- The program’s initial focus is to support those at risk or already diagnosed with diabetes or cardiovascular disease, offering better health management and quality of life
- In the United States, approximately 88 million adults live with prediabetes, and as many as 84% do not know they have it. It is estimated that by 2030, 13.6 million Canadians will be diabetic or prediabetic
- The global point-of-care diagnostics testing market was valued at $30.45 billion in 2021 and is anticipated to grow at a CAGR of 3.25%, resulting in a revenue forecast of $35.74 billion by 2028
Avricore Health Inc. (TSX.V: AVCR) (OTCQB: AVCRF), a pharmacy service innovator focused on the acquisition and development of early-stage technologies, has reported success in the pilot rollout for Shoppers Drug Mart(R) and the company’s wholly owned subsidiary HealthTab(TM). HealthTab(TM) is a turnkey point-of-care testing solution for pharmacies to provide a larger role in primary care delivery, which empowers patients to take control of their health (https://ibn.fm/9K873).
Avricore Health’s CEO, Hector Bremner, and key team members will conduct regular investor calls to provide progress updates and take questions about the innovative solution and the rollout program. In the first such investor call, which took place July 6, the agenda included opening remarks, team introduction, presentation, updates, and a 30-minute Q&A session.
“We have many enthusiastic supporters, and we want to be able to provide a forum to share more insights on our plans and progress. I’m looking forward to taking questions and keeping a regular dialogue going about how we are changing the face of rapid-diagnostics in pharmacy,” Bremner commented (https://ibn.fm/S3DDU).
The call came just after the initial systems testing was completed on HealthTab(TM), demonstrating that it was operating successfully after implementation in the first 11 Shoppers Drug Mart locations where it was launched. The rollout is a part of the Master Agreement and Statement of Work. Under this agreement, the initial Ontario locations receive the point-of-care testing platform from HealthTab(TM) that features the Afinion2(TM) blood chemistry analyzers by Abbott Rapid Diagnostics.
The program’s initial focus is to screen patients at risk or already diagnosed with diabetes and cardiovascular disease, offering a better way to manage the conditions for a higher quality of life. As key milestones are accomplished, the company will add more locations to the HealthTab(TM) network, further expanding per the Master Agreement with Shoppers Drug Mart Canada.
The screening program is an innovative and convenient solution for potentially millions of people with prediabetes or diabetes, a massive market that is constantly expanding. It is estimated that in the United States, there are approximately 88 million adults (more than 1 in 3) living with prediabetes (https://ibn.fm/42OtS). Of these 88 million, more than 84% of them don’t know that they have it. Nearly 13.6 million Canadians are expected to be diabetic or prediabetic by 2030, with many being underdiagnosed (https://ibn.fm/7eHCz). Prediabetes increases the risk of developing Type 2 diabetes, stroke, and heart disease.
Additionally, a successful rollout of the HealthTab(TM) platform will help position Avricore Health as a leading company in the point-of-care diagnostics and testing market, which is anticipated to gain momentum in the coming years. The global market was valued at $27.8 billion in 2020 and increased to $30.45 billion in 2021 (https://ibn.fm/8KVTn). Expected to grow at a CAGR of 3.25% from 2021 to 2028, the revenue forecast for 2028 is $35.74 billion. North America was the largest regional market in 2020, accounting for over 34% of the revenue, and is expected to maintain its position throughout the forecasted years. In terms of clinics, pharmacies and retail clinics showed higher use of point-of-care diagnostic systems, followed by physician offices.
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
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