In the field of high-end medical devices, more and more domestic companies have taken the path of domestic innovation. Some companies have even flexed their muscles in the international market and competed with equipment giants for the market. The development is booming, and Medtrum is one of them.
Founded in 2008, Medtrum is a company dedicated to the development, production and sales of high-end medical devices in the diabetes field. Its headquarter is located in Shanghai, China, with a global R&D center and manufacturing base in Shanghai.
Medtrum, as the domestic leader of high-end medical devices in the diabetes field, has not only received investment from well-known institutions such as Morningside Technology, Sequoia Capital, Bank of China Investment, and CITIC Securities; its products are also exported to the European and American markets and expanded overseas 8 branches. Up to now, Medtrum’s products have been exported to more than 20 developed countries including Germany, France, the United Kingdom, the Netherlands, Northern Europe, and Italy, and have entered the medical insurance systems of many countries.
Medtrum takes the global diabetic patients as the center and the vision of simplifying diabetes management, pursuing the ultimate customer experience, continuous technological innovation, and continuous product iteration. It has a number of innovative technologies in the field of catheter-free patch-type drug delivery systems, real-time dynamic blood glucose monitoring systems, and closed-loop artificial pancreas. Its annual applications for patents related to diabetes in the field of diabetes have leapt to the forefront of the world. This shows that Medtrum has already taken the path of domestic innovation.
Product: innovation breakthrough, leading technology
Patch insulin pumps, dynamic blood glucose monitoring products, and catheter-free patch semi-closed-loop artificial pancreas systems are the three core products of Medtrum. Each product has strong competitors in the European market, but Medtrum is gradually relying on its advantages Stand firm in the market. Before Yiyu’s products entered the market, there were only 3 companies in the world that could stably mass-produce similar products. Medtrum was the fourth. In addition to each product having high technical barriers, Medtrum was also the only company with three major product technologies. The company is currently the most complete company in the global diabetes high-end medical device field.
For example, the patch type insulin pump, the competitor is Insulet; the dynamic blood glucose monitoring product, the competitor is American Dekang Medical, Abbott, Medtronic; the closed-loop artificial pancreas system, the competitor is Medtronic. Medtrum CEO Yang Cuijun said: “Currently, there are very few companies engaged in high-end diabetes medical devices. Each product has about 1-3 competitors. The number of competitors is not many, but they are very strong. Medtrum entered the market late, so it needs to continue. Work hard to win the market with product quality.”
In Medtrum’s view, through continuous innovation and technological breakthroughs to provide products with a better experience for patients is the only way it can win the market. Medtrum always maintains its ability to innovate and continues to iteratively update its products; in terms of technology, Medtrum has spanned multiple disciplines such as biomedicine, microfluidics, electronic circuits, precision instruments, semiconductor micromachining, organic synthesis, electrochemistry, and polymer materials. It integrates high-end technologies in different fields. As early as 2016, its annual global PCT invention patent applications were among the top in the world in the field of diabetes, and the annual global PCT invention patent applications related to patch insulin pumps ranked first in the global diabetes industry. Yang Cuijun said with emotion: “This year, our annual global PCT invention patent applications will exceed 50 in the field of diabetes, which is very likely to be the world’s first.”
Medtrum has gradually won the market with its continuous innovation capabilities: In 2017, Medtrum patch insulin micropump products successfully entered the German medical insurance catalog; in 2018, in the largest joint bid for diabetes medical insurance in the UK, Medtrum defeated Medtronic, Roche, Johnson & Johnson And many other international competitors, the product entered the British NHS medical insurance system with the highest score; in 2018, Medtrum’s patch-type insulin micropump dynamic blood glucose system (supporting hypoglycemia suspension infusion) became the world’s first one to enter the German medical insurance system Class innovative products; since then, Medtrum products have successively entered the medical insurance system of Denmark, Sweden, Italy, the Netherlands, Czech Republic and other countries, completely opening up the situation in the European market.
While thinking about the global development layout, we must also take into account the continuous innovation and breakthrough of products. Medtrum never focuses on the past. On the one hand, it has established a multi-national local team conscientiously to be close to the market and provide high-quality and convenient services. On the other hand, it has continuous technological innovation and products. Iteratively, constantly adapt to the needs of users, and provide patients with more humane diabetes management products.
For example, Medtrum has changed the traditional diabetes management that requires piercing the fingertips for blood collection, cannot fully monitor blood glucose dynamics, repeated manual insulin injections, inaccurate dose calculations, and complicated instrument carrying, etc., and has developed a real-time dynamic blood glucose monitor with a compact appearance. Exquisite, complete functions, intelligent feedback, safe and secure, Yang Cuijun said: “The product is only the size of a dollar coin, with a small soft needle, which can be automatically installed with one button. After installation, the product can continuously monitor blood glucose within 14 days. It does not affect the life of the patient, and the patient can wear it 24 hours a day.”
