Fitbit CEO James Park insisted the company’s new smartwatch is on track, as he revealed the device could pave the way for a set of new medical applications.

In an interview with Financial Times (FT) Park said the smartwatch, which he pledged will be the company’s “best product yet”, was in line to meet its expectations, despite reports its launch was in trouble.

He said the smartwatch could feature more precise GPS tracking, a music player and biometric sensors, as well as the potential for new medical applications, which would require regulatory approval.

Park said Fitbit’s long-term aim was to make its wearable technology a “must have” by being more integrated into the healthcare system.

Fitbit is facing increasing competition from the Apple Watch, as well as from Chinese manufacturers producing low cost wearable devices.

There is also added pressure on the next Fitbit smartwatch, given shares in the company have lost more than half their value over the past year after sales of wristbands went into decline, FT noted.

To counter the competition, Park said the device would offer better battery life, enable sleep tracking functions and make it easier for third party developers to create apps.

Park added he hoped Fitbit products could in future help people with more acute and chronic conditions.

The new Fitbit smartwatch is expected to arrive later this year, but Park declined to reveal an exact date.

“Everything is going to plan,” he added.