Dublin-based wearables company Shimmer has agreed a new deal with Indian company Essen, providing ECGs through a new joint venture.
Called EsMedtek, Shimmer’s new venture in partnership with Essen will produce a wearable ECG device allowing for remote monitoring of patients by doctors.
The deal is projected to be worth over €3.5m over three years to Shimmer, and is expected to create 15 jobs as a consequence. These roles will be filled in Ireland, with EsMEdTek hiring a separate team in India.
Remote diagnosis, treatment and general interaction with medical professionals is a big problem in India, with over two-thirds of its population living in rural areas. Just 2pc of Indian doctors work outside of cities and urban areas, according to Shimmer.
Paddy White, CEO of Shimmer, said: “Essen is a great partner to work with on this new venture in India; they are technologically savvy and have deep market knowledge.
“We look forward to fostering a truly deep relationship with them through EsMedTek, and introducing further Shimmer wearable technologies to the rapidly developing remote patient monitoring ecosystem in India, and bring the doctor into the home with our technologies.”
Both companies seem intent on making this deal a precursor to deeper connections, with White and Subramanya K Dixit, VP of business development at Essen, agreeing EsMedTek “is the first step” in a process that will see several wearables released through the partnership.
“[My] team are delighted to work together with Shimmer since Shimmer is a very professionally managed company, approaches any task in a systematic manner, straight forward and at the same time are very practical, they understand the need to work together for mutual growth and are looking forward to the success the cooperation with Shimmer will bring,” said Dixit.
The deal was completed at last week’s Enterprise Ireland trade mission to India.