- Avricore Health is developing a variety of pharmacy services that provide lab-quality testing for pre-diabetes and cardiovascular concerns
- The company’s trademarked HealthTab platform makes advanced testing technologies available to partner pharmacies and, through them, to patients at accessible point-of-care (“POC”) locations
- HealthTab’s partnership with Abbott Diagnostics in Canada also has the potential to expand to virus testing for COVID, RSV, influenza A and B, and strep
- The company has located the systems in Ontario and British Columbia through an agreement with large national pharmaceutical chain Shoppers Drug Mart, and anticipates expansion to other Shoppers Drug sites with 600 locations established by the end of 2023
- Avricore also expects to forge agreements that will take HealthTab’s POC testing to pharmacies in the United States, United Kingdom and European Union
Health diagnostics solutions innovator Avricore Health (TSX.V: AVCR) (OTCQB: AVCRF) is celebrating its achievement of key milestones this year, building on its initial agreement with Canada’s Shoppers Drug Mart pharmaceutical chain to make its platform technology accessible to patients across the country.
Avricore’s milestones include building an agreement with Abbott Diagnostics to establish in-store kiosks that utilize Avricore’s platform, allowing Avricore to test its platform in pilot stage and roll it out to the ready Shoppers Drug Mart sites.
Avricore’s HealthTab platform (www.healthab.com) is a testing and health data network that draws on data from blood samples and other samples utilizing Abbott’s trademarked Afinion 2 and ID Now instruments to provide lab-quality results to patients in real time. Avricore’s mission is to make such advanced testing technologies available to its partner pharmacies.
Avricore’s efforts to provide access to the testing solution makes it possible for patients to seek out pharmacies in their local neighborhoods, often within walking distance, to gain insights on critical health conditions without the additional delays associated with getting clinic appointment and then having to visit a lab.
Point-of-care testing is poised to become the natural evolution of the medical industry, delivering an alternate route to health management information as pharmacists trained to dispense medications and provide vaccinations add lab testing and results oversight (https://ibn.fm/6QYZe).
After testing its pilot program in Ontario, Avricore added West Coast pharmacies in British Columbia. The company’s successes in those locations have led management to forecast it will set up POC in additional Shoppers Drug Mart locations across Canada, add other pharmacies in the United States, and continue to expand to the United Kingdom and European Union (https://ibn.fm/HvOVp).
The company has stated it intends to set up its POC health testing kiosks in 600 locations by the end of 2023 (https://ibn.fm/fWW6m). Its site testing is initially just providing services for pre-diabetes and cardiovascular indications, linked to Ellerca Health Corp’s app-based digital platform for chronic disease management to provide better outcomes for patients who are self-managing their illnesses (https://ibn.fm/vp2mG). But the Abbott agreement also paves the way for potential testing and reporting for COVID’s SARS-CoV-2 virus, RSV, influenza A and B, and strep at the ID Now kiosks (https://ibn.fm/f1Baf).
Two key aims of Avricore’s focus on making a range of health innovations available through the community pharmacy are to improve health outcomes for patients and lower overall healthcare costs going forward.
Reducing the cost of routine lab tests may ultimately help reduce costs for insurers. Insurer Blue Cross and Blue Shield of North Carolina cut $112 million in laboratory spending in 2020 through better management of the testing, according to a Modern Healthcare report (https://ibn.fm/9dVh9).
“I think we have known that laboratory testing has been a driver of costs for some time,” Blue Cross’s senior medical director over clinical effectiveness, John Campbell, told Modern Healthcare.
“They’re now looking at the small dollar amounts and saying listen, the volume is such here, if we decrease costs by 1 percent, that equals X amount of dollars back to the insurer,” Mick Raich, president of revenue cycle management consulting at Charlotte, North Carolina-based Lighthouse Lab Services, said in the report.
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://ibn.fm/AVCRF
QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.