Swiss drugmaker Novartis (NYSE: NVS) has struck an agreement with Google (NASDAQ: GOOGL) to develop "smart" contact lenses that would help diabetics track their blood glucose levels or restore the eye's ability to focus.
The device for diabetics would measure glucose in tear fluid and send the data wirelessly to a mobile device, Novartis said. The technology is potentially life-changing for many diabetics, who prick their fingers as many as 10 times daily to check their body's production of the sugar.
Success would allow Novartis to compete in a global blood-sugar tracking market that is expected to be worth over $12 billion U.S. by 2017, according to research firm GlobalData. Diabetes afflicts an estimated 382 million people worldwide.
The second approach is for presbyopia, in which aging eyes have trouble focusing on close objects. Novartis hopes the lens technology will help restore the eye's ability to focus, almost like the autofocus on a camera.
Non-invasive sensors, microchips and other miniaturized electronics would be embedded into the contact lenses.
Under the deal with Google, Novartis's Alcon eyecare unit will further develop and commercialize the lens technologies designed by Google[x], the American company's development team.
Financial details were not disclosed.
Novartis shares gained 39 cents, or 0.4%, in early Tuesday trading to $90.60 U.S., within a 52-week range from $70.95 U.S. to $91.66 U.S. Google shares faded $1.33, or 0.2%, to $593.15 U.S., within a 52-week range from $422.16 U.S. to $615.42 U.S.
