U.S. markets closed
  • S&P 500

    +8.70 (+0.24%)
  • Dow 30

    +37.90 (+0.13%)
  • Nasdaq

    +111.44 (+0.92%)
  • Russell 2000

    +10.25 (+0.56%)
  • Crude Oil

    -0.18 (-0.39%)
  • Gold

    -23.10 (-1.28%)
  • Silver

    -0.81 (-3.44%)

    +0.0057 (+0.48%)
  • 10-Yr Bond

    -0.0360 (-4.10%)

    -0.0042 (-0.32%)

    -0.1650 (-0.16%)

    +308.20 (+1.73%)
  • CMC Crypto 200

    -4.23 (-1.25%)
  • FTSE 100

    +4.65 (+0.07%)
  • Nikkei 225

    +107.40 (+0.40%)

Abbott, Sanofi to help diabetes patients with technology team-up

Anjalee Khemlani
·Senior Reporter

Abbott (ABT) and Sanofi (SNY) announced on Monday a partnership to integrate technology that will help monitor and treat diabetes.

The agreement is non-exclusive, and will allow for data sharing — with user consent — between Abbott’s FreeStyle Libre mobile app and Sanofi’s cloud-connected insulin pens.

The devices, which will sense glucose levels and deliver insulin, is the latest in a series of cooperative approaches among pharmaceutical companies to specialized markets. Abbott has already engaged with Bigfoot and Novo Nordisk (NOV), another major player in diabetes management.

A device for measuring blood glucose on a white isolated background.
A device for measuring blood glucose on a white isolated background.

In a statement, Jared Watkin, senior vice president of diabetes care at Abbott, said that the company expects “a significant opportunity to impact the health of millions of people living with diabetes” with the new tools.

“By partnering with Abbott, we are a step closer to realizing our connected ecosystem, which would help improve control and the quality of life decision cycle for patients through individualized glycemic management of diabetes,” said Gustavo Pesquin, senior vice president of global diabetes and cardiovascular franchise at Sanofi.

More than 30 million Americans are living with diabetes today, according to the Center for Disease Control. The Abbott-Sanofi partnership is a new example of how smart devices are increasingly used for health care purposes — and to lessen costs.

Insulin injection needle or pen for use by diabetics
Insulin injection needle or pen for use by diabetics

The American Diabetes Association estimates costs related to diabetes care are in excess of $237 billion in 2017, and an average of $16,475 health care dollars is spent per person each year.

Meanwhile, the price of insulin has been soaring. Families have reported rationing the doses in order to make each refill last, which can have fatal consequences.

It was unclear whether the Abbott-Sanofi partnership could address insulin rationing. However, Sanofi has previously said it will reduce the medication’s price for patients who are uninsured.

Yahoo Finance's All Markets Summit, Oct. 10
Yahoo Finance's All Markets Summit, Oct. 10

Anjalee Khemlani is a reporter at Yahoo Finance. Follow her on Twitter: @AnjKhem

Read the latest financial and business news from Yahoo Finance

Follow Yahoo Finance onTwitter,Facebook,Instagram,Flipboard,SmartNews,LinkedIn, YouTube, and reddit.