ABBOTT Laboratories said on Monday (Jun 11) the US health regulator had cleared the company’s two new over-the-counter glucose monitoring devices, expanding its presence in a fast-growing, multi-billion-US dollar market.
The devices, one for the health-conscious and another for those with diabetes, follow the company’s FreeStyle Libre, which generates over US$1 billion every quarter and is sold under prescription for patients with diabetes.
One of the new OTC devices, Libre Rio, targets people with type two diabetes who do not use insulin and typically manage their diabetes through lifestyle modifications.
The Food and Drug Administration’s clearance for Libre Rio allows access to a continuous glucose monitor for 24.5 million type two diabetes patients who do not use insulin, RBC Capital Markets analyst Shagun Singh said.
The other product, Lingo, will help to track glucose and provide personalised insights to improve overall well-being.
Abbott plans to launch Lingo this summer, a spokesperson said, without disclosing details on pricing. The company said it would share details on pricing and availability of Libre Rio later.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Lingo is available in Britain since January for £120 (S$207) to £150 per month.
Abbott believes the new devices combined can be at least a US$1 billion plus in annual sales opportunity as a first stop, the RBC analyst said.
Libre Rio and Lingo will compete with Dexcom’s Stelo, which in March became the first continuous glucose monitor to be approved by the FDA for OTC sales.
Shares of Abbott were up about 1 per cent in morning trade. REUTERS
