Introduction to UMED
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Introduction to UMED

Tags
HardwareMedicalHealthcareUrology
Website
http://umedglobal.com/eng/
Team size
10
Capital raised

$350K

Revenues 2023

$25K

Founding year
2020
Contact Name

Kangwoo (Ken) Lee, CEO

Contact email

ā° TL;DR (Too Long; Didn't Read)

ā˜
UMED develops innovative urology devices, including an automated bladder irrigation system (UroRinse Light) and a specialized catheter for drug delivery

šŸ’”The Idea

  • Manual bladder irrigation is time-consuming (60-80 minutes) and requires skilled medical staff
  • To help patients and caregivers, UMED developed:
    • UroRinse Light, an automatic Intermittent Bladder Irrigation System. The system reduces irrigation time from 60-80 minutes to 5 minutes and standardizes treatment to reduce infection risk
    • UroAll Solution Catheter, a specialized catheter for direct drug injection into the urethra

šŸ„‡Benefits

  • Decreased risk of infections due to reduced manual handling
  • Significantly reduced treatment time (5 minutes vs. 60-80 minutes)
  • Standardized and automated solution for consistent treatment
  • Increased accessibility for home use
  • Improved quality of life for patients with chronic bladder issues

šŸ’µBusiness Model

  • Hardware: Sale of UroRinse Light devices to hospitals, nursing homes, and for home use
  • Consumables:
    • Specialized solution caps (weekly replacement)
    • Catheters (already selling to hospitals in Korea)
    • Irrigation solutions (potential future product)
  • Potential collaboration with pharmaceutical companies for developing irrigation solution additives

šŸŒŽMarket data

  • Approximately 1.4 billion catheters are sold per year globally. The global urinary catheters market, valued at $2.42 billion in 2023, is expected to appreciate and reach $3.4 billion by 2030 (source)
  • Continuous Bladder Irrigation DevicesĀ Market was valued at $1.35 billion in 2023 and is expected to grow to $1.87 billion by 2030 (source)

šŸš€Status

  • UroAll Solution Catheter: Regulatory approved and selling in Korea
  • UroRinse Light:
    • Successful large animal testing with working prototype
    • Mass production version prototype expected by end of July/early August 2024
    • Regulatory trials in Korea to begin after prototype completion
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šŸ“‹Regulation

  • UroRinse Light classified as Class II medical device in Korea
  • Existing product group and hospital code identified for reimbursement in Korea
  • Planning to meet both KFDA and FDA standards in upcoming regulatory trials

šŸ“£Promotional materials

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