Why Abbott acquired Bigfoot Biomedical and its smart insulin pens

When Abbott (NYSE:ABT) acquired Bigfoot Biomedical in September 2023, it took the final step toward building a long-standing relationship.

The healthcare giant had a long-term interest in Bigfoot, the developer of an intelligent insulin management system. The origins date back to 2017, when Abbott even led the 2020 Bigfoot funding round.

“We have been working with and investing in Bigfoot for a long time,” said Abbott Diabetes vice president of operations Commercial Operations, Chris Scoggins. “We dated before we got married.”

Scoggins, talking to Medicines Delivery Business News at the American Diabetes Association scientific sessions in Orlando, Florida, stated that the decision rests with the consumer.

Market research has shown that controlling insulin use has proven to be a difficult aspect of diabetes management, he explained. Pumps are available for a subset of the diabetic population, but that’s mostly for people with type 1 diabetes. Scoggins said pump penetration in the type 2 space remains low.

The company has partnered to connect its continuous glucose monitors to insulin pumps, which recently achieved milestones in the US and Europe. However, according to Scoggins, the type 2 population is understudied in this respect.

“That’s where we see the role of the connected pen,” Scoggins said. “We have hired a lot of smart Bigfoot people and we are learning every day. This is their passion and substantive knowledge. We’re getting smarter by learning what they know, and they’re getting smarter about how it connects to CGM. We are very excited to see what the future holds.”

Find the full story on our sister site Drug Delivery Business News.