Dive Brief:
- Insulet has begun selling its Omnipod 5 automated insulin delivery system in Spain, the company said Monday.
- The company is targeting people ages 2 years and older with Type 1 diabetes. Almost 190,000 people, including nearly 19,000 individuals who are 19 or younger, have Type 1 diabetes in Spain.
- Omnipod 5 is compatible in Spain with FreeStyle Libre 2 Plus and G7 sensors, continuous glucose monitors sold by Abbott and Dexcom, respectively.
Dive Insight:
Eric Benjamin, chief operating officer at Insulet, disclosed the insulin-delivery company’s plans to enter the Spanish market at its investor day in November. Insulet would launch Omnipod 5 in Spain with its “unique pay-as-you-go model and a differentiated CGM-of-choice offering,” Benjamin said. The launch is a key element of Insulet’s plans to grow Omnipod 5 sales.
“As one of the top five markets in Europe, Spain is an important future market and our entry reflects our priority of investing in the largest scalable opportunities,” Benjamin said. “Europe is our core growth engine internationally. We know it well and, as a market leader, are making tailored investments to drive share growth and market expansion.”
Insulet CEO Ashley McEvoy expanded on why Spain is important on the company’s first-quarter earnings call in May. Spain has “a high rate of CGM adoption and one of the lowest levels of AID penetration in our European markets,” McEvoy said. Insulet invested in key opinion leader education in Spain ahead of the launch to accelerate adoption, the CEO added.
The launch forms part of Insulet’s strategy for achieving its targeted constant-currency compound annual growth rate for 2025 to 2028. Asked on the earnings call why Insulet remained confident it can meet its 20% target, CFO Flavia Pease pointed to actions, including the Spanish launch, as developments that will drive growth.
Insulet’s international sales grew 45.2% on a constant-currency basis in the first quarter. Responding to the results, the company raised the midpoint of its full-year guidance range for international Omnipod sales from 25% to 27%. Volume is the primary driver of international Omnipod growth, Pease said.
