NEW YORK, May 7 (Xinhua) -- U.S. reproductive health companies are keen to venture into the "huge and very underserved" Assisted Reproductive Technology (ART) market in China whose infertile population will reach 40 million by 2020.
China presents a unique opportunity for U.S. reproductive health companies as infertility patients in the country are expected to reach 40 million over the next two years, said Dr. Kevin Doody, Chairman of the Society of Assisted Reproductive Technology (SART), at a recent reception hosted by the Chinese Medical Doctor Association (CMDA) and Global Fertility & Genetics (GFG) Inc. in New York City.
SART has already partnered with CMDA in an initiative to advance the standards of practice of ART and related services in China, he said.
The primary organization of professionals dedicated to the practice of ART in the United States has also entered into an agreement with Shanghai University of Traditional Chinese Medicine in finding ways of integrating eastern and western approaches for better ART care, Doody said.
"Our intention is to have GFG and INVO Bioscience to partner with an exclusive agreement in the Hainan," said Katie Karloff, Co-founder of INVO Bioscience, in an interview with Xinhua after the reception. "The exclusivity will be for 3 years initially and we are working out milestone for continued exclusivity."
"As you know, the China market is huge and very underserved. INVO will provide initial devices free to get started and get some clinical data," Karloff said.
Karloff said Doody will be training the physicians and embryologists from GFG in New York so that they will be prepared to train physicians and embryologists in Hainan, the southernmost Chinese island.
Hainan Boao Lecheng International Medical Tourism Pilot Zone, the first of its kind in China, is the best place for the potential collaboration and communication between Chinese and U.S. medical institutions in the field of reproductive health, said Dr. Bo Hu, Chairman of the CMDA Health Management, and Health Insurance Professional committee, Chairman of the Ciming Boao International Hospital.
Hu also extended his welcome to U.S. ART companies to attend the 5th China (Beijing) International Trade Fair in Services (CIFTIS), to be held in Beijing from May 28 to June 1, to explore cross-border collaboration.
Boao Lecheng pilot zone is a demonstration project for China's healthcare reform. It enjoys nine special preferential policies, such as special permission for importing medical technology, medical equipment and medicine, under which foreign companies will be able to set up medical organizations and foreign medications can enjoy a special import tariff.
The pilot zone, six kilometers from the site of the Boao Forum for Asia, covers an area of 20 square kilometers and is expected to be completed in five years. About 27 projects have been completed or are under construction.