Hon Hai Precision Industry Co., also known as Foxconn Technology Group in the market, has announced that it is expanding into the Southeast Asian medical device market with its latest partnership in Taiwan, CNA News reports.
The multinational electronics producer has signed a cooperation cope with shopper electronics provider Taiwan Biophotonic Corp. (tBPC) and government-backed Industrial Expertise Analysis Institute (ITRI) to develop a long-distance care monitoring platform, reports MobiHealth News.
The companies may collaborate to mix tBPC’s optical sensors with Foxconn’s medical hardware in addition to combine the previous’s medical algorithms into the general software program improvement.
The remote care monitoring platform will be supported and guided by ITRI’s research in electro-optics, information communication, and microsystems.
The consortium plans to test their upcoming technology in a year-long clinical trial at New Taipei’s Tucheng Hospital. The new system will need to be certified by the health authorities in the markets it enters.
Negotiations for broader cooperation are also underway with Chang Gung Memorial Hospital and several elderly care centers in an effort to accelerate the rate at which new devices hit the local market and enter international markets.
A McKinsey & Co. report last year said that the digital health market in Asia could reach $100 billion in value by 2025 from $37 billion in 2020, driven by a thriving consumer-centric digital health ecosystem and rising demand.
In other news, Foxconn disclosed in November last year that it is investing over $700 million in its “3+3” initiative, which refers to three emerging industries: electric vehicles, robots, and digital health. The company started out in contract hardware manufacturing before expanding to hardware and software integration.