Chinese medical and educational institutions, it has been identified as a prime landing point for Singular’s strategic expansion into the vast medical imaging market within Mainland China.
Singular’s partnership with Yikun is considered a strong step forward in the distribution of the 3Dicom MD software due to the untapped potential the Jiangsu Province and Mainland China represent. In addition to marketing, selling, and supporting the 3Dicom software, Yikun Tech will work with Singular Health on the translation of the software and marketing materials.
Enterprise License Order from Yancheng No 1 People’s Hospital
Following their appointment as Sales Partner, Yikun Tech has successfully secured an initial order of 100 annual licenses of 3Dicom MD for patient education, medical research, and teaching applications from Yancheng City No 1 People’s Hospital.
With an advanced radiological department, the Yancheng City No 1 People’s Hospital serves over 8.3 million people across nine districts and employs 3,100 staff members1.
Whilst 3Dicom MD is not currently diagnostically approved within the People’s Republic of China (PRC), the technical characteristics of the software in being able to render 2D medical images into 3D without reliance on cloud computing infrastructure has proven to be a unique selling point given that current broader internet restrictions in the PRC exclude many other applications.
This first enterprise license order of 100 3Dicom MD licenses by our newly appointed sales partner allows Singular Health to work with Yikun Tech and the Yancheng No 1 People’s Hospital to fully translate the 3Dicom MD software, integrate the software with the hospital’s current radiological workflows, and update licensing to work within the PRC.
The enterprise license order will add US$40,000 to Singular Health’s annualised recurring revenue and is payable in two installations, with a 20% deposit to be paid within 14 days, and the remainder to be paid following onboarding of at least 50 of the 100 license holders, anticipated in Q2 CY2023.