Supplier News Breaks Archives
UniStrip launches generic glucose test strips
April 16th, 2014
CHARLOTTE, N.C. – UniStrip Technologies has introduced its first generic blood glucose test strip for use in LifeScan's OneTouch Ultra family of meters.
UniStrip said Wednesday that its UniStrip1 Test Strips enable retailers to expand their product line to people with diabetes who want a highly accurate test strip at an affordable price.
The company noted that high manufacturer pricing for most branded diabetes testing products, along with the recent reduction in insurance reimbursement rates, have pared retailer and health care provider margins. As a result, its new generic product can help retailers increase their margin in a product category while saving money for their patients.
Developed and tested over a period of years, the UniStrip1 Test Strips were recently cleared by the Food and Drug Administration for use with four OneTouch Ultra meters, according to UniStrip.
"Research shows that people with diabetes test less than their doctors recommend because of the high cost of test strips," stated Rick Admani, president of UniStrip Technologies. "This is important, since the average person with diabetes spends about eight times more per year on medications and medical supplies than people without diabetes. This includes about $2,000 to $2,500 per year on diabetes products and an additional equal amount on non-diabetes products."
UniStrip1 Test Strips are compatible with the LifeScan OneTouch Ultra, Ultra2, UltraSmart and UltraMini meters.
According to Admani, many retailers may sell the UniStrip1 at less than $15 (suggested retail price) for a 50-count vial. As one example of the market opportunity for the UniStrip1, the company explained, patients who have a $15 or $20 co-pay may choose to pay cash for the UniStrip1, since it's a better value.
"We created UniStrip1 to fill a giant unmet need in our health care system. Our test strips are highly accurate and cleared by the FDA to use with the LifeScan OneTouch Ultra meters that the patients already have. People with diabetes can test at the levels they're supposed to, and do so affordably," he noted. "In the end, the patient, retailer, insurer and home health provider win with our UniStrip1."
For retailers, another benefit of UniStrip is its much lower acquisition cost, Admani added. The published acquisition cost of most of the branded test strips is about eight to 10 times the acquisition cost of UniStrip1, the company said.
"Retailers and providers don't have to pay $50 or $60 per vial, collect a co-pay, collect an insurance payment and also possibly have to wait for a manufacturer discount or rebate," he explained. "They can purchase UniStrip1 and sell it at a profit without the investment and cost of the rebate system. We have simplified the process and put more money in the retailer's pocket without a large acquisition cost and a long waiting period."