SHIN SUNG TK Co., Ltd. (“SHIN SUNG TK”) enters into a joint venture with Pere-d-Biz to meet the global demand, in accordance with the “MAKE IN INDIA” program led by Indian Prime Minister, Shri Narendra Modi.
Ramneek Kumar Talwar and Vineet Agarwal from Père-d-biz Consulting visited SHIN SUNG TK, a Korean company located in Gwangju, Korea, and has highly evaluated and confirmed iRINGER’s technology, a product that’s uniquely based on IoT with its own patent. The two companies were in discussion of a potential partnership since then.
After sharing relevant knowledge and information, both companies reached a conclusion to start the production of this uniquely patented device for sales in India and other countries under the direction of their joint venture entity, SHIN SUNG TK INDIA LIMITED LLC, and also in accordance with the MAKE IN INDIA program, which is led by Shri Modi, the Prime Minister of India.
Eun-Suab Lim, the CEO of SHIN SUNG TK, commented that “iRINGER products are the result of a very intense research and development carried out by the research institute of SHIN SUNG TK in Korea. We are pleased to present this new invention and have registered five patents in Korea and are waiting for five international patents to be registered.”
To this date, many countries have pursued the opportunity to manufacture iRINGER in their countries by setting up meetings with SHIN SUNG TK; however, this joint venture agreement only became possible by the strong support of the Indian embassy in Korea that led to the joint investment by INDIA INVEST and KORA PLUS. SHIN SUNG TK and Père-d-biz Consulting have signed this partnership on March 1st of 2019 to manufacture iRINGER in India in order meet the global demand.
It is reported that 1.62% of preventable deaths, worldwide, are attributable to inadequate and unregulated IV fluid system management. Medical experts view that iRINGER is a product that’s globally demanded at the moment with potentials to save many patients’ lives over the next years.
iRINGER informs and manages the rate of administration of medical fluid and intravenous injections (IV) as prescribed by doctors. In particular, iRINGER provides a smart call function, an automatic alarm system, in case of an abnormal operation, and this particular function is well-received by hospital nurses. At the International Invention Exhibition that was held in Geneva, Switzerland in April 2018, SHIN SUNG TK won the Excellence Gold Award with this product.
Ramneek Kumar Talwar and Vineet Agarwal added that “Doctors, nurses, and caregivers face many risks associated with the existing medical fluid management system. By controlling existing risks, iRINGER eliminates all such problems and provides values in terms of time, cost, and patient care.”
Besides, Eun-Suab Lee added, “The production facility in India will manufacture and supply products to other countries to meet customers’ requirements. Alongside with the support of Shri Modi, Prime Minister of India, we plan to gradually invest about 40 million INR (or 6.5 billion KRW) or more in India depending on the market demand. This investment is expected to create employment opportunities in R&D, sales and marketing, pre-and-post sales support, and software development.”
Ramneek Kumar Talwar, the president of the consulting arm at Pere-D-Biz, views that iRINGER is an internationally recognized invention and many venture capitalists have started to approach SHIN SUNG TK for investment to help expand this revolutionary healthcare technology to the global scale.
“We’re continuously investing on further research for iRINGER. As a road map of our product, we plan to expand iRINGER’s uses to various sectors in order to benefit the broader population across the globe. In the future, we foresee that iRINGER will be used by more people with continuous development,” added Eun-Suab Lim.
Vineet Agarwal, the Chairman of Pere-D-Biz also mentioned that “we’re very proud of this joint effort by Indian Embassy in South Korea and the Korea Plus team as they led successful investment promotion for start-ups.”