Trinity Biotech to Initiate CGM Market Study in India in Furtherance of Intended Collaboration with Bayer
Rhea-AI Summary
Trinity Biotech plc (Nasdaq: TRIB) has announced plans to initiate a Continuous Glucose Monitoring (CGM) market study in India, furthering its intended collaboration with Bayer. This study aims to gather feedback from diabetes patients and healthcare professionals to refine the design of Trinity Biotech's next-generation CGM solution for the Indian market. The company has entered a non-binding Letter of Intent with Bayer for launching a CGM device in China and India.
India, with over 100 million people living with diabetes, presents a significant market opportunity. Trinity Biotech aims to increase access to CGM technology across India by offering a low-cost care solution. The company's next-generation CGM features an innovative modular design that enhances user experience while reducing cost and waste.
Positive
- Non-binding Letter of Intent with Bayer for CGM device launch in China and India
- Initiation of CGM market study in India to refine product design
- Potential to tap into India's large diabetes market of over 100 million people
- Development of low-cost CGM solution to increase market accessibility
- Innovative modular design enhancing user experience while reducing cost and waste
Negative
- Non-binding nature of the Letter of Intent with Bayer
- CGM use not yet widespread in India, indicating potential market adoption challenges
Insights
Trinity Biotech's initiative to conduct a CGM market study in India is a strategic move with significant potential. The Indian diabetes market, with over 100 million affected individuals, presents a vast untapped opportunity for CGM technology. However, several challenges must be addressed:
- Low current CGM adoption rates in India
- Need for cost-effective solutions in a price-sensitive market
- Competition from established diabetes management methods
Trinity's focus on a low-cost offering aligns well with market needs, potentially driving wider CGM adoption. The collaboration with Bayer, a well-established pharmaceutical company, could provide valuable distribution channels and market credibility. However, the non-binding nature of the Letter of Intent introduces uncertainty. The success of this venture will largely depend on Trinity's ability to deliver an affordable, user-friendly CGM solution tailored to the Indian market's specific needs.
Trinity Biotech's approach to the Indian CGM market demonstrates a user-centric innovation strategy. By conducting an in-country study to gather feedback from both patients and healthcare professionals, the company is positioning itself to develop a tailored solution that addresses specific market needs. This approach is important in a diverse and complex market like India, where:
- Healthcare infrastructure varies significantly across regions
- Patient education and awareness about diabetes management differ widely
- Cultural factors can influence technology adoption
The company's focus on reducing cost and waste through a modular design is particularly noteworthy. If successful, this could not only make CGMs more accessible in India but also set a precedent for affordable diabetes management solutions in other emerging markets. However, the challenge lies in balancing cost reduction with maintaining product quality and reliability, which are critical factors in medical device adoption.
DUBLIN, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Trinity Biotech plc (Nasdaq: TRIB), a commercial-stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors, today provided an update on its development and global launch plans for its next generation Continuous Glucose Monitoring (“CGM”) technology. CGMs are small patch-like wearable medical devices that use biosensor wires under the skin to measure glucose in real-time. These devices are increasingly popular in diabetes management and health monitoring.
As previously announced, Trinity Biotech has entered into a non-binding Letter of Intent with Bayer for the launch of a CGM device in China and India. As part of this, Trinity Biotech is launching an in-country study of the India market for CGMs. In this study, Trinity Biotech will gather feedback from people who have been diagnosed with diabetes and healthcare professionals. The insights from this study will support the refinement of the design of Trinity Biotech’s next generation CGM solution to optimise it for an intended launch in the Indian market.
India faces a significant public health challenge with over 100 million people living with diabetes and a rise in both Type 1 and Type 2 diabetes. To date, CGM use in India is not widespread, but has been trending higher recently with increasing awareness about self-care. With a low cost of care offering, Trinity Biotech intends to increase access to CGM technology across India, providing an innovative and affordable path to high quality healthcare.
David Ouston, Biosensor Marketing Director of Trinity Biotech, said, “We’ve made significant progress in the development of our next generation CGM, with an innovative reimagining of our modular design that enhances user experience while continuing to reduce cost and waste. To inform the continued refinement and optimization of our next generation technology, we’re eager to gather more insights on CGM utilization and the patient experience in India. We are excited to explore collaboration with Bayer on this important journey.”
Forward-Looking Statements
This release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), including but not limited to statements related to Trinity Biotech’s cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations. Trinity Biotech claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterised by the terms “may,” “believes,” “projects,” “expects,” “anticipates,” or words of similar import, and do not reflect historical facts. Specific forward-looking statements contained in this release may be affected by risks and uncertainties, including, but not limited to, our ability to capitalize on our purchase of the assets of Waveform, our continued listing on the Nasdaq Stock Market, our ability to achieve profitable operations in the future, the impact of the spread of COVID-19 and its variants, potential excess inventory levels and inventory imbalances at the company’s distributors, losses or system failures with respect to Trinity Biotech’s facilities or manufacturing operations, the effect of exchange rate fluctuations on international operations, fluctuations in quarterly operating results, dependence on suppliers, the market acceptance of Trinity Biotech’s products and services, the continuing development of its products, required government approvals, risks associated with manufacturing and distributing its products on a commercial scale free of defects, risks related to the introduction of new instruments manufactured by third parties, risks associated with competing in the human diagnostic market, risks related to the protection of Trinity Biotech’s intellectual property or claims of infringement of intellectual property asserted by third parties and risks related to condition of the United States economy and other risks detailed under “Risk Factors” in Trinity Biotech’s annual report on Form 20-F for the fiscal year ended December 31, 2023 and Trinity Biotech’s other periodic reports filed from time to time with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements were made. Trinity Biotech does not undertake and specifically disclaims any obligation to update any forward-looking statements.
About Trinity Biotech
Trinity Biotech is a commercial stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors. The Company develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market and has recently entered the wearable biosensor industry, with the acquisition of the biosensor assets of Waveform Technologies Inc. and intends to develop a range of biosensor devices and related services, starting with a continuous glucose monitoring product. Our products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood. Trinity Biotech sells direct in the United States and through a network of international distributors and strategic partners in over 75 countries worldwide. For further information, please see the Company's website: www.trinitybiotech.com.
| Contact: | Trinity Biotech plc | LifeSci Partners, LLC | ||
| Louise Tallon | Eric Ribner | |||
| (353)-1-2769800 | (1)-646-751-4363 | |||
| investorrelations@trinitybiotech.com | ||||
| RedChip Companies Inc. | ||||
| Dave Gentry, CEO | ||||
| (1)-407-644-4256 | ||||
| TRIB@redchip.com |
FAQ
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