CardiacSense Ltd., the Israel-based developer of healthcare wearables, has reportedly inked a USD 32.4 million contract to offer medical watches to India, taking its overall backlog of orders to more than USD 60 million.
According to sources familiar with the knowledge of the matter, the company will supply 150,000 watches to aid hospitals and home hospitalizations in patient monitoring. These medical watches are designed for monitoring and detection of remote patients’ vital signs including heart arrhythmias, fever, and chronic conditions. The company’s watch leverages the combination of patent-protected technologies of optical technologies with movement, temperatures, and pressure sensors to send patients’ data to their doctors.
CardiacSense also announced in the statement that it will supply these watches to Explore Lifestyle Solutions, a medical rehabilitation product manufacturer and distributor operating in India, over the next 4 years. The company currently has filed an application to receive FDA and CE regulatory approvals in the USA and Europe.
Speaking on which, Eldad Shemesh, the CEO, and Founder of CardiacSense said that the partnership in India reflects a huge commercial achievement and shows international acceptance of its optimal technology for a range of diagnoses. The company communicates its unparalleled progress in wearable devices that are part of a clinical trial in Israel and abroad in three medical centers, states Mr. Shemesh.
He added that at the same time as signing distribution contracts in Chile, South Africa, Australia, Uruguay, Turkey, Spain, and Argentina, they have submitted prerequisites to receive FDA and CE approvals in recent months to conclude major agreements in the U.S. and Europe. The company sees this as its starting point and perceives it to commercialize the solution in additional areas and markets.
CardiacSense is delivering wearables to meet the increasing need for remote monitoring of disease and the status of diagnosed diseases in hospitals and clinics. This need is characterized by the increasing trend of online digital healthcare, which has become essential due to coronavirus pandemic.