Ignorance and Arrogance
Since there is never a dull moment in our wacky world let’s not waste any time and get right too it.
First on the list comes this piece of news on the CGM front, per a company issued press release;
“WaveForm Technologies Inc. a wholly owned subsidiary of AgaMatrix Holdings LLC and developer of novel products for continuous glucose monitoring, and A. Menarini Diagnostics S.r.l., a leading diagnostics company, today announced a partnership to commercialize the WaveForm Technologies Continuous Glucose Monitor (CGM).”
Normally we wouldn’t be overly excited about this for as everyone knows there are hundreds of CGM wannabees. However unlike the majority of these wannabees this system actually works, imagine that. As has become standard operating procedure the system is set to launched in Europe later this year which of course will be followed by a domestic launch upon FDA approval.
We have long known that Dexcom and Abbott would face competitors so this news really should shock no one. The key of course is not just getting the damn thing approved by the FDA, that as we keep saying is just the beginning. The key as always is can they make it, sell it and support it. In other words can they run a CGM business, only time will tell.
Also in the CGM comes news that Medtronic has found a way to sell their stand-alone system. Check out this piece of news reported by the Minneapolis StarTribune;
“Medtronic is striking a first-of-its-kind agreement with Minnesota’s largest health plan in which the device maker will pay back the insurer if patients using a specific Medtronic diabetes device don’t see their blood sugar levels stay within an acceptable range.
The “value-based” arrangement, to be unveiled Monday, is designed to make it easier for Blue Cross and Blue Shield of Minnesota members to obtain and use a Guardian Connect continuous glucose monitor from Medtronic.”
The full story can be found at http://www.startribune.com/medtronic-blue-cross-sign-glucose-monitor-deal-linked-to-patient-outcomes/508192352/
All we can say is we’re glad Medtronic has lots of money because given the way this sensor performs; they will be writing lots of checks. The fact of the matter is Medtronic had no choice but to give the damn thing away as there is no way it could compete with the G6 or Libre and win on performance. The company has invested a ton of money on this system giving them little choice but to find any way to justify this investment.
As we have noted the company’s CEO foolishly believes that this subpar system will become a billion-dollar franchise. Which to us just proves that ignorance and arrogance are the reasons millions of dollars are flushed down the toilet.
Speaking of toilets a week or so ago news broke that another company has joined the insulin pump graveyard. Yep CellNovo now joins Disetronic, the Cosmo, Asante and Animas (and we’re pretty sure we are missing some others) in the graveyard. Many subscribers actually reached out to us and asked why we didn’t write about this sooner. Well as we noted earlier in the week we were in Hawaii for a triathlon and let’s be honest this really isn’t that newsworthy.
What would have been newsworthy is had the company actually survived. We’re not sure when or even if people will ever learn but this is not about the toy. Yet no matter how many companies try and fail money continues to flow into this space. What was that we just said about ignorance and arrogance being the reasons millions are flushed down the toilet. Or as Momma Kliff used to say some people need to be hit in the head with a baseball bat before they wake up others try to launch an insulin pump company.
Finally also from the news that’s not really news department Sanofi is laying off more people in diabetes. We’d call Sanofi the gang that couldn’t shot straight but that’s an insult to gangs. Again when will people learn that when it comes to Sanofi and anything diabetes related this company has a panache for doing the wrong thing at the wrong time while spending millions. What was that we said about ignorance and arrogance?