Governments and insurance companies around the world are
seeking innovative technologies that address the needs of the growing diabetic
population in over-burdened public and private healthcare systems. In the U.S.
alone, the national cost of diabetes in 2012 was $245 billion, compared to $174
billion in 2007.
LabStyle Innovations (OTCQB:DRIO) is answering this call
with a preventative approach that reduces the cost of care while improving
treatment and patient compliance. The company’s Dario™ Diabetes Management
Solution is designed to help people with diabetes manage their disease with
tools, insights and support via mobile phone.
The Dario™ all-in-one glucose monitoring solution includes a
glucose meter, disposable test strip cartridge, and lancing device – all in a
compact design that can fit into a pocket. The meter plugs into a smartphone device
to automatically log and track blood sugar levels to provide actionable
insights and alerts. Data is uploaded into a secure cloud database for
diabetes-related clinical trials.
The platform’s web interface simplifies data sharing and
progress, enabling easy and effective data management and ensuring patient
compliance and improved quality of care. The Caregiver portal is being
developed in order to assist caregivers to monitor their patients quickly and
easily as well as enable more effective intervention as necessary – ultimately
reducing costs.
Bottom line, Dario offers a preventative approach that
reduces the costs of care, improves treatment, helps to prevent complications
and facilitates patient compliance.
In April, LabStyle announced the initial stages of its
global rollout of the Dario Diabetes Management System. The company’s goal is
to “transform the daily management of diabetes” targeting the world’s more than
382 million people living with diabetes – a statistic expected to nearly double
to 592 million by 2035.
Dario has already received regulatory approval in Europe,
and U.S. FDA approval is expected later this year. The U.S. Patent and
Trademark Office granted LabStyle a patent covering core functions of the
Dario, and the company is pursuing patent applications in additional countries.
Dario is currently available in the United Kingdom, New Zealand, Netherlands
and Australia, and LabStyle plans to launch the solution in Canada and Italy
this year as well.
The Israel-based company participates alongside bigger
players addressing the global diabetes care market, including DexCom, Inc.
(NASDAQ:DXCM), which develops and markets glucose monitoring products for
adults and pediatric patients. Even Apple, Inc. (NASDAQ:AAPL) has jumped into
the glucose monitoring market with an Apple Watch app developed by DexCom.
In terms of sales, the diabetes market is dominated by drug
makers Novo Nordisk (NYSE:NVO), Sanofi (NYSE:SNY), and Merck (NYSE:MRK), in
that order, according to data analytics firm GlobalData. The same report shows
the Top 10 diabetes drugmakers, which also includes Pfizer (NYSE:PFE) and Eli
Lilly (NYSE:LLY), made $62 billion in combined global sales last year, up more
than 5 percent from the year prior.
If the crowded market and increasing number of diabetics
worldwide is any inclination, LabStyle is in an opportunistic position to take
its share of a rapidly growing market in need of innovative, cost-saving technologies
and solutions.
For more information, visit www.mydario.com
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