Sleep apnea doesn’t discriminate. The condition occurs everywhere, and that’s where ResMed, Inc. (NYSE: RMD) is going.
On March 8, the medical device maker bought HB Healthcare in Seoul, South Korea, for an undisclosed amount. HB provides home medical equipment provider and serves both reimbursed and cash-pay customers to assist with sleep apnea, chronic obstructive pulmonary disease (COPD) and other respiratory conditions.
The move comes after the Korean government’s July 2018 decision to begin National Health Insurance Service reimbursement for sleep apnea diagnosis and CPAP treatment devices. One in five Korean adults could have sleep apnea, according to a study by Ansan Hospital, Korea University and the Korea Center for Dieseases Control and Prevention, cited in the press release announcing the deal.
ResMed expects its AirSense 10 and AirMini (the world’s smallest CPAP) can help people seeking an in-home remedy for sleep conditions.
ResMed made two deals in 2018, buying MatrixCare in November for $750 million and Propeller Health in December for $225 million. Both are U.S.-based companies with products in durable home medical equipment and digital solutions for people with COPD.