Google Inc (NASDAQ GOOG) partners with Novartis to develop New Contact Lens

Technology Stocks News 19

Google Inc (NASDAQ GOOG) and Swiss drugmaker Novartis AG (ADR) have announced an amazing development, one sure to be a significant point of differentiation in Google’s plans to beat Apple Inc (NASDAQ AAPL) and Samsung Electronics Co. Ltd in the race to control consumers healthcare applications..

The product under joint development is “smart” contact lenses. According to the developers, new contact lenses would monitor Glucose levels for diabetics and auto focus the eye like a camera lens. To accomplish these somewhat breakthrough developments into a contact lenses, researchers will utilize non-invasive sensors, microchips and other miniaturized electronics that are embedded in the contact lenses.

Financial details of the deal were not disclosed. But Novartis AG’s Alcon eyecare unit is expected to further develop and commercialize the lens technologies, which was designed by Google Inc (NASDAQ GOOG).

Google Inc (NASDAQ GOOG) News: Google’s Partnership with Novartis (NASDAQ GOOG)

Novartis AG, said to be the lead developer of the medical technology with Google Inc (NASDAQ GOOG) integrating their developed micro-technology into the contact lens, claimed the technology is potentially life-changing for many diabetics, who prick their fingers as many as 10 times daily to track their glucose levels and check their body for sugar production.

The development not only assists Google in getting a leg up over Apple Inc (NASDAQ AAPL), but the important niche market is expected to be worth $12 billion by 2017, impacting 382 million diabetics worldwide, according to research firm GlobalData. The new product is not just for diabetics. The second use tackles the problem of presbyopia, an affliction where elderly eyes have difficulty focusing on nearby objects. Novartis AG goal with their lens technology is to work “like the autofocus on a camera,” the report noted, helping restore the ability of the eye to focus.

[grabpress_video guid=474922827d913bdbeaded8966322853d698c7218 embed_id=2151917]

Google Inc Financial News (NASDAQ GOOG)

The alliance between Novartis and Google Inc (NASDAQ GOOG) comes as both are exploring ways for technology to optimize the healthcare process–and provide their companies a dominate position in this industry re-shaping process. Helping patients monitor their own health and managing chronic diseases themselves could lead to reductions in the user’s insurance premiums associated with lower healthcare costs. The companies that can establish itself as the leader in this advanced healthcare infrastructure space could be dominate going into the coming decade.

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