Japan’s Sumitomo Corp. has invested in Florida-based medical company Vast Medical Holdings, marking its entry into the U.S. market and expanding its presence in the global healthcare industry, Nikkei Asia reports.
Sumitomo declined to disclose the amount of the investment but said it was a “meaningful” ownership stake in Vast Medical Holdings, the parent company of Quest Health Solutions, a provider of glucose monitors for diabetes patients.
According to Jeremy Yap, general manager of the healthcare group and business development group at Sumitomo Corp. of Americas, the investment will allow Quest to accelerate the expansion of its business and network of care providers in the United States.
Yap added that Quest’s services will be applied to Sumitomo’s existing healthcare holdings in Japan and Southeast Asia, where it has significant business in Malaysia and Vietnam.
Meanwhile, Quest CEO and Co-founder Adam Nadler said:
“The confidence shown by Sumitomo Corp. of Americas, and its alignment with our vision for the industry, adds tremendous momentum to our growth plans. Finding a partner who believes in our model was critical to our priorities.”
Sumitomo, one of Japan’s largest trading houses, owns Japanese drugstore chain Tomod’s and other healthcare businesses like clinics and care services in Southeast Asia. But, the company said it will focus on the U.S. market before it brings Quest’s services to Southeast Asia.
