SEOUL, July 08 (AJP) - Sooil Development, a South Korean medical device company known for portable insulin pumps, says it has signed a four-year, 30 billion won (approximately $21.6 million) supply agreement with Mediq, Europe’s largest medical device distributor.
The deal marks a significant step in Sooil’s effort to expand its footprint in Europe’s diabetes care market.
Under the agreement, Sooil will supply Mediq with its Automated Insulin Delivery (AID) system — a next-generation diabetes management platform developed in partnership with the French health-tech firm Diabeloop.
The AID system integrates Sooil’s insulin pump technology with Diabeloop’s artificial intelligence algorithm, which automatically adjusts insulin delivery in response to a patient’s glucose levels. The system, which is aimed at improving blood sugar control in people with diabetes, is widely seen as a step toward the development of a fully artificial pancreas.
The first shipment under the contract — worth 2 billion won — was completed on June 25. The system is expected to be gradually introduced across six European countries, including the Netherlands, Luxembourg, Belgium, France, and the United Kingdom, Sooil said.
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