It was another banner year for diabetes technology, with regulatory approvals, product launches and M&A all playing their part.
Diabetes technology’s impressive 12 months marked a major trend across medtech as a whole, too.
In 2022, the diabetes space saw plenty of progress from some of its biggest names and this past year proved no different. Big hitters like Dexcom, Abbott, Medtronic, Insulet and more all contributed to some of the biggest stories in 2023. External factors — like popular GLP-1 drugs and big tech names looking to enter the space — also made the cut.
Here are 10 of the most intriguing diabetes technology stories from the past 12 months.
Medtronic was set to buy EOFlow — until it wasn’t
The medtech giant made a big splash in the insulin delivery space when it announced its plan to buy South Korea-based EOFlow.
In May, Medtronic struck a $738 million deal to acquire the insulin patch pump maker. EOFlow previously launched its EOPatch insulin delivery system in Korea and Europe. The company submitted the insulin delivery device for U.S. FDA clearance in January. It already had FDA breakthrough device designation on a wearable, integrated artificial pancreas as well. The disposable device features a glucose monitoring sensor, insulin pump and automated insulin delivery algorithm.
The deal looked set to rival Medtronic with Insulet and other newer entries to the patch pump space in Tandem Diabetes Care. However, in a surprising turn of events, the deal completely collapsed.
Based upon “multiple breaches,” the company notified EOFlow of its decision to terminate the deal earlier this month. Medtronic offered a statement saying that it still intended to bring a patch pump to the market and could have one in its product pipeline. EOFlow officials also later expressed their belief in the possibility of resurrecting the deal.
It’s possible that the story between the two companies remains unfinished.
Get the full story at our sister site, Drug Delivery Business News.