When it comes to connected insulin pens Bigfoot BioMedical has been very vocal that they have the best damn thing since sliced bread and soft soap. We don’t share this assessment as about all of these toys do the same damn thing in about the same way. Yes there are minor differences but these differences are truly minor.
We have also been very clear that without Lilly, Novo Nordisk or Sanofi as a partner most of these connected insulin pens companies don’t stand much of a chance. This is a big problem because the big three insulin companies either are already partnered or have developed their own connected insulin pen.
So it really should surprise no one that Bigfoot isn’t so big anymore. First their Chief of Staff left the company, and interestingly for a company that loves to shot their mouth off on social media this event has gone unreported. Next reports from sources inside the company is they have laid off 25% of their employees. Another event that strangely hasn’t been mentioned on Facebook, LinkedIn or Tweeter.
Now it should also be obvious why this is happening as the company who’s been trying to raise more money hasn’t found any takers. With no deals in sight, with Abbott in no mode to buy the company and the big three insulin companies already moving in a different direction the company didn’t have much of a choice.
To be fair we have reached out to Bigfoot CEO Jeff Brewer via text and email for an explanation. Maybe we’re missing something. Maybe he can explain why if what Bigfoot has is so damn good no one wants to partner with the company. Maybe he can explain why Abbott their lone partner doesn’t seem interested in the company either. Perhaps he can tell us why Bigfoot which back in the day touted themselves as an insulin pump company has abandoned the pump in favor of connected pen cap that isn’t even on the market.
Just by way of comparison Companion Medical is out selling their InPen system right this very moment and soon will be integrating Dexcom data into their system. Slap the TypeZero algorithm into the InPen app and that’s the closet thing to a Tyler so far. Companion is also looking for money which is another reason why Bigfoot is having a problem. Potential investors aren’t complete fools and understand better to invest in a company with a fighting chance, i.e. Companion, rather than one whose only skill seems to be shooting their mouths off on social media.
But Companion and Bigfoot aren’t the only connected pen companies looking for money and/or partners as Common Sensing is another connected insulin pen company looking. Oh and did we mention that all the major insulin companies are pretty much committed to their internal platforms or have already partnered with others. Did we also forget to mention that the these same insulin companies will control the connected pen market and will likely will give their toy away using is as tool to sell more insulin.
My goodness we forgot to mention that payors are in no mode to pay for way cool whiz bang. They also know that the big three insulin companies will eat their young to get a deal and therefore will include their toy for free to maintain or secure formulary position for their insulin products.
Still we would like to hear from Bigfoot who really should be called BigMouth, yet go radio silent when things aren’t going so well. Folks it time BigMouth learns a little humility and instead of down talking the competition every chance they get and shouting from the rooftops on social media how about actually bringing a product to market. Yep BigMouth can talk all they want but ACTION speaks louder than all the social media boosting in the world.