Press Release: ieCrowd Secures New Strategic Market Partner in Southeast Asia for Market Access and Product Distribution
Expanding Access to Emerging Markets, ieCrowd Welcomes Publicly-traded South Korean Company YuYu Pharma, Inc. as a Global Market Partner
RIVERSIDE, Calif.--(BUSINESS WIRE)--ieCrowd, the discovery-to-market commercialization company focused on developing innovative solutions to address global life and health challenges, today announced that it has established an alliance with South Korea’s Yuyu Pharma Inc. (Yuyu), expanding ieCrowd’s access to Southeast Asian consumer and B2B markets for its future products and market offerings.
Yuyu is a South Korean public company that manufactures, markets and distributes a range of medicines, healthcare products, medical devices and cosmetics throughout Asia. It will serve as a strategic partner for developing and expanding markets for ieCrowd products in three countries – South Korea, Malaysia and Indonesia.
ieCrowd intends to develop strategic partnerships in targeted regions around the world for the purpose of establishing market and distribution access for ieCrowd’s future innovations and products. This strategic partnership is focused on the development of clear paths to market for ieCrowd’s future products in three important Southeast Asian economies and provides an opportunity for future growth in the surrounding Asian region. The alliance also provides ieCrowd with Yuyu’s expertise in establishing regulatory approvals for future products.
“Strategic partnerships are a critical component of the design of our company, with market partners enabling us to quickly and efficiently bring our future products to market,” said Amro Albanna, ieCrowd’s chairman and CEO. “Yuyu’s culture of excellence, innovation and commitment to building products that solve real challenges in the market make it a perfect partner for us.”
ieCrowd intends to form strategic partnerships with companies in important markets, like Southeast Asia, so that future ieCrowd products can move to market rapidly and efficiently. ieCrowd's partnership with Yuyu is the first step in developing access to additional markets in other ASEAN countries – including Australia, New Zealand, the Philippines and Thailand, among others.
“ieCrowd’s model for innovation commercialization and advancing scientific breakthroughs to international markets is absolutely needed in today’s global economy. We are honored to be ieCrowd’s strategic market partner in Southeast Asia,” said Seung Pil Yu, Yuyu Pharma’s chairman and CEO. “We’ve been building Yuyu over three generations, and we’re proud that it is among the companies chosen by ieCrowd to help advance this new approach to solving global challenges.”
Yuyu was attracted to ieCrowd by Kite Patch, which is being developed to help prevent mosquito-borne diseases such as Malaria via a small wearable patch.
“ieCrowd solution candidates, such as Kite Patch, are being developed to have the potential to solve significant global challenges. By knowing the markets intimately, our partners and ieCrowd’s crowd orientation are expected to enable us to get products, when they are ready, to many people within a short period of time,” said Wonsang Yu, Yuyu Pharma’s vice president.
Innovation Economy Corporation’s (DBA ieCrowd) mission is to transform breakthrough life and health discoveries into solutions capable of solving global challenges. ieCrowd's disruptive business model combines entrepreneurship and the collective power of the Crowd. It follows a three-pronged approach by working with research institutions to identify promising technologies, developing a business around the solution and launching products to a global market using strategic partners. The crowd plays an integral role in each stage of ieCrowd’s mission to solve global challenges – from crowd-sourced innovations to crowd-funding, and crowd-supported product development to crowd-sourced market solutions. Founded in 2010, ieCrowd has established a global ecosystem of 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 at @ieCrowd, https://linkedin.com/company/iecrowd and https://www.facebook.com/ieCrowd.
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