Shineco Enters into an Agreement with Turing Video to Jointly Develop Intelligent Health Care Products
Beijing, June 17, 2024 (GLOBE NEWSWIRE) -- Shineco Inc. (("Shineco" or the "Company", NASDAQ:SISI), a producer of innovative diagnostic medical products and related medical devices announced today that on June 14, 2024, its 51% owned subsidiary, Shangkang Life Science and Technology (Jiangsu) Co., Ltd. ("Shangkang Life Science") entered into a Strategic Cooperation Framework Agreement ("the Agreement") with Turing Video (Shenzhen) Co., Ltd ("Turing Video") to jointly develop a series of smart medical products and introduce their biotechnology and other innovative health solutions to the healthcare market.
Shangkang Life Science, a joint venture established by Shangkang Life Science and Yangzhou Kangling Medical Co., Ltd., specializes in the development, production, and sales of medical devices such as bone hyperplasia, rheumatism treatment devices and electro-acupuncture devices. Turing Video focuses on the development and sales of smart security, remote video, and remote care products for the elderly and the infants. Turing Video has more than 40 patents related to its products and has developed AI products for the elderly, including 60GHz vital sign monitors and 60GHz smart fall monitors, and AI infant care products. Turing Video has customers in more than 20 countries, including China, Australia, Singapore and those in the Americas and Europe.
Shangkang Life Science plans to use biotechnology to develop a system that combines miniature biosensors that can detect and regulate human physiological indicators such as blood sugar and blood pressure and Turing Video's smart series of camera equipment to monitor the health status of the elderly in real-time. This jointly developed system would be designed to identify abnormal health conditions in the elderly and in the case of an emergency, it would emit an automatic alarm signal to care providers to ensure that the elderly receive timely treatment. Also, this high-tech system is also expected to be capable of providing health management plans to the elderly by conducting data analysis through AI algorithms.
Shangkang Life Science also plans to use biotechnology to develop new medical equipment for the elderly. Shangkang Life Science plans to develop electro-acupuncture devices that are capable of releasing specific biomolecules with the goal of enhancing the therapeutic effect of these devices to accelerate the rehabilitation and recovery of elderly patients.
The Company believes that the Agreement will enhance the market competitiveness of Shangkang Life Science's current array of specialized medical products. Furthermore, it is expected that both parties will cooperate in upgrading their products to develop and optimize the high-tech diagnostic system with the aim of creating a strong and sustainable market presence.
As China's society ages, the Company believes that the traditional model of geriatric care faces many challenges. According to a newsletter released by the Chinese Government on January 17, 2024, the market scale of China's ‘silver economy' is expected to reach RMB 30.0 trillion (US$ 4.1 trillion) by 2035. The Company believes that with the cooperation of the two companies in the areas of biotechnology and AI, their new smart products designed for the geriatric healthcare industry has great market potential.
Jennifer Zhan, CEO of Shineco, said, "We are very optimistic about the cooperation between Shangkang Life Science and Turing Video. We believe that our joint efforts will not only enrich our product line but also integrate the two companies' core competencies through the introduction of biotechnology."
"We are confident that our efforts will result in the development of life-saving and life-enhancing smart products for China's growing elderly population. We plan to pursue an array of opportunities in the field of intelligent health care so that more elderly people can longer fuller lives and benefit from the development of new medical devices and technologies."
About Shineco, Inc.
Shineco Inc. ("Shineco" or the "Company") aims to ‘care for a healthy life and improve the quality of life', by providing safe, efficient and high-quality health and medical products and services to society. Shineco, operating through subsidiaries, has researched and developed 33 vitro diagnostic reagents and related medical devices to date, and the Company also produces and sells healthy and nutritious foods. For more information about Shineco, please visit www.biosisi.com/.
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