WellsCare, a member of Born2Global Centre, became the first Korean medical device company to launch a product, the IASO, on major American electronics distributor Best Buy.
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The IASO has been sold through Bestbuy.com's Health & Wellness category since June 2021. The device was featured in the Top Deal list, Best Buy's main promotional event, immediately upon its launch and sold in record numbers after 10 days in the Top Deal promotion.
The IASO is a hands-free, wearable cold laser pain relief device that enables the self-treatment of various pain types. It provides users with hands-free immediate, pain relief through cold laser technology, which is frequently used by hospitals to treat sports injuries.
WellsCare signed a vendor master agreement with Best Buy on September 27, 2020, and confirmed the supply of IASO by finalizing a vendor program agreement (equivalent to a supply contract) the following November 12. This process had begun in 2019, when Wellscare participated in TechCrunch Disrupt in San Francisco when a Best Buy representative noticed the IASO and recommended that IASO be sold through the retail chain, the company said in a press release.
WellsCare CEO Lee Sung-won said, "I was told by a spokesperson for Best Buy's healthcare department that the sale of IASO is the first time that a product from both a Korean startup and a Korean medical device manufacturer has been sold at Best Buy. For now, our goal is to send shipments every two weeks to BestBuy.com online site and over 800 offline locations in the U.S. and to achieve sales of at least USD 53 million through the steady demand for the IASO."
WellsCare has recently completed the IASO Ultra upgrade, which adds a back pain function to the device. The IASO Ultra will be released soon, and plans are underway for its sale via Best Buy as part of the IASO series. WellsCare is also developing a B2B product for chiropractors and other rehabilitative care providers in the U.S. who specialize in pain management and is in collaboration to develop a digital healthcare pain diagnostic device that can quantify pain based on a machine learning algorithm analysis of bio-signal data.
WellsCare was founded in 2016 by a team of highly proficient and experienced engineers who aimed to introduce innovation in the field of pain management. Headquartered in Seoul, South Korea, WellsCare aims to lead the smart health device market with its advanced technology and innovation.
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Born2Global Centre is a full-cycle service platform for global expansion. Since its inception in 2013, Born2Global has been setting the standard for a successful startup ecosystem as the main Korean government agency under the Ministry of Science and ICT. Born2Global has expanded and transformed startups to be engaged, equipped, and connected with the global market.
