- Khiron applauds Colombia on
becoming one of the first countries to extend national health
insurance for patients to include medical cannabis as a first line
therapy
- Leveraging Khiron's status as a National Strategic Project,
Khiron medical cannabis products and clinic services are now
covered by health insurance companies in Colombia
- Over 94% of Colombians have health insurance policies
- More than 1,000 Khiron prescriptions issued in the last quarter
have already qualified for this insurance coverage, removing
economic barriers and increasing patient access to the Company's
products and services
- The Government of Colombia has
included THC and CBD products in its health insurance directive
following an analysis of efficacy and quality of legal medical
cannabis and the market potential
TORONTO, Dec. 7, 2020 /CNW/ - Khiron Life Sciences
Corp. ("Khiron" or the "Company") (TSXV: KHRN), (OTCQX: KHRNF),
(Frankfurt: A2JMZC), a vertically
integrated cannabis leader with core operations in Latin America and Europe, announces that as a result of strong
clinical evidence, the Company's National Strategic Project status,
and a directive from the Government of Colombia, its medical cannabis products and
clinic services are now covered by the country's major health
insurance providers, including medical cannabis as a first line
therapy. In Colombia more than 94%
of the population have health 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 today's news, Colombia
joins an exclusive list of countries offering health insurance
coverage for medical cannabis, including Germany and the Czech Republic. In the first half of 2020,
over €75 million worth of medical cannabis products were sold in
Germany to an estimated patient
population of approximately 120,000 (Source: Prohibition Partners).
Revisions to German laws in 2017 had wide ranging implications for
the country's cannabis market requiring health insurers to cover
the costs of the prescription except in exceptional circumstances,
with over 60% of patients receiving reimbursement from their health
insurance provider. In the Czech
Republic, which recently included extended health insurance
for medical cannabis, sales in the first four months of 2020
increased threefold over the same period in 2019.
Under the Colombian program, Khiron clinics receive government
and insurance company authorization to fill patient prescriptions
for magistral preparations; subsequently, the Company is reimbursed
once products have been dispensed to the patients. This will allow
a greater number of Colombian patients to have access to Khiron's
medical cannabis products and clinical services. Khiron's clinic
strategy continues to provide cost-effective access to
patients, while allowing the Company to generate medical evidence
and deliver an unparalleled physician and patient experience. With
a large patient base and growing network of physicians trained in
the prescription of medical cannabis, Khiron is uniquely positioned
to take advantage of the insurance policy change.
About Khiron Life Sciences Corp.
Khiron is a
vertically integrated medical and CPG cannabis company with core
operations in Latin America, and
operational activity in Europe and
North America. Khiron is the
leading cannabis company in Colombia and the first company licensed in
Colombia for the cultivation,
production, domestic distribution and sales, and international
export of both low and high THC medical cannabis products. The
Company has filled medical cannabis prescriptions in Peru and has a presence in Mexico, Uruguay, UK, Spain and also in Germany, where it is positioned to begin sales
of medical cannabis.
Leveraging its first-mover advantage and patient-oriented
approach, Khiron combines global scientific expertise, product
innovation, agricultural infrastructure, wholly-owned medical
clinics, and online doctor education programs to drive prescription
and brand loyalty to address priority medical conditions. Its
Wellbeing unit launched the first branded CBD skincare brand in
Colombia, with KuidaTM
now marketed in multiple jurisdictions in Latin America, the US and UK. The Company is
led by Co-founder and Chief Executive Officer, Alvaro Torres, together with an experienced and
diverse executive team and Board of Directors.
Visit Khiron online at investors.khiron.ca and on Instagram
@khironlife.
Cautionary Notes
Forward-Looking Statements
This press release may contain certain "forward-looking
information" and "forward-looking statements" within the meaning of
applicable securities legislation. All information contained herein
that is not historical in nature may constitute forward-looking
information. Khiron undertakes no obligation to comment on
analyses, expectations or statements made by third-parties in
respect of Khiron, its securities, or financial or operating
results (as applicable). Although Khiron believes that the
expectations reflected in forward-looking statements in this press
release are reasonable, such forward-looking statement has been
based on expectations, factors and assumptions concerning future
events which may prove to be inaccurate and are subject to numerous
risks and uncertainties, certain of which are beyond Khiron's
control, including the risk factors discussed in Khiron's Annual
Information Form which is available on Khiron's SEDAR profile at
www.sedar.com. The forward-looking information contained in this
press release is expressly qualified by this cautionary statement
and is made as of the date hereof. Khiron disclaims any intention
and has no obligation or responsibility, except as required by law,
to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this press release.
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SOURCE Khiron Life Sciences Corp.