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Prodigy Diabetes Care and OK Biotech Align Ownership
Date:4/16/2013

CHARLOTTE, N.C., April 16, 2013 /PRNewswire/ -- Prodigy Diabetes Care (Prodigy) announced today that its current manufacturing partner, OK Biotech Co., Ltd., (OK Biotech) has purchased a minority stake in the company, and Prodigy acquired substantial ownership of OK Biotech's publicly traded shares.

After a four-year contractual relationship, both parties agreed that a strategic partnership delivers the most benefit to their customers and patients. Prodigy and OK Biotech developed this new relationship in anticipation of the demand of a consolidated customer base for high-volume, lower cost diabetes testing supplies.

Beginning July 1, 2013, Centers for Medicare and Medicaid Services will implement its new contracts for National Mail Order Competitive Bidding for diabetes testing supplies. This program reduced reimbursement rates for diabetes supplies by 72 percent. The federal government awarded contracts to 23 mail order patient providers, eliminating thousands of suppliers from the market. These cuts strike a blow to manufacturers whose products retail at four or five times the Medicare reimbursement rate.

Prodigy and OK Biotech's new alignment ensures that providers have the capacity to meet the increases in volume and the need for lower priced quality products. Overlapping ownership interests ensure Prodigy and OK Biotech can cooperatively offer the best pricing solutions to accommodate the lower reimbursement rates. 

"We knew we needed to take an aggressive approach to the new Medicare program," said Rick Admani , Prodigy COO.  "Once the Medicare program announcement was made, we took it as an opportunity to strengthen our affiliation with OK Biotech and meet with many of the bid winners to offer them our best pricing.  The responses we've received have been overwhelmingly positive, and we are now under contract with most of the largest bid winners. It is al
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SOURCE Prodigy Diabetes Care
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