There are 1.6 million in dividuals with Type 1 Dabetes in the US.9 100% of patient population require daily insulin injection. Only 1 out of 3 currently use an insulin pump.
32% of population utilizes insulin pumps for diabetes management
68% of the population rely on multiple daily injections for diabetes management
All drugs and medical devices must meet three standards.
The product must be desired by the market: feature and cost competitive, attractive to users.
The product must be approvable by the FDA: meets all testing and regulatory requirements and specifications. Able to navigate the approval and documentation process.
The product must be profitable to manufacture and to sell. Engineered to be low cost and easy to manufacture. Designed to be sold to and through providers, not users.
Abbott Libre Freestyle made continuous glucose monitoring easier and more affordable. This expanded the product category and doubled its size.
We believe the insulin pump market is ready for a similar transition.
“In short, Flash Glucose Monitoring is fundamentally trying to take something that is more “professional” (i.e., traditional CGM) and make it more accessible to the masses. In consumer-packaged goods, examples of this strategy include home espresso makers (Keurig), cleaning products (e.g., dilatable floor cleaners, spray cleaners, wipes, toilet wands), and teeth whitening (e.g., whitening strips).
In these cases, the new innovation completely changed the entire category; we look forward to seeing if Flash Glucose Monitoring does something similar in diabetes.”
-Kelly Close, 2014