Conglomerate GE and biotech firm Bionime this morning announced that they signed a worldwide licensing agreement to manufacture and distribute medical technology for diabetics.
The first product that will surface from the deal is the GE100 Blood Glucose Monitoring System, which will appear on retail shelves in 2012. (It's available now for medical suppliers.) GE says it's more accurate and sanitary than comparable glucometers.
The deal is an important one: there are more than 346 million diabetics around the globe, and Type 2 diabetes is the fastest growing chronic disease worldwide.
The Bionime deal instantly provides GE's Healthcare division with glucose monitors, test strips, kits and accessories to market; accordingly, the deal also gives Bionime tremendous scale in terms of distribution channels and a trusted name to leverage.
This post was originally published on Smartplanet.com