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Medtronic projects big jump in diabetes products, services it offers in China
Online Edition
US medical device producer Medtronic expects sales from China to make up as many as 20 percent of its global income in the diabetes sector as it steps up efforts to offer localized products and services in the country.
The US company aims to boost efforts in the home country of the world’s biggest diabetes epidemic, said Hooman Hakami, group president of the Medtronic Diabetes Group.
Currently, China only contributes about 2.5 percent of sales at Medtronic's diabetes group, the world’s largest manufacturer of insulin pumps. Hakami said it will continue to invest in China to lift its market share and raise the awareness of patients and medical professionals of insulin pump therapy which automates delivery of care to insulin-reliant diabetes patients.
"We aim to expand our research and development capabilities and strengthen partnership with government authorities to offer Chinese patients cutting-edge products at more accessible prices," Hakami, who is also executive vice president at Medtronic Inc, said in an exclusive interview with Shanghai Daily.
Hakami said the company is "very likely" to combine local patients demand with its technical expertise in the diabetes sector to offer "simplified" or "entry-level" versions of the insulin pump to boost sales and consolidate its market position. Medtronic recently celebrated the 30th anniversary of the launch of insulin pump in the global market.
The products, which offer real-time monitoring of the glucose level and personalized insulin delivery, automate the insulin injection and have been proven clinically more effective than manual insulin injections in preventing diabetic complications, such as diabetic retinopathy and renal diseases.
But the insulin pump therapy is more costly at the initial stage, and Medtronic diabetes now only have a little more than 25,000 individual users in China.
Medtronic is partnering with the National Institute of Hospital Administration to carry out a series of research projects focused on building an integrated therapy or care plans for people in China with Type 1 diabetes, on whom the insulin pump therapy has long been proven more effective than other treatments, and the initial stage of the project covers 10 to 12 regional hospitals.
Under China’s current public healthcare insurance system, the expenses of treating diabetes patients using the insulin pump therapy can only be reimbursed while patients are staying in hospitals, making it difficult for patients with modest income to afford the treatment.
In China’s insulin pump market, Medtronic has a dominant market share of more than 65 percent.
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