MOUNTAIN VIEW, Calif., Oct. 20, 2015 /PRNewswire/ -- Based on its recent analysis of the diabetes point-of-care (POC) diagnostics market, Frost & Sullivan recognizes Epinex Diagnostics with the 2014 Global Frost & Sullivan Award for New Product Innovation. The company's G1A™ rapid test for glycated albumin has initially the potential to bridge the gap between daily self-monitored blood glucose (SMBG) and quarterly glycated hemoglobin (HbA1c) testing. It could offer patients a better diabetes management tool that directly measures damage (glycation) on a monthly basis. Clinical laboratory-based glycated albumin testing has already demonstrated that it can provide therapeutic feedback faster and more consistently than HbA1c, without the inconvenience, cost and stress associated with SMBG. The G1A™ test will provide the accessibility, convenience and cost savings of a rapid test format.
"Equipped with these capabilities, the G1A™ test has the potential to displace approximately $3 billion of the type 2 diabetes glucose test strip market," said Frost & Sullivan Research Analyst Divyaa Ravishankar. "Although Epinex Diagnostics has not yet fully gone through the regulatory process, the G1A™ test has already raised strong interest in the diabetes community."
The G1A™ test, if administered at $25 to $30 per month, could save $75 to $100 per patient per month in the cost of SMBG test strips. Moreover, with specific reimbursement codes already in place, insurance providers are likely to offer coverage for the test. The test could thus save billions of dollars in healthcare expenditures and cause a paradigm shift in the way diabetes is screened, diagnosed and monitored.
Additionally, monthly glycation monitoring using the G1A™ test may greatly improve diabetics' quality of life. The test has the opportunity to become the accepted standard of care in the diabetes market, with its ability to improve the situation for up to 95 percent (type 2) of the global diabetic population, shifting medical practice away from conventional disease management to preventative care.
"It is Epinex Diagnostics' use of immunoassay technology in lateral flow format that has yielded this novel, rapid, quantitative test within a proven, reliable configuration," noted Ravishankar. "The company's G1A™ test will employ a simple dual-channel cassette inserted into a proprietary reader device. All this will ensure that the test is easy to use, requires no training, and has the same sensitivity and specificity as a standard laboratory test."
The G1A™ test will be introduced in two models: a POC test for physician office laboratories, physicians and health clinics, and an over-the-counter model for direct sales to consumers through pharmacies for in-home testing. As the company with the only patented rapid test for glycated albumin, Epinex Diagnostics is poised to become a major player in the diabetes market.
Each year, Frost & Sullivan presents this award to the company that has developed an innovative element in a product by leveraging leading-edge technologies. The award recognizes the value-added features/benefits of the product and the increased ROI it offers customers, which, in turn, increases customer acquisition and overall market penetration potential.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis and extensive secondary research to identify best practices in the industry.
About Epinex Diagnostics
Epinex Diagnostics is a private medical device company that develops innovative point-of-care diagnostic tests for patients and doctors. The Company specializes in rapid tests that target major deficiencies in the existing healthcare market. Epinex' flagship product is the G1A™ Diabetes Monitoring Index Test, a patented rapid test for monthly diabetes monitoring with the potential to become a diagnostic tool. Please visit http://www.epinex.com for more information on the company.
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Epinex Diagnostics, Inc.
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SOURCE Frost & Sullivan