The catheter-free patch insulin pump is light and portable, intelligently calculates the dose and actively adapts to human physiology. It can be easily controlled by mobile applications alone, which has lower requirements for patients and a wider range of applications. And the product is being updated, the size is smaller than the generation, the generation is simple and easy to use, and the generation is more difficult to surpass. “The latest generation of products has been tested, and our users will soon be able to experience the new generation of products!” Yang Cuijun revealed Tao.
Strategy: Rooted in China for R&D, looking to serve the world
The huge number of patients in the field of diabetes has spawned a huge market for diabetes equipment. According to data released by IDF (International Diabetes Federation), in 2019, there were about 463 million adult patients with diabetes worldwide. It is estimated that by 2030, the number of diabetes patients worldwide will reach 578 million. By 2045, the total number of diabetes patients worldwide will increase by nearly 51%. Up to 700 million.
Medtrum believes that the diabetes market has great potential, and the diabetes market will grow rapidly in the next few years. “Only the three market segments of patch insulin pumps, dynamic blood glucose monitoring products, and catheter-free patch semi-closed loop artificial pancreas systems, the global market size will exceed 20 billion US dollars within three years. Currently, we estimate that the three products The global market size is about 10 billion U.S. dollars, and the annual growth rate will exceed 50%.”
After successful product development, Medtrum took the lead to enter the European and American markets. Yang Cuijun explained: “Medtrum’s strategy is to first occupy the European and American stock market, and then expand the incremental market in China.” At this stage, the European and American markets have matured, and their patients have become accustomed to using related products, and the products have entered the medical insurance system, paid by medical insurance. Promote the use of patients. Therefore, first entering the European and American markets can win market revenue at the fastest speed and support the company’s development. The current achievements of Medtrum undoubtedly prove the correctness of this strategy.
Due to regional differences in patient epidemic characteristics, coupled with differences in foreign health concepts, Chinese diabetic patients are less willing to pay for diabetes medical devices. Therefore, the use of related products by domestic diabetic patients is not high, especially high-end diabetes medical devices. The rate is low. However, according to the data released by IDF, the number of people diagnosed with diabetes in my country reached 117 million in 2019, and the market potential is huge.
At the same time, it is foreseeable that with the improvement of domestic residents’ living standards, their consumption levels have greatly improved, consumption concepts have changed, and the continuous pursuit of high-quality life will promote diabetes patients’ willingness to buy “health”. Therefore, Medtrum will also provide Chinese residents with high-quality diabetes medical device products that are more suitable for Chinese people. At present, the latest dynamic blood glucose monitoring system developed by Yiyu is in the process of preparation and will be launched in China soon.
Medtrum chose the dynamic blood glucose monitoring product because it covers all people with diabetes, and the demand of patients is stronger, and the market space will be larger. After wearing the product, patients with diabetes can automatically monitor blood glucose in real time without affecting their daily life. Dynamic changes in blood sugar, timely adjustment of the conditioning plan, for some patients who rely on insulin therapy, and then cooperate with the catheter-less patch insulin infusion system to achieve a closed-loop artificial pancreas, which truly realizes that diabetics can eat and drink at will, and exercise. The dream of blood sugar control within the normal range.
Medtrum expects to achieve tens of millions of production capacity next year, and to achieve 100 million production capacity in three years. (Ten-million-level refers to the production of tens of millions of products each year; 100-million-level refers to the production of hundreds of millions of products each year). Next, Medtrum will also increase its efforts in brand building. “First-class products and first-class technologies need to match first-class brands. Therefore, we will increase investment in brand building. Brand building can further strengthen the trust bridge between users and Yiyu, and increase users’ trust in Yiyu products.”
In addition, Medtrum said it will set up R&D sub-centers and production bases in Europe and the United States. Locating production bases in Europe, America and other places can be closer to the market, and can also avoid traffic and other factors, provide customers with products on time, and provide better services to customers. This is not only the goal, but also the general trend of enterprise development.
Finally, Yang Cuijun said confidently: “With the successive implementation of plans for brand building and capacity expansion, Medtrum expects that next year’s revenue will increase by 5-10 times, and revenue will maintain rapid growth in the next five years.”
After more than ten years of hard work, the seeds of innovation planted by Medtrum have already blossomed. When asked whether the company has plans in other fields or other product lines in the same field in the future, Yang Cuijun made it clear: “Yiyu will not expand the production lines of other products for a long time in the future. Any company has limited resources and energy. Good products require the focus of resources and energy, and the original intention of focusing on users and reducing the suffering of patients will never be forgotten. This is the responsibility and mission that Medtrum should assume as a medical device company.”