- Point-of-care pharmacy services developer Avricore Health is celebrating the successes of its pilot program to roll out testing resources at select pharmacies across Canada this year
- Avricore’s trademarked HealthTab platform, working with corporate partners, has provided a popular alternative to doctor clinics for getting test results related to pre-diabetes and heart disease conditions, for example
- The HealthTab setup, in conjunction with multinational medical devices and health care company Abbott Laboratories, is also able to screen for viruses such as SARS-CoV-2, RSV, influenza A and B, and strep
- Market analysts predict POC testing revenues will continue to grow through 2025 at a CAGR of 11.4 percent from 2020’s $29.5 billion levels
Health care solutions innovator Avricore Health (TSX.V: AVCR) (OTCQB: AVCRF) is rolling into the new year with building momentum, celebrating its accomplishments amid global pandemic conditions and surveying the expected growth market for point-of-care (“POC”) testing revenue.
“We’ve had our best year yet, despite many external factors that created headwinds, and we’re extremely excited to head into 2022,” Avricore Health CEO Hector Bremner told investors during the company’s year-end call Dec. 15. “Given that we are well capitalized and have executed several key agreements already, we’re well positioned for growth.”
Avricore has turned its focus to point-of-care testing as a means of helping patients access information necessary for managing their health without having to deal with busy doctor’s offices. With the help of trained pharmacists, patients can get lab-quality data through a platform ultimately designed to improve their health outcomes and lower overall healthcare costs (https://nnw.fm/7qSfk).
Avricore’s trademarked HealthTab platform is a communications network that relays the data derived from POC testing kiosks to the interested parties in a patient privacy-respecting manner. Avricore has established partnerships with kiosk design, pharmacy and lab testing partners for its pilot program rollout in Canada and is continuing to build on the positive outcomes of those partnerships.
Pharmacists already accustomed to dispensing medications and providing vaccinations have expressed an interest in adding lab testing and results oversight, particularly in Canada where it could mitigate lost revenues following the adverse impacts of the Pan-Canadian Select Molecule Price Initiative for Generic Drugs in 2018 (https://nnw.fm/xEUCc).
Analysts at Markets and Markets are forecasting a growing market for POC testing, predicting last year’s overall revenues of $29.5 billion will grow to $50.6 billion by 2025, defining a CAGR of 11.4 percent (https://nnw.fm/UVzHG). Markets and Markets’ report anticipates glucose monitoring for diabetes will be the largest growing sector of the market, and Avricore has made services for monitoring pre-diabetes and cardiovascular conditions a foundational part of its pilot program.
Avricore’s non-exclusive distribution agreement in Canada to work with multinational medical devices and health care company Abbott Laboratories on the pilot program’s testing setup is using Abbott’s handheld blood chemistry analyzer, i-STAT Alinity, to help chronic kidney disease patients monitor their creatinine levels, for example, as a means of determining if medication dosing needs to be adjusted because of the amount of renal-excreted drugs for diabetes or cardiovascular disease being filtered through their kidneys.
“Understanding renal function in patients at risk from or already living with chronic disease is critical,” Bremner stated last month (https://nnw.fm/8wdEF). “With i-STAT Alinity and its associated test for creatinine, healthcare professionals can obtain results in approximately two minutes to detect elevated levels of creatinine that are associated with abnormal renal function.”
The Abbott agreement also allows for the technology to detect viruses such as COVID’s SARS-CoV-2, RSV, influenza A and B, and strep (https://nnw.fm/zteuV) to be utilized in a pharmacy setting, making it easier for patients to streamline decisions related to short-term sicknesses.
For more information, visit the company’s website at www.AvricoreHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to AVCRF are available in the company’s newsroom at https://nnw.fm/AVCRF
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