Abbott (NYSE:ABT) said it received FDA approval for a new, budget-priced glucose monitor that can be purchased without a prescription.
The over-the-counter FreeStyle Precision Neo meter will sell in the $22 to $28 range, with a package of 25 test strips costing between $14 and $17, the company said.
Because the meter is available OTC, patients will be able to purchase the product without having to fill out insurance paperwork, according to Abbott.
Abbott Park, Ill.-based Abbott said the monitor is able to retain up to 1,000 readings and process results within 5 seconds.
“People with diabetes depend every single day on trusted, high-quality tools to monitor their glucose levels,” Abbott Diabetes Care senior vice president Robert Ford said in prepared remarks. “This dependence makes it even more important to ensure people have affordable access to accurate, fast, and easy-to-use systems such as FreeStyle Precision Neo system.”
Earlier this month, regulators in India approved a wearable glucose monitoring system that’s designed to track patients’ blood sugar levels for up to 2 weeks.