As an SBIR awardee, Fairbanks Pharmaceuticals receives assistance with corporate and product development provided by National Institutes of Health. As part of this NIH-funded assistance, Foresight Science & Technology has produced an independent technology niche analysis of Fairbanks.
The service includes a market analysis. Foresight estimates that the global market for diabetes treatment is currently over $30 billion and it is expected to exceed $50 billion in the US alone by 2025. Their report said this could drive revenues of over $3.8 billion within five years.
To evaluate Fairbanks’ technology, Foresight contacted a number of clinical and research experts involved with both type 1 and 2 diabetes, including Dr. Alvin Powers, Dr. Thomas Blevins of Texas Diabetes and Endocrinology and Dr. Phil Zeitler of the Children’s Hospital of Colorado.
As summarized in the report, these experts thought that
- “that there is absolutely a need for a treatment for beta cell regeneration. It would have wide spread utility.”
- “there is definitely a need for a product that will lead to beta cell regeneration and natural insulin production.”
- “it could be very important” because “the problem with current products on the market are only partially successful. They do not really get at the pathophysiology.”
These comments from the Foresight report indicate that Fairbanks’ technology will be a novel and effective treatment and potential cure for both type 1 and 2 diabetes. Moreover there is likely to be both patient and doctor acceptance of this new treatment that would reduce or prevent much of the long-term morbidity that consumes so many health care dollars.