Currently, our major form of marketing activities of product candidates under development is academic outreach, by which we are dedicated to grow our brand recognition through regular interaction with physicians, offering training programs, and leveraging our network with KOLs.
Regular interaction with physicians, hospital executives and researchers
To increase awareness of our product candidates, we regularly interact with physicians, hospital executives and researchers in the field. Such interaction is fostered through regular visits and communications, on-site demonstration of our product candidates, training and education programs. Although patients are the end-users of our product candidates, physicians and procurement departments of hospitals decide what products to stock and physicians typically recommend to patients what products to use. As physicians become more knowledgeable and experienced with our product candidates, they will be more likely to recommend our product candidates to our target patients. In addition to accelerating the market awareness and adoption of our product candidates, our communications with physicians provide us with continual feedback on our product candidates and trends in the market, which helps guide our research and development projects.
Offering training programs.
With respect to regular training sessions including on-site demonstration of our product candidates at hospitals, we promote our product candidates by leveraging our existing relationships with hospitals and expanding our hospital coverage. We aim to provide training to hospitals and physicians to introduce our product candidates in over 50 Class II and Class III hospitals in China by the end of 2022. In particular, we plan to expand our sales channels to hospitals that have heart valve surgical centers or cardiac catheterization labs by potentially making substantial investments in physician trainings for certain product candidates in order to gain market acceptance upon their commercialization.
Educational symposia, conferences, seminars
We regularly organize and attend educational symposia, conferences, seminars, and other activities at national, regional and local levels. For example, our LuX-Valve and Ken-Valve were introduced at China Heart Congress (CHC) 2020 in conjunction with the 5th China Vascular Congress (CVC), a national week-long conference encompassing over 370 academic events and 1,500 academic lectures with more than ten million onsite and online views. Our product candidates were also introduced at EuroPCR 2021 and 2022, which is an official annual meeting of the European Association of Percutaneous Cardiovascular Interventions (EAPCI), as well as 2020 PCR-CIT China Chengdu Valves and China Valve (Hangzhou) 2020 and 2022, among other international conferences. We have also recently participated in Oriental Congress of Cardiology in May 2022 and TVT 2022 (the Structural Heart Summit) in June 2022. We believe that due to our advanced technology, our product candidates have been among the central topics of academic discussions and examples for training. These seminars and conferences allow us to introduce our product candidates, share our clinical results and enhance experts’ awareness of clinical benefits of our product candidates. Going forward, we plan to organize and participate more academic conferences of the aforementioned kinds on a yearly basis.
Leveraging our network with KOLs
We rely on KOLs to introduce and recommend our product candidates to physicians and hospitals. KOLs generally seek to learn the latest therapeutic options available within their areas, as well as introducing cutting-edge technologies and products that they believe have clinical benefits to other physicians. This will help maintain their authority and standing within the broader medical community. We believe that these KOLs’ independent views on our products help increase the market recognition of our product candidates among the wider medical community across the country. When selecting KOLs for a specific academic event, we consider factors such as the candidate’s vocational affiliation, the purpose and scale (local, regional or national) of the event, as well as the candidate’s academic and professional backgrounds, medical specialties and reputation in the industry. We also consider whether they have participated in clinical studies or published academic articles in the field of the specific structural heart diseases on which we have focused and developed relevant interventional products, so that we are able to better leverage our network with them.
Unleash the Potential of Global Layout
As an interventional cardiovascular device company in China with global ambitions, we plan to continue our endeavors in various international markets and are determined to build a world-class company with global influence. Leveraging our in-house R&D capabilities, we have built a global proprietary patent portfolio, which spans across domestic and overseas markets. We also plan to collaborate with global medical device companies, research institutions, and hospitals to develop and implement our international strategy.
We are preparing various clinical trials in Europe, and we plan to expand our presence in emerging markets. For example, we plan to conduct the clinical trials of LuX-Valve Plus, MitraPatch, JensClip and JensT-Clip in Europe for CE Marking. We are currently in the process of initiating the clinical trial for LuX-Valve Plus and expect to initiate the clinical trials for MitraPatch, JensClip and JensT-Clip in 2023. With our extensive experience in product development, we believe LuX-Valve Plus has the potential to become the first TTVR product developed in China and marketed in Europe. We will also seek product registrations in other overseas markets, especially countries that recognize CE Marking or the NMPA approval, such as South Korea, Brazil, Thailand, Argentina and Singapore. We are also evaluating opportunities in other territories and may consider entering those territories and conducting local clinical trials for product registration in those territories in the future. We expect that the procedures implementing LuX-Valve Plus that have been successfully performed in Canada, France and Germany and those to be further performed in countries including the U.S., France and Spain in the near future will facilitate the product’s overseas registration and commercialization as part of our global strategies.
As part of our international strategy, we will steadily expand our academic coverage into overseas markets and continue to participate in international heart valve conferences and academic events, such as the Transcatheter Cardiovascular Therapeutics (TCT) conference and congenital and structural valvular heart intervention conference (CSI). We plan to continue to actively participate in or sponsor key industry conferences and events in the future to promote our brand “Jenscare” in China and globally.
We aim to continue to develop innovative technologies and endeavor to apply those technologies to our pipeline products. Meanwhile, we also plan to actively seek opportunities for strategic acquisitions or investments to grow our business, expand our product pipeline and IP portfolio, and enhance our R&D capabilities and our market position. Leveraging our experience in the heart failure medical device market derived from the acquisition of Ningbo DioChange in 2020, we plan to identify pioneering projects or companies with high growth potential in China and overseas. We may also consider acquiring the IP portfolio of, or pursuing licensing arrangements with, third parties, where we elect not to conduct in-house R&D.
In the short term, we plan to focus primarily on the China market, and may consider acquiring or licensing advanced IP portfolios that are complementary to our existing portfolio, especially in the field of transcatheter valve therapies. In the mid- to long-term, we plan to gradually increase our acquisition and investment efforts as our operations and financial resources grow. In addition to acquiring technologies, we may consider acquiring, or investing in, companies with mature product lines or with operations outside China. We believe our proprietary technologies, R&D capabilities, product registration experience, and growing commercialization infrastructure will enable us to integrate those acquired products effectively and expedite their commercialization.