Hon Hai Precision Industry Co., also known in the market as Foxconn Technology Group, is entering the Southeast Asian medical device market through its latest partnership in Taiwan.
WHAT IT’S ABOUT
The multinational electronics manufacturer has signed a cooperation deal with consumer electronics supplier Taiwan Biophotonic Corp. (tBPC) and government-backed Industrial Technology Research Institute (ITRI) to develop a long-distance care monitoring platform.
They will collaborate to combine tBPC’s optical sensors with Foxconn’s medical hardware, as well as integrate the former’s medical algorithms into the overall software development. ITRI’s research into electro-optics, information communication, and microsystems will support and guide the development of the remote care monitoring platform.
The consortium is set to try out their upcoming technology in a year-long clinical trial in Tucheng Hospital in New Taipei. They have also contacted Chang Gung Memorial Hospital and other aged care centres for potential cooperation.
WHY IT MATTERS
Foxconn develops AI, semiconductors, and new-generation communications technologies that power its four main products: smart consumer electronics, cloud and networking, computing equipment, and supply chain components.
As reported by CNA, Chiang Chih-Hsiung, head of the company’s B business group, said that they will leverage their expertise in ICT to create value-added smart medical gadgets and enter the region’s medical device market as early as next year. He also shared that they will seek more partnerships in creating heartbeat, blood oxygen and blood sugar monitors, as well as ECG devices.
THE LARGER TREND
A McKinsey & Co. report last year said that the digital health market in Asia could reach $100 billion in value by 2025 from $37 billion in 2020, driven by a thriving consumer-centric digital health ecosystem and rising demand.
In other news, Foxconn disclosed in November last year that it is investing over $700 million in its “3+3” initiative, which refers to three emerging industries: electric vehicles, robots, and digital health. The company started out in contract hardware manufacturing before expanding to hardware and software integration.