Solco Biomedical Co., Ltd. (CEO. Seo Gon Kim, www.solco.co.kr), a high technology medical company announced on 20th the company is planned to supply into the world largest US implant market for next 3 years, officially with the largest value of $10M as a single product. Solco Biomedical Co., Ltd. has local sales agency contract with SRC (Surgical Resource Company) USA which company is professional sales in the field of orthopedic and neurologic implant and expectedly supply to them on the sales scale of $ 10 M worth products for three years; $1M for the first year, $3.5M for the second and over $5.5M for the last year.
The product agreed was 4CIS¢ç VANE Spine System as a single implant item and this product has been approved by FDA in USA from last year (06/29/2006). With this, Korean Patent has been granted on July 13 of 2007 and US patent is still pending. Meantime, according to Solco official, since it is not a contract for sole agency with SRC in USA, the sales agency contract would be on their plan in advance. Also the fixed price established higher in US than in Korea and as a result of that, the condition of price would be profitable to us.¡±
CEO. Seo Gon Kim of Solco says, ¡°It has the meaning of exportation to the US where it is the largest implant market and implant product competition and as a single patent product. We are currently focused our business on international market. So we hope not only in the US but the impact in Japanese, Chinese export market, will be humongous later on¡±