The COVID-19 pandemic is boosting sales of home-use medical devices.
Cofoe Medical, a company offering home-use medical devices, submitted an IPO on ChiNext’s board on Shenzhen Stock Exchange. Compared to the previous year, the COVID-19 outbreak has boosted sales by 87.65 million, on top of the CNY 124 million reached in 2019.
Founded in 2009, the healthcare company primarily engages in the development, manufacturing, distribution and services of family-use medical devices, covering health monitoring gadgets, respiratory support, Chinese medicine-based therapeutic devices, recovery auxiliaries and nursing care.
A combination of online and offline selling strategies has contributed to increased sales in 2019. It has built a distribution network by landing on third-party B2C platforms such as Tmall, JD.com, Pinduoduo and Suning – four giant e-commerce entities in China.
Cofoe is not the only healthcare to benefit from the outbreak. Winner Medical, backed up by Sequoia (China), also filed an IPO application to Shenzhen Stock Exchange to raise CNY 1.52 billion. Another home-use medical device provider, Yuyue Medical (002223:SZ), experienced a surging increase at the beginning of 2020.