Prodigy Diabetes Care, OK Biotech align ownership
CHARLOTTE, N.C. – Prodigy Diabetes Care, a distributor of diabetes testing supplies, has acquired substantial ownership of the publicly owned shares of OK Biotech, a manufacturing partner based in Taiwan, according to a press release. For its part, OK Biotech has purchased a minority stake in Prodigy Diabetes. The two companies formed the new relationship to meet the demand of a consolidated customer base for high-volume, lower cost diabetes testing supplies, according to the release. Once the 72% cut to diabetes supplies was announced as part of Round 2 of competitive bidding, Prodigy Diabetes made a concerted effort to “strengthen our affiliation with OK Biotech and meet with many of the bid winners to offer them our best pricing,” stated Rick Admani, COO of Prodigy Diabetes. “We knew we needed to take an aggressive approach to the new Medicare program,” he stated.