Healthcare equipment maker Opto Circuits (India) today said it has entered into an agreement with Japan's Omron Healthcare to distribute equipment used for treatment of heart disease in the Japanese market.
The company's arm, Cardiac Science Corporation, has entered into an exclusive distribution agreement with Omron Healthcare to distribute Omron Automated External Defibrillator (AED) Powerheart G3 HDF - 3000 in Japan, Opto Circuits (India) said in a statement.
The agreement is for marketing of products which have been approved by Japan's Ministry of Health, Labour and Welfare (JMHLW).
External defibrillators are medical devices that diagnose life-threatening abnormal heart rhythms and deliver electrical energy to the heart to restore its normal rhythm.
"Omron, a leading healthcare company dedicated to the prevention of heart disease, will distribute the AEDs through its home-use and medical healthcare devices division and will optimally utilise sales channels of business partners," the company said.
Commenting on the development Opto Circuits CMD Vinod Ramnani said: "We are pleased to partner with a well known brand like Omron Healthcare to gain a strategic re-entry into the lucrative Japanese market with our emergency life saving product".
Japan is the second largest AED market in the world with 65,000 AEDs sold annually. In 2004, the Japanese government passed a law permitting the common man to operate AEDs, prior to which, AEDs were operated only by designated healthcare professionals.
Last month Cardiac Science Corporation had received approval from JMHLW to market Powerheart G3 AED in Japan.
"Cardiac Science and Omron Healthcare are currently engaged in market launch preparations, with commercial release and first revenue sales expected in August 2011," it added.
Shares of Opto Circuits (India) were today trading at Rs 289.65 on the Bombay Stock Exchange in late afternoon trade, up 0.96% from its previous close.