Khiron Life Sciences Corp. (“Khiron” or the “Company”) (TSXV: KHRN), (OTCQX: KHRNF), (Frankfurt: A2JMZC), a vertically built-in hashish chief with core operations in Latin America and Europe, proclaims that on account of robust scientific proof, the Company’s National Strategic Project standing, and a directive from the Government of Colombia, its medical hashish merchandise and clinic providers at the moment are lined by the nation’s main medical insurance suppliers, together with medical hashish as a primary line remedy. In Colombia greater than 94% of the inhabitants have medical insurance.
“We see the inclusion of our products and services under health insurance policies as a significant driver of revenue opportunities for Khiron in Colombia, and a validation of our clinic model and the potential for market growth in the country. Importantly, this will allow more Colombians access to benefit from our medical cannabis products and clinic resources,” commented Alvaro Torres, Khiron CEO and Director.
“Since becoming the first company to fill cannabis prescriptions in Colombia, 92% of our patients have reported an improvement in their primary conditions after four months of treatment with Khiron products. We look forward to improving the quality of life of even more patients who are now able to access medical cannabis through insurance coverage,” added Mr. Torres.
With in the present day’s information, Colombia joins an unique record of nations providing medical insurance protection for medical hashish, together with Germany and the Czech Republic. In the primary half of 2020, over €75 million value of medical hashish merchandise had been bought in Germany to an estimated affected person inhabitants of roughly 120,000 (Source: Prohibition Partners). Revisions to German legal guidelines in 2017 had broad ranging implications for the nation’s hashish market requiring well being insurers to cowl the prices of the prescription besides in distinctive circumstances, with over 60% of sufferers receiving reimbursement from their medical insurance supplier. In the Czech Republic, which just lately included prolonged medical insurance for medical hashish, gross sales in the primary 4 months of 2020 elevated threefold over the identical interval in 2019.
Under the Colombian program, Khiron clinics obtain authorities and insurance coverage firm authorization to fill affected person prescriptions for magistral preparations; subsequently, the Company is reimbursed as soon as merchandise have been disbursed to the sufferers. This will enable a better variety of Colombian sufferers to have entry to Khiron’s medical hashish merchandise and scientific providers. Khiron’s clinic technique continues to present cost-effective entry to sufferers, whereas permitting the Company to generate medical proof and ship an unparalleled doctor and affected person expertise. With a big affected person base and rising community of physicians skilled in the prescription of medical hashish, Khiron is uniquely positioned to make the most of the insurance coverage coverage change.