RIVERSIDE, Calif., July 14, 2015 /PRNewswire/ -- Innovation Economy Corporation ("ieCrowdTM") today announced a new strategic alliance to expand its future access to healthcare and consumer markets in East Asia for ieCrowd's portfolio of medical and health technology innovations that it is commercializing for future sale. ieCrowd and Yuyu Pharma, Inc. ("Yuyu"), a publicly-traded South Korean company, signed an agreement on April 1, 2015 by which ieCrowd gains access to markets comprised of over two billion people in developed and emerging economies, ranging from Japan to Indonesia, which provides the potential of significant markets for each of ieCrowd's medical and health technology businesses.
This new partnership, which expanded on a distribution agreement signed last year that granted Yuyu distribution rights for ieCrowd's future Kite-branded products in a few select countries, now provides Yuyu with a potential steady pipeline of future innovations from ieCrowd's medical and life science businesses for a broader set of countries within which Yuyu has existing businesses or business partnerships. Yuyu will have the right to deploy these future ieCrowd medical innovations into East and Southeast Asian markets directly, via additional ieCrowd or Yuyu partners, and/or in joint product development partnerships with leading global healthcare companies throughout the defined territory. Yuyu has and is strengthening a network of companies that will provide direct access to medical distribution, over-the-counter, specialty, and hospital-related channels and customers.
"ieCrowd is pursuing an aggressive strategy in Asia, and we believe this new partnership with Yuyu gives each ieCrowd business direct access to the right medical, healthcare, and consumer categories and channels for the future products each ieCrowd subsidiary is working to create," said Amro Albanna, ieCrowd's Chairman and CEO. "Yuyu is committed to excellence and is a champion of ieCrowd's efforts to create a global innovation commercialization platform - from securing a breakthrough innovation to final market deployment. We're honored to have them with us."
The agreements that form this partnership provide ieCrowd's businesses with market access in Japan, South Korea, Indonesia, Malaysia, Singapore, and the Philippines. ieCrowd currently has five health technology and medical device businesses in various development stages, and has recently signed options for an additional 28 new medical, life, and health technology innovations from a coalition of U.S. and international research universities.
"From its inception, Yuyu Pharma has been an innovation focused company," said Wonsang "Robert" Yu, Vice President of Yuyu Pharma. "We continually seek partners that we believe will help us bring breakthrough life and health innovations to Asia. We are excited by the prospect of expanding our partnership with ieCrowd to include new products and new territories. "
For more information about ieCrowd and its innovations in development, please visit www.iecrowd.com/innovations.
Innovation Economy Corporation ("ieCrowd™") is an emerging growth company seeking to bring the world together to unlock the potential of untapped innovations. ieCrowd aligns itself with universities and research institutions to secure the rights to develop life, health and wellness innovations into what it believes may be transformative future products, platforms, services and technologies. ieCrowd was founded in 2010 and is building a global ecosystem, based on a Collaborative Economy model, that includes institutions, government agencies, universities, non-profits, companies and individuals – all committed to supporting ieCrowd's vision and mission. For more information about ieCrowd, visit www.iecrowd.com. Follow us @ieCrowd https://linkedin.com/company/iecrowd and https://www.facebook.com/ieCrowd
Yuyu Pharma, Inc. is one of the leading innovators and marketers of pharmaceutical products, medical devices, health supplements and cosmetics in South Korea and Asia. Yuyu's mission is to improve quality of life by providing the most effective and safest medical treatments in the market. Established in 1941, Yuyu Pharma has been listed on the Korean Stock Exchange since 1975 and recently opened an office in Kuala Lumpur, Malaysia in 2013. The company plans to expand into Indonesia, Singapore, the Philippines, Thailand, and Vietnam by 2020. For future product development, the company has adopted the practice of open innovation by building creative, long-term partnerships with health companies, universities, and hospitals in Korea, and plans to expand such partnerships to other institutions around the Asian region. For more information about Yuyu Pharma, visit: http://www.yuyu.co.kr/en
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SOURCE Innovation Economy Corporation