Jul 17 2010
Ingen Technologies, Inc. (Pink Sheets:IGNT), an emerging medical device manufacturer developing innovative solutions for the respiratory market, with a new patented and proprietary medical product line targeting the $8B respiratory market, announced today that the company has also filed a U.S patent and will begin the required manufacturing processes to produce the new drug insulin thermos product.
Diabetes effects approximately 170 million people worldwide and is increasing, with the World Health Organization predicting 300 million diabetics by 2025. The US alone has 20.8 million people suffering with diabetes. This equates to approximately 6% of the population. It was the 6th most common cause of death as recorded on U.S. death certificates. The Global Diabetes drugs treatment market was valued of $15 billion in 2005. Oral anti-diabetics were the leading category of drugs - $8.19 billion - and showed a growth rate of 6.3% from the total global sales in 2004. The total sales for insulin products increased by 16.5% to total global sales of $6.83 billion in 2004.
The new drug insulin thermos will allow patients to port their glass vials of liquid insulin within a small protective container. The container will be cooled by recharged polymer crystals, and will display the inside temperature of the container. The liquid insulin, tablets and other liquid drugs that use glass vials must be maintained at a cool temperature between 60-78 degrees (F) in order to prevent molecular breakdown of the compounds that allow the drug to be effective. Ingen's device will be compact to fit in a shirt pocket or briefcase, and will keep the contents cool for 8-12 hours. The unit can be plugged into a 12volt system, such as a car, boat or plane, and recharged to keep the contents cooled. The proprietary technologies used to produce and monitor the temperature is a microprocessor chip.
The device will not require FDA registration and will allow for faster market penetration. Market acceptance could be very high, and the product can be sold over-the-counter to patients as well as sold to the 6,000 hospitals in the U.S.
Over the past 30 years, studies have shown that the prevalence of diabetes in China was gradually rising trend. At present, China faces new problems: the world's largest diabetes populations. China now has 92 million diabetic patients. The World Health Organization estimated in 2006 to 2015, diabetes, heart disease and stroke will cost China 558 billion U.S. dollars.
"With this new product we will broaden our portfolio of innovative insulin support technologies and strengthen our position to be a new player in the diabetes care business," said Scott Sand, CEO. Sand further stated, "We are already manufacturing respiratory products and the company is ISO certified with a DHS license to manufacture medical product. We anticipate starting right away to design the tooling and production processes. The device is mold injected and can be massed produced very easily. Product pricing is expected to be at $45 per unit with COGS at $8 per unit. The margins and projected gross profits are generous."
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