Teststripz.com is a one-of-a-kind Reverse Marketplace for people with diabetes, conceived by our Founder and CEO, Chad Langley.
Reverse marketplaces evolved with the rise of the internet and ecommerce, due to a shift in the balance of power over supply-and-demand in favor of consumers.
Some of the earliest examples of Reverse Marketplaces include textbook buyback companies, mobile phone refurbishing services, and collectibles, like coins and stamps.
A Reverse Marketplace for diabetes supplies resulted from a combination of factors:
- Blood glucose self-monitoring supplies are sold over-the-counter (OTC)
- They’re usually prescribed by physicians and covered through health insurance
- Test strips and Lancets are expensive when purchased OTC ($2/strip and more in some pharmacies)
- Millions of diabetics in the U.S. are without proper health insurance coverage
In other words, there is an existing, consistent demand for diabetes supplies.
The supply is greater still, if you know where to look.
Most people with Diabetes in the United States DO have health insurance coverage, and there are well
over 30 million diabetics in the U.S. alone. But why so many extra supplies?
- Test strips and lancets are consumable products by nature of having expiration dates
- Prescriptions cover the maximum range of tests-per-day (so if you test 5 to 10 times per day, you’re prescribed enough to test 10 times per day)
- Products evolve – Ever been switched to a new brand or upgraded to a new meter, whether you wanted to or not?
- Gestational diabetes (diabetes that comes and usually goes with Pregnancy)
In 2012, Chad recruited his brother, Christopher Langley (CTO), to help him bridge the gap between supply and demand using technology and automation.
Over the next several years they created the first iterations of Teststripz’ Selling Platform (teststripz.com/sell-supplies), where individuals can resell their unused supplies and get paid with the absolute minimum amount of time and effort.
As of December, 2018, we’re rolling our newest platform, fully customized and automated for individuals looking to BUY OR SELL. Items we purchase through our Selling Platform are inspected and processed, and automatically posted to our Online Store at the lowest prices you’ll find from any reliable source!