Sharps Technology, Inc., a medical device and drug delivery company, has initiated manufacturing of its ultra-low waste smart safety syringe products in its European operation in Hungary. The company plans to ship products in support of its distribution and sales agreement with Nephron Pharmaceuticals by the end of the year and to fulfill customer agreements in Europe starting in early 2023. This production of specialty syringe products will gradually increase to meet the demand.
Sharps Technology’s innovative syringe designs offer several advantages for the healthcare industry, including ultra-low waste, passive and active safety features, and reuse prevention. The combination of these features aims to reduce the cost of healthcare treatments and make additional medical treatments available to patients at no additional cost.
The company believes that using better drug delivery technology can maximize the efficiency of healthcare treatments and reduce costs. Sharps Technology anticipates generating revenue in the first half of 2023, transitioning from a pre-revenue research and development startup to a manufacturing company.
The use of ultra-low waste syringes can significantly increase the availability of medication from multi-dose vials, as it minimizes medication waste by efficiently extracting all the medication from the syringe. Standard syringes typically have dead space where medication is trapped and wasted. This trapped medication can result in pharmaceutical companies overfilling vials to compensate for the wastage.
The purchase of the European facility was completed in 2022, and investments were made in infrastructure and equipment upgrades to prepare the plant for full-scale manufacturing. The facility complies with FDA and ISO requirements and has received the European Union’s CE Mark. The manufacturing capacity can supply over 50 million units with the potential for expansion to 250 million units in the coming years.
Sharps Technology is dedicated to providing innovative drug delivery systems with a focus on low waste and ultra-low waste syringe technologies. These syringe systems incorporate safety features to protect healthcare workers and the public.
About Sharps Technology
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. Sharps Technology has manufacturing facilities in Hungary and has partnered with Nephron Pharmaceuticals to expand its manufacturing capacity in the United States.
