Diabetes seemingly does not get the attention it deserves, given how many Americans suffer from it. The Centers for Disease Control shared some sobering numbers on how many Americans are impacted.
- Total: 38.4 million people have diabetes (11.6% of the U.S. population)
- Diagnosed: 29.7 million people, including 29.4 million adults
- Undiagnosed: 8.7 million people (22.8% of adults with diabetes are undiagnosed)
And, despite its prevalence, many Americans don't actually fully understand what diabetes is.
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“Diabetes is a disease that occurs when your blood glucose, also called blood sugar, is too high. Glucose is your body’s main source of energy. Your body can make glucose, but glucose also comes from the food you eat,” the National Institute of Diabetes and Digestive and Kidney Diseases shared,
Most people know that diabetes involves insulin, but that might be all they know.
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“Insulin is a hormone made by the pancreas that helps glucose get into your cells to be used for energy. If you have diabetes, your body doesn’t make enough — or any —insulin, or doesn’t use insulin properly. Glucose then stays in your blood and doesn’t reach your cells,” the federal agency shared.
Diabetes raises the risk for damage to the eyes, kidneys, nerves, and heart. Diabetes is also linked to some types of cancer.
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LifeScan has been helping people manage diabetes
LifeScan may not be a household name, but the company has been a leader in helping people manage diabetes. The company laid out its goals on its website.
“Our vision is to create a world without limits for people with diabetes and related conditions,” that shared.
That's a very big goal, but the company has tackled it on a measured basis for decades.
“For more than 40 years LifeScan has advanced glucose management and diabetes care with pioneering technologies and new products defined by simplicity, accuracy and trust. From OneTouch brand blood glucose meters, test strips, and lancets to an integrated digital health platform and hospital point-of-care systems,” the company shared.
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LifeScan has built its business around helping patients live fuller lives.
“Through partnerships with industry leaders, we will usher in the next wave of personalized health and wellness experiences that engage people with diabetes and related conditions to live their best lives. We accomplish our vision by living Our Shared Values of Care, Create, Connect and Compete. These values guide our actions and are the cornerstone of all that we do,” the company posted.
LifeScan files Chapter 11 bankruptcy
LifeScan IP Holdings, LLC, an intellectual property holding company for diabetes care and blood glucose monitoring technology, has filed for Chapter 11 bankruptcy protection in the Southern District of Texas.
The company, which manages the patents and intellectual property for LifeScan's diabetes management products including glucose meters and testing solutions, reported both assets and liabilities in the range of $1 billion to $10 billion and has between 1,000-5,000 creditors.
LifeScan has entered into a Restructuring Support Agreement (RSA) with its first- and second-lien lenders and current equity sponsor, Platinum Equity, that will transform its balance sheet and position the company for a stronger and more profitable future. As contemplated in the RSA, LifeScan expects to reduce more than 75% of its debt, which will enable the company to accelerate strategic investments that will support the future of the business.
“The company expects to emerge from this process under the majority ownership of a group of the company’s existing lenders, with whom it has had a longstanding and productive relationship. Importantly, the company’s financial partners recognize the strong and growing potential of the glucose management industry, and through this process have committed their support for LifeScan’s go-forward strategy,” it shared.
LifeScan’s international subsidiaries are not included in the Chapter 11 filing in the U.S.
“This balance sheet restructuring will significantly strengthen LifeScan’s financial position, enabling us to continue serving more than 20 million customers across 50+ countries and put new growth strategies in place,” said LifeScan CEO Valerie Asbury.
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She made it clear that the company understands how important its products are to its customers.
“In the U.S., we will continue to take action to expand access to OneTouch so consumers can continue to manage their health with our reliable and affordable products, without the need for a prescription. We recognize that our products are essential for people with diabetes to make life-sustaining decisions and are evolving our model to bring products and services to market through multiple channels,” she added.
