04.22.15
Taiwanese manufacturer Hon Hai Precision Industry Co. Ltd., much better known as Foxconn Technology Group, has been gearing up to join the medical technology world in a big way. As the world’s largest electronics contractor manufacturer and the third-largest information technology company by revenue, the company is a giant by any standard. Although it has garnered some controversy in the past, most prominently allegations of worker abuse and a challenge to Apple Inc. to rethink their contract with Foxconn, the company has recovered from each criticism and remains and strong as ever.
The company famously manufactures and assembles Apple’s ubiquitous iPhones, but its large size allows it to have provided services to some of the world’s largest companies, including Google, Amazon, Ace, Dell, Microsoft and Nintendo.
Last year, Foxconn acquired a stake in San Diego, Calif.-based continuous vital signs monitoring company Sotera Wireless Inc. for an undisclosed sum—according to U.S. Securities and Exchange Filings, Sotera had raised $20 million from undisclosed backers last April. According to Leonard Wu, general manager of Foxconn’s healthcare business group, the company is now in talks with Palo Alto, Calif.-based Varian Medical Systems to obtain the rights to sell radiation-treatment devices in China. Wu also said he expects Foxconn’s medical device business to ramp up from $20 million last year to $200 million in revenue come 2020.
Last year Foxconn injected $5.5 million into smartphone-enabled hearing device company Soundhawk, which doesn’t like to call its devices hearing aids because it doesn’t bill itself as a medical device company.
Foxconn has seen the value in in the health space for some years now. In 2011, the company made an undisclosed investment in the martwatch maker WIMM Lbas, which was later bought by Google in 2013. Foxconn helped the technology giant develop its smart-watch strategy.
As health becomes more wireless and mobile-based, Foxconn is uniquely situated to harness this new market, with its extensive experience in mobile technology manufacturing and research and development. Well before Apple released the Apple Watch, Foxconn released its own smart watch in 2013, which came equipped with health and fitness sensors.
The company famously manufactures and assembles Apple’s ubiquitous iPhones, but its large size allows it to have provided services to some of the world’s largest companies, including Google, Amazon, Ace, Dell, Microsoft and Nintendo.
Last year, Foxconn acquired a stake in San Diego, Calif.-based continuous vital signs monitoring company Sotera Wireless Inc. for an undisclosed sum—according to U.S. Securities and Exchange Filings, Sotera had raised $20 million from undisclosed backers last April. According to Leonard Wu, general manager of Foxconn’s healthcare business group, the company is now in talks with Palo Alto, Calif.-based Varian Medical Systems to obtain the rights to sell radiation-treatment devices in China. Wu also said he expects Foxconn’s medical device business to ramp up from $20 million last year to $200 million in revenue come 2020.
Last year Foxconn injected $5.5 million into smartphone-enabled hearing device company Soundhawk, which doesn’t like to call its devices hearing aids because it doesn’t bill itself as a medical device company.
Foxconn has seen the value in in the health space for some years now. In 2011, the company made an undisclosed investment in the martwatch maker WIMM Lbas, which was later bought by Google in 2013. Foxconn helped the technology giant develop its smart-watch strategy.
As health becomes more wireless and mobile-based, Foxconn is uniquely situated to harness this new market, with its extensive experience in mobile technology manufacturing and research and development. Well before Apple released the Apple Watch, Foxconn released its own smart watch in 2013, which came equipped with health and fitness sensors.