Rising as a powerhouse in Korea's artificial intelligence (AI) medical device market through its cooperation with Daewoong Pharmaceutical, Seers is accelerating its expansion overseas. It is building independent business capabilities by making the Middle East and the United States new growth pillars, and the industry sees this as a move to reduce reliance on Daewoong Pharmaceutical.
Daewoong Pharmaceutical, meanwhile, appears intent on further strengthening cooperation, having picked Seers as a key pillar in its Digital Healthcare expansion.
According to the pharmaceutical and biotech industry on the 24th, Seers is speeding up its overseas expansion while also moving to strengthen its own sales and marketing capabilities. The industry interprets this as a "de-Daewoong" strategy to increase the share of overseas business, reduce reliance on Daewoong Pharmaceutical, and establish an independent growth base.
◇ Rapid growth with Daewoong's backing… Seers takes No. 1 in Korea's "AI bed monitoring"
Founded in 2009, Seers set the stage for growth when it began collaborating with Daewoong Pharmaceutical in 2020. The two companies signed a domestic supply contract in 2024, and Daewoong Pharmaceutical currently handles domestic sales and marketing for Think, an AI-based inpatient monitoring solution, and Mobicare, a wearable electrocardiogram testing service. Seers is responsible for manufacturing, production, and technical support.
The collaboration between the two companies translated into results. Seers rose to No. 1 in market share in Korea's AI bed monitoring market. In just the first quarter of this year, the number of beds adopting Think increased by 6,000, bringing the total to about 17,000 beds. The supply price per bed is known to be around 3 million to 4 million won.
Thanks to this, first-quarter consolidated sales came to 32.5 billion won, up 700% from a year earlier, and operating profit swung to a surplus at 13.9 billion won. Boosted by increased supply volume, the company broke out of a loss-making trend starting in the second quarter of last year.
The industry cites Daewoong Pharmaceutical's sales power as the driving force behind this growth. Think has been introduced in some wards of Seoul National University Hospital and Samsung Medical Center, and additional ward installations are being pursued at Asan Medical Center and Samsung Medical Center.
A pharmaceutical industry official said, "Without Daewoong Pharmaceutical's strong hospital network, it would have been difficult to win large hospital orders over competitors like MEZOO and Huino."
◇ "The next stage is the Middle East and U.S. markets"… Seers strengthens its independent course
Having established its footing in the domestic market, Seers is now focusing on cracking overseas markets. In March, the company changed its name from Seers Technology to Seers. It said the move was aimed at strengthening its global brand image ahead of entry into the Middle East and U.S. markets.
It also reorganized to expand overseas business. The company recently hired Director Jeong Hoon, formerly of Japan's Daiichi Sankyo. Jeong is a pharmaceuticals and healthcare expert with about 19 years of experience across sales, marketing, and medical affairs. The industry views this as Seers moving to bolster its own sales and marketing capabilities and global network ahead of overseas expansion.
The overseas push already began in 2023. Seers has entered India, Hong Kong, Vietnam, Kazakhstan, and Mongolia, and plans to cultivate the Middle East and North Africa (MENA) as a core market. To that end, it secured UAE state-owned healthcare group PureHealth as a local partner. It also signed a three-year contract worth about 22 billion won to supply Mobicare products and services to PureHealth.
It is also broadening its business scope. Recently, it agreed with Samsung Fire & Marine Insurance to jointly pursue an AI Digital Healthcare platform business, raising expectations for expansion of the remote patient monitoring solution market.
Mobicare's entry into the United States is also taking shape. The company is currently proceeding with supplemental procedures for 510(k), the U.S. Food and Drug Administration's premarket notification. If a decision on clearance is made next month, it is expected to launch a local proof-of-concept project in the United States. The industry expects the company to first secure results in the Middle East market and then mount a full-fledged push into the U.S. market. The earliest commercial launch is projected for the second quarter of next year.
◇ Daewoong bets on "400 billion won" Digital Healthcare… why it can't let go of Seers
The contract between the two companies is set to expire in 2028. While both sides are keeping the door open to renewal, there is a difference in temperature over long-term strategy. Whether the partnership will be expanded through overseas business is also cited as a key variable.
At an investor relations session in Feb., CEO Lee Young-shin said, "If results are good, we could renew (with Daewoong Pharmaceutical)," but drew a line on the possibility of joint overseas expansion, noting, "We already have overseas distributors," and adding, "If the conditions are right, we can collaborate."
Daewoong Pharmaceutical views Seers as a partner it can ill afford to lose. Daewoong Pharmaceutical has designated AI Digital Healthcare as a future growth engine and set up a dedicated organization last year. It has set a goal of achieving 400 billion won in related business revenue within 10 years.
According to the industry, Seers emerged as one of the leading candidates during a review of acquisitions of Digital Healthcare companies in which Yoon Seok-min, the eldest son of former Daewoong Pharmaceutical Chairman Yoon Jae-seung, is involved.
Daewoong Pharmaceutical is also reportedly considering combining various AI solutions centered on Think, including the ring-type cuffless blood pressure monitor CartBP and ZenNote, an automatic medical record solution based on voice recognition from Puzzle AI.
An industry official said, "While Seers is seeking to build an independent growth base by expanding overseas rather than in the domestic market, Daewoong Pharmaceutical wants to broaden cooperation with Seers as a key partner in its Digital Healthcare business."
The official added, "It is in the same vein that the side of former Daewoong Pharmaceutical Chairman Yoon Jae-seung is showing interest in acquiring Seers," and said, "Given that Daewoong Pharmaceutical has leveraged its hospital and medical institution network to build Seers into the No. 1 company by market share, it likely sees this as the time to recoup investment returns and will not let go easily."