TytoCare, an Israeli company specializing in remote medical diagnosis and examination solutions, has inked a commercial collaboration agreement with the digital activities arm of Japanese insurance giant Sompo. This strategic alliance has been greenlit by the Japanese Pharmaceuticals and Medical Devices Agency (PMDA), marking a significant milestone in the partnership, and positioning the Japanese company to revolutionize healthcare for Japan’s elderly population.
Under the terms of the agreement, Sompo, in conjunction with Japanese company Allm, will implement and integrate TytoCare’s remote medical solution. The primary focus will be on elderly care, with an initial emphasis on nursing homes and the elderly care market.
Sompo, which operates an extensive chain of nursing homes for the elderly in Japan, boasting 301 facilities and 28,500 rooms, also manages 58 day centers and 505 centers providing various services for senior citizens. Japan faces numerous challenges in catering to its aging population, including soaring demand for services, a shortage of nursing care professionals, and the imperative to enhance service quality. Japan ranks among the countries experiencing the fastest population aging, with the proportion of people aged 65 and over already surpassing 30%.
“The collaboration between the three companies aims to upgrade the care of the elderly through the groundbreaking solution developed by TytoCare in the field of remote medicine, which includes a diagnostic camera, a digital stethoscope, and an AI-based clinical insights module that assists doctors in diagnosis,” said Yinnon Dolev, head of the Sompo Innovation Center in Israel.
“The purpose of the collaboration is to produce optimal data-based medical care, in places where the medical staff is not physically present.”
TytoCare, founded 11 years ago, has secured $205 million in funding to date and operates in several countries, including the US, UK, Switzerland, Australia, and Italy. TytoCare’s solutions cover eight common medical tests, such as temperature, heart rate, pulse, lung sounds, throat examination, ear examination, abdominal assessment, and skin inspection. The device transmits test results to the attending physician, facilitating remote medical assessments.
Dedi Gilad, TytoCare’s co-founder and CEO, expressed enthusiasm about the partnership.
“The collaboration combines our advanced telemedicine solutions with Sompo’s commitment to making healthcare services accessible to the Japanese market, and thereby enabling a significant leap forward in the experience and quality of healthcare services for older patients. We believe that in the end we can, together, improve the well-being of the community and set new standards for the quality and convenience of medicine in Japan in general,” he said.
Is free trade on the way?
In another significant development reflecting the strong trade relationship between Israel and Japan, the two nations are actively exploring the possibility of forging a landmark free trade agreement. Economy Minister Nir Barkat recently met with Japanese Economy, Trade, and Industry Minister Yasutoshi Nishimura in Tel Aviv, where they formalized an understanding of economic and innovation ties between Israel and Japan, according to a joint statement. Nishimura arrived in Israel with an 80-member business delegation from Japan to further strengthen their economic collaboration.
“There’s vast potential for Japanese businesses to invest in Israel and enhance trade with one of the world’s leading economies. Our nations share deep-rooted historical and cultural ties, built on common values and innovative mindsets,” Barkat said. “The persistent strengthening of our trade relations in recent years is a testament to the mutual commitment to pushing our economies forward.”