Updated on 2 January 2013
What was the reason behind licensing OneTouch Verio to LifeScan and not taking the product to the market on your own?
Our competency, when we met LifeScan during our initial days, when we were smaller company doing clever development work on technology, and still today as a company, is in technology development and manufacturing. We wouldn't claim today to be experts in sales and marketing and more importantly we don't have the reach and customer base. So it is important for us to work with other leaders in the field. And so when we met LifeScan, we thought it was a good combination of our technical skills and their ability to reach customers.
What are the other things that you can diagnose using this technology?
We have a partnership with Siemens Healthcare. For them, we are in the process of developing a series of coagulation tests. The first test is expected to be launched by Siemens in 2013, which is to determine how quickly the blood clots. These tests are referred to as Prothrombin Time (PT) and International Normalized Ration (INR) tests. These tests are done when one is on a drug warfarin, a blood thinner. If one is taking warfarin over a period of time, the individual needs to do this PT-INR tests regularly. This is our second product which has a very large market. We are also developing other coagulation tests for Siemens.
When was OneTouch Verio launched?
LifeScan is launching the product country-by-country. In 2011, they made the product available in the bulk of the European market. Earlier in 2012, the product reached the US. There are more markets to come including Asian markets and that's just a question of time.
What are some of the milestones that the company has achieved since inception?
First of all, we have developed a technology platform (both strips and readers) with the ability to manufacture the technology at a world scale by meeting regulatory requirements from all over the world. To be able to do that in a large market such as diabetes is an achievement.
We are also proud to have strong relationships with LifeScan and Siemens. Other thing that we are proud of is that we are selling our product (through our partner) into some of the world largest and demanding market where countries such as North America, which is very hard to penetrate from regulatory and competition point-of-view. This year we saw our revenue more than double. So we are starting to see some rewards.