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By David Willey, Benzinga
Sharps Technology, Inc. (NASDAQ: STSS) recently announced that the Company will be commercializing cutting-edge prefillable syringe system products to provide new solutions to customers in the healthcare and pharmaceutical market. Sharps is advancing its product strategy with a transformative partnership with Nephron Pharmaceuticals that was announced in November 2022, and will co-manufacture its specialized systems at Nephron’s facility in South Carolina starting in 2023.
Over the last 20 years, the pharmaceutical syringe operational model has shifted from the use of glass vials and bulk disposable syringes to next-generation prefillable syringes, increasing prefillables from 15% to 85% share. This has contributed to market expectations of $15.7 Billion in revenue for 2030 from $5.6 Billion reported in 2020 for prefillables. Potential customers and companies in the space include syringe system manufacturers such as Becton Dickson and Co. (NYSE: BDX), Cardinal Health (NYSE: CAH), , and Terumo Corporation (OTC: TRUMY). Sharps’ specialty polymer-based syringe systems are in significant demand and the company will serve healthcare and pharmaceutical customers that recognize the advantages of non-glass products.
Prefillable or ready-to-use syringes drive down the total cost of ownership for pharmaceutical companies by simplifying the supply chain and reducing product waste. Key advantages of prefillable syringe systems address contamination issues for the broader healthcare market, improving drug shelf life while reducing unnecessary packaging, and providing best-in-class solutions to get drugs to patients more efficiently.
Through its recent product launch announcement, Sharps is addressing multiple problems in the syringe system market by modernizing the prefillable space with its polymer-based product line. The Company has developed a high-quality alternative solution to glass syringes through the use of inert polymers such as Cyclic Olefin Polymer (COP) and Cyclic Olefin Copolymer (COC), which offers a high-quality solution as compared to traditional glass syringe systems. These polymer syringes have many of the same characteristics as current pharmaceutical glass designs to support long-term drug stability and increase shelf life for customers in the pharmaceutical segment. Polymer syringes can also be made into custom configurations, which function to eliminate breakage, minimize dead space, reduce contamination, and support the development of custom devices including autoinjectors.
Sharps is also making a silicone-free prefillable product that addresses silicone interaction issues for the broader healthcare market. Currently, syringes are commonly made with medical-grade silicone, but utilizing siliconeand can result in drug contamination, adding a need for costly inspections every time syringes are filled. Sharps’ silicone-free solution removes the risk of interaction with biologics and eliminates the need for product inspections and potential product waste issues.
Major Partnership with Nephron Pharmaceuticals Advances Manufacturing and Product Launches
Though Sharps is currently a pre-revenue company, the Company is transitioning from a research and development company into commercial operations through a major partnership signed with Nephron Pharmaceuticals in November 2022. This collaboration will boost Sharps’ ability to reach out to the prefillable syringe market With manufacturing, sales and marketing solidified, the company is confident in its ability to execute on multiple revenue opportunities in the growing prefillable market.
Initial demand will be supported by manufacturing capacity of 20+ million units, with additional capacities that can be scaled by 2025 with an additional 100 million units annually. Products will be manufactured utilizing state-of-the-art injection molding technologies with highly automated assembly lines. The products will be sterilized using an eco-friendly clean sterilization option easily adaptable for the pharmaceutical market. Sharps' systems will utilize ISO Standard Nest and Tubs that will be compatible with existing fill-finish technologies to provide a drop-in solution for the industry. Sharps believes this increased production capacity and distribution will allow it to fill a growing market that is looking for innovative prefillable solutions.
The partnership is part of Nephron’s InjectEZ program to increase manufacturing out of its South Carolina operations. The use of Nephron’s manufacturing facility will advance Sharps’ development strategy by two years and the Company will get full access to Nephron’s lab capabilities, providing Sharps with the opportunity to continue to innovate for ongoing product development.
Robert Hayes, Sharps Chief Executive Officer, recently commented: “Following years of research and development, Sharps is now in a position to commercialize and support the future of specialty syringe drug filling technology. The opportunity to advance our product and manufacturing strategy to include high-value prefillable syringe products will significantly accelerate our revenue growth for 2023 and beyond. The launch of these products could not come at a better time to support a market that is in demand for products produced in the USA that provide specialized solutions for customers that need options for their drug-filling operations. We look forward to providing updates as we commence manufacturing in South Carolina and introduce our new products to the market.”
To learn more about Sharps Technology, visit its website.
This article was originally published on Benzinga here.
Sharps Technology is a medical device and pharmaceutical packaging company specializing in the development and manufacturing of innovative drug delivery systems. The company’s product lines focus on low waste and ultra-low waste syringe technologies that incorporate both passive and active safety features. These features protect front line healthcare workers from life-threatening needle stick injuries and protect the public from needle re-use. Sharps Technology has extensive expertise in specialized prefilled syringe systems and ready to use processing. The company has a manufacturing facility in Hungary and has partnered with Nephron Pharmaceuticals to expand its manufacturing capacity in the US.
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