Burgdorf – Ypsomed establishes its first subsidiary in North America, Canada. The foundation in Canada is another important milestone in the consistently pursued growth strategy. At the same time, the mylife™ YpsoPump® insulin pump is launched in India.
With the establishment of its own subsidiary in Canada, Ypsomed is consistently pursuing its growth strategy and is opening up another large sales market for its own products, in particular the own-manufactured insulin pump mylife™ YpsoPump®. Canada has about 37 million inhabitants. Of the approximately 2.6 million diabetics in Canada, about 280,000 are type 1 diabetics and about 600,000 are type 2 diabetics on insulin therapy. Canada is thus a major and important diabetes market.
The mylife™ YpsoPump® is currently being submitted to Health Canada for marketing authorisation. Ypsomed expects that the first pump patients will start in October. In addition, Ypsomed gains a foothold in North America with Canada. Ypsomed is taking advantage of the current market situation with its expansion into North America. Established insulin pump manufacturers have withdrawn from the pump business in Canada and the USA.
The North American continent is the world's largest market for us and continues to grow strongly. In addition, competitors are withdrawing. The move to Canada therefore offers us great growth opportunities. Furthermore, we can get to know the North American market directly and prepare for entering the US market in 2019,
says Simon Michel, CEO of Ypsomed, explaining the expansion into Canada.
Only with our own-manufactured insulin pump will we have the flexibility to quickly serve new markets and achieve significantly higher margins,
Michel continues.
At the same time, Ypsomed is launching the mylife™ YpsoPump® in India and thus for the first time outside the established insulin pump markets. With one of the highest number of type 1 diabetics, India is one of the largest markets in the world. However, insulin pump therapy is not well established in India yet. The launch of the insulin pump in India is primarily aimed at establishing insulin pump therapy on the subcontinent. Ypsomed has been active in India for 10 years with its own subsidiary.
