Abbott (NYSE:ABT) said today that its FreeStyle Libre continuous glucose monitor is now available to Medicare patients, after the Centers for Medicare & Medicaid Services determined that the device can be classified as a therapeutic CGM.
The FreeStyle Libre is designed to read glucose levels through a sensor worn on the back of a person’s upper arm for up to 10 days. Abbott touted that its device is the only CGM covered by Medicare that doesn’t require user calibration.
“At Abbott, we are continuously challenging ourselves to ensure our innovative technology is accessible to the majority of people who need it,” Jared Watkin, SVP of Abbott’s diabetes care business, said in prepared remarks.
“CMS’s recognition of this revolutionary health technology, which removes the need for any user calibration, is ultimately going to empower Medicare beneficiaries with diabetes to live better, healthier lives.”
For people using Medicare, Abbott’s FreeStyle Libre is available via prescription at Edgepark Medical Supplies, Byram Healthcare, Solara Medical Supplies, Edwards Health Care Services, Better Living Now and Mini Pharmacy.
Last year, CMS decided that therapeutic CGMs could be classified as durable medical equipment under Medicare Part B. Until Abbott’s reimbursement win, Dexcom’s G5 Mobile CGM was the only device of its kind to fall under this classification.
Dexcom shares fell -8% today, trading at $53.40 apiece in mid-morning activity. Abbott shares remained mostly unchanged, trading at $59.32 apiece.