Shimmer, global leading provider of wearable wireless sensing systems is delighted to announce today a joint venture with Indian based ESSEN Electronic Systems Pvt. Ltd., an Embedded Electronics Systems company to bring a novel remote patient monitoring product to the rural Indian Healthcare market. The announcement was made in Bangalore during the Enterprise Ireland Trade Mission to India led by Pat Breen T.D. Minister for Employment and Small Business.
The joint venture will form a new company called EsMedtek® which will produce a novel wearable Electro Cardiogram (ECG) monitor called HEARTWEAR® designed to allow the a clinician to monitor a patient’s ECG from a remote location outside of a hospital setting, for example in their home, or a care home. This removes the cost and time associated with unnecessary travel to the clinic or hospital for the patient. Utilising Shimmers clinically validated body-worn sensors, ESSEN partnered with Shimmer to incorporate their award winning sensor platform in the HEARTWEAR® product. The deal is projected to be worth over €3.5M over 3 years to Shimmer, and is expected to create 15 jobs as a consequence.
Nearly 68% of India’s population live in rural areas where only 2% of doctors are working, making physical access to clinics and medical expertise extremely difficult and inaccessible for most of the population. HEARTWEAR® aims to make the most vital body monitoring accessible for its patients reducing the cost on the Healthcare system and for the user.
Today in Bangalore both Mr.Subramanya K.Dixit and Mr. Paddy White signed the letter of intent in the presence of Minister Pat Breen, the Minister for Employment and Small Business in Ireland, along with Mr. Brian McElduff, the Irish Ambassador to India. At the signing, the two companies confirmed the Joint Venture will be formed in the coming days. Both Mr.Subramanya K.Dixit and Mr. White agreed that strategically the setting up of ESMedTek® is the first step in what’s planned to be a long and successful relationship in the huge growth areas of wearables and remote monitoring market in India, with further products being released once HEARTWEAR® is established.
Congratulating Shimmer and ESSEN Electronic Systems Pvt. Ltd Minister Breen said “At the heart of our Action Plan for Jobs is building a new, sustainable, jobs-rich economy based on exports and innovation. I welcome this joint venture between two highly innovative companies which will improve patient outcomes and reduce healthcare costs in India while creating jobs in Ireland. This deal is an excellent example of how Irish companies can increase sales by working with Enterprise Ireland’s network of overseas offices to find partners in key growth markets such as India”.
Mr. Subramanya K Dixit, Vice President of Business Development at ESSEN Electronic Systems Pvt. Ltd, said “he and his 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”.
Mr. Paddy White, CEO of Shimmer said ‘”SSEN 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”.