- Health diagnostics solutions provider Avricore Health has established neighborhood lab-accurate medical condition testing platform in 15 sites in Ontario through the Shoppers Drug Mart network earlier this year
- Now Avricore has announced an expansion through the Shoppers Drug Mart agreement to serve five cities in British Columbia
- Avricore’s trademarked HealthTab network partners with pharmacies, kiosk developers and analytical instrument makers to provide patients ready access to data for managing their health in real time with the oversight of trained health professionals
- The point-of-care testing market is expected to generate revenues of $50.6 billion by 2025 as consumers seek more direct involvement in managing their wellness and a means of avoiding the costs and wait times associated with doctors’ office visits
After successfully rolling out a point-of-care health diagnostic platform in a group of Ontario pharmacies, technology innovator Avricore Health (TSX.V: AVCR) (OTCQB: AVCRF) is expanding to Canada’s west coast where its product can reach a new market and evaluate the needs of a diverse patient population.
Avricore’s flagship HealthTab (TM) platform is a solution that conveniently generates lab-accurate results for select medical conditions and communicates them in real time with patients as well as with trained health care professionals.
The platform teams up with neighborhood pharmacies, kiosk station builders and analytical instrument makers to provide patients with the ability to give a simple sample of blood and obtain prompt health management results at accessible pharmacy locations, potentially reducing costs and waiting times associated with busy doctors’ offices and clinics. Through cloud-based technology, the HealthTab platform provides data to the patients’ doctors to facilitate any needed follow-up care.
HealthTab’s diagnostic menu screens for up to 23 key biomarkers associated with chronic diseases such as diabetes and heart disease, and now also includes testing for bacteria and viruses such as strep and COVID-19.
Avricore initially provided HealthTab services to patients at 15 Ontario pharmacies thanks to a pilot agreement with the Shoppers Drug Mart network. The expansion announced Oct. 26 adds five cities in British Columbia — Richmond, Burnaby, Vancouver, Surrey, and Victoria (https://ibn.fm/pMQqo). The outlets represent a small fraction of Shoppers Drug Mart’s 1,800-pharmacy network, and Avricore says it plans to serve 600 locations by the end of 2023.
“Patient feedback, along with that of our pharmacists, has been very positive in Ontario with respect to HealthTab and we are evaluating how more patients can benefit from this type of service,” Shoppers Drug Mart Director of Complex Care Frank Hack stated in the news release. “In coming to British Columbia, we are hoping to learn more about patient needs and serve them in the best way possible.”
Avricore anticipates eventually placing its product in other pharmacies in the United States, the United Kingdom and the European Union.
“The nice thing is all this technology that we use, everything that we’re doing down there (in the United States), is already approved so we are not at a sort of regulatory or approval risk at any level expanding internationally,” Avricore CEO Hector Bremner said during a recent podcast interview (https://ibn.fm/0q2qB). “We’re also really excited about opportunities in the UK and EU, which, I think people just don’t understand how big a market that really is — it’s still bigger than China and it is a place where I think we can do business reliably. Between the U.S., UK and Canada, there’s about 110,000 pharmacies.”
The five cities in British Columbia have already received HealthTab devices ready to analyze for known conditions associated with pre-diabetes, or patients already identified as diabetic to help with management of their condition. By the end of the decade, nearly 13.6 million Canadians are expected to be diabetic or prediabetic — many of them undiagnosed by a physician — according to a report last year by national health charity Diabetes Canada (https://ibn.fm/47Fj4).
Analysts at Markets and Markets expect point-of-care testing revenue potential to reach $50.6 billion by 2025, with glucose monitoring for diabetes comprising the largest growing sector of the market (https://ibn.fm/VWziB).
For more information on Avricore Health, visit the company’s website at http://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
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