SHANGHAI, Dec. 15, 2020 /PRNewswire/ -- Malaysia's PCCS Group Berhad (hereinafter referred to as "PCCS") and China's Shanghai Shenqi Medical Co., Ltd. (hereinafter referred to as "Shenqi Medical") today announced the signing of a memorandum of understanding (MOU) to cooperatively pursue the potential healthcare business opportunities within the Asia-Pacific region. The partnership is intended to develop the commercialization of cardiology related medical device technologies, through leveraging the strengths of both companies. Where Shenqi Medicals' capabilities in developing innovative medical devices complements PCCSs' capabilities/experience and reach within the Asia-Pacific market. This cooperation will also enable PCCS to strategically position itself in the medical and health sectors.
Mr. David Chan Wee Kiang, PCCS Group Managing Director(left) & Mr. Erich Dai ZhiHao, CEO of Shenqi Medical(right)
At present, cardiovascular diseases still remains as the leading cause of premature mortality and suffering internationally, and the increasing incidence of cardiovascular diseases are expected to continue, threatening human health and safety. In recent years, cardiology related medical and pharmaceutical companies alongside research institutes have continuously innovate and develop new medical products to help solve this health problem and to correspondingly improve quality of lives. Different from traditional treatment methods, drug balloon can be used to treat coronary stenosis without stent implantation, restore blood circulation reconstruction, and increase the long-term prognosis of patients. Shenqi Medical also aimed at the blue sea market, the self-developed drug coated balloon became the second domestic product approved and certified by the National Medical Products Administration (NMPA). In the early stage of the product, it cooperated with Class A tertiary hospitals in Mainland China, including Shanghai Ruijin Hospital, Shanghai Zhongshan Hospital and Beijing Anzhen Hospital, more than 200 clinical trials were conducted.
PCCS, a diversified investment holding multinational group was founded in Malaysia back in 1973, where the group started as a manufacturer of textiles. As the group expanded, its business coverage now involves manufacturing, trade, services, and investments. Adhering to the enterprise spirit of "people oriented, inheritance and sustainability", the group has always been concerned about human health and well-being while developing its existing business. Therefore, PCCS now hopes to make achievements within the healthcare industry through diversified investments and strategic cooperation. In accordance to the cooperation with Shenqi Medical, PCCS will take Singapore and Malaysia as the strategic deployment center of the Asia-Pacific region to lead the strategic implementation of the Asia-pacific region's medical blueprint.
"As a hi-tech medical device enterprise, we have been focusing on the research of high-value medical consumables since our establishment. We sincerely hope that more patients with cardiovascular diseases will benefit from the innovative products developed by Shenqi Medical. In August this year, we also completed a series C financing of several hundred million yuan to further develop and market our existing products." said Mr. Dai ZhiHao, spokesperson of Shenqi Medical. "PCCS has been profoundly involved with conducting businesses within the Asia-Pacific region for many years. Therefore, having a profound understanding and strong influence over many different market segments within the Asia-Pacific region. With the help of its market influence, we hope to promote our overseas market layout through their contacts, channels, public relations, mature management team and market penetration, so that the medical technology "created in China" will go abroad and benefit the patient groups in the Asia-Pacific region and even other regions."
"In recent years, China's medical and health technology has been developing rapidly. We are very optimistic about its rapidly evolving scientific research capabilities and have been looking for exceptional business partners. Shenqi Medical's corporate core values, strong product development and innovation strength matches our corporate development philosophy and strategic designs. We are honored to have such an in-depth cooperation with Shenqi Medical to help expand their product application market," Mr. Chan Wee Kiang, spokesperson of PCCS, said at the signing ceremony. "As a diversified international trading and investment company, PCCS hopes to create a better world through investment. We are also exceptionally honored to be a bridge for the trades between China and the Asia-Pacific region, and to also support Chinese companies to further explore and achieve mutual benefits, obtaining a win-win situation. Let's allow China's exceptional medical product technologies benefit more people."
This cooperation is the first step taken by PCCS to venture into the medical and health industry, and to also initiate a long-term strategic cooperation with Shenqi Medical. In the future, the two parties will delve deeper into the medical and health field, to undertake more diversified and in-depth cooperation. Both firms will jointly expand the application of cutting-edge technologies within the healthcare sector and strengthen social health.
About PCCS
PCCS Group, founded in 1973, is a diversified investment holding multinational group that started its business in the textile industry in the 1980s and now involves many fields such as manufacturing, trade, services and investments. For more than 40 years, PCCS Group has always been adhering to the corporate culture of "people oriented, inheritance and sustainability", ventured from processing and manufacturing to independent innovation. The current mission and vision of the Group is to "Make investments create a better world and great platform with happy stakeholders". Pccs Group Berhad was listed on the main board of Kuala Lumpur Stock Exchange in Malaysia in 1995. The group has more than 4,000 employees, more than 20 wholly-owned and holding enterprises, and a number of national high-tech and international standardized enterprises.
About Shenqi Medical
Founded in September 2014, Shenqi Medical is a high-tech enterprise integrating research, development, production and sales of medical devices. Adhering to the concept of "innovation and heart care", Shenqi Medical focuses on the field of high-value consumable products, which involve cardiovascular intervention, peripheral vascular intervention and structural heart disease. Among them, drug-coated coronary balloon catheter has obtained the National Medical Products Administration (NMPA) registration certificate in December 2019. In addition, Shenqi there are a number of products in the research will be rolled out in the next year. In August this year, Shenqi Medical Completed a Series C financing of several hundred million yuan led by Hillhouse Capital and LYFE Capital. This round of financing is mainly used for the further research and development of existing products and market promotion as well as the promotion of new projects, such as the research and development and testing of valve projects. Meanwhile, through acquisition, the depth and width of the company in the product line can be expanded.