Mr. Steven McAuley reports
EMPOWER CLINICS SUBSIDIARY RECEIVES APPROVALS FOR GOVERNMENT REIMBURSEMENT FROM FOUR GOVERNMENT ADMINISTRATIONS
Empower Clinics Inc. subsidiary Medi+Sure Canada Inc.'s next-generation diabetes testing solutions -- MediSure Empower Test Strips -- have been approved to be part of the formularies of four government jurisdictions, departments and programs, namely: Alberta, Quebec, Veterans Affairs Canada and Non-Insured Health Benefits for first nations and Inuit.
Used everyday by thousands of Canadians managing diabetes and requiring regular blood-sugar testing, MediSure's blood glucose test strips are reimbursed through these respective government drug benefit programs. A formulary is defined as a list of medicines covered as benefits for eligible beneficiaries, as determined by the individual drug plan. The purpose of a drug formulary is to help manage which drugs care providers can prescribe and that would be covered by a health plan. The goal of a medical formulary is to make sure that the drugs or products covered by a health plan are safe, effective and available at a reasonable cost.
Each jurisdiction has its own unique set of programs, eligibility criteria and cost-sharing structures. In Canada, provincial governments are responsible for administering public drug benefits plans. These plans have certain eligibility criteria and specific policies related to drug coverage and reimbursement. Each provincial program is independent, so access to medications, as well as devices and supplies, varies greatly across the country. Health plan formularies are typically created by a committee set up by the plan's health insurance government or private company. The formulary committee would likely include pharmacists and doctors from various medical areas. This committee would then choose which prescription drugs and products to include on the health plan formulary.
"The inclusion of MediSure's next-generation diabetes test strips in these four formularies is a reflection of the quality, efficacy and safety of our product development expertise," stated Steven McAuley, chairman and chief executive officer of Empower Clinics "This approval process can take months, and even years, and I am proud of the entire team at MediSure for achieving this important milestone with quality and speed. I'm confident that we will be announcing inclusion into additional provincial and private formularies shortly. These approvals have a direct, immediate and positive impact on revenues for MediSure and the sale of our next-generation diabetes test strips."
MediSure has been engaging the governments of Ontario, British Columbia, Manitoba, Saskatchewan, Nova Scotia, Prince Edward Island and New Brunswick for similar inclusion to provincial formularies. Empower anticipates the approvals for inclusion in these formularies to take place soon. Earlier generations of MediSure test strips were successfully included in formularies across Canada.
The company also announces the amendment of the terms of 8,317,500 warrants that were previously issued in a private placement that closed on Jan. 6, 2022. Effective as of Tuesday, Jan. 24, 2023, the warrants will be amended to reduce the exercise price from 30 cents to 7.5 cents per share and to extend the expiry date from Jan. 6, 2024, to Jan. 24, 2025.
About Empower Clinics Inc.
Empower is an integrated health care company with multidisciplinary clinics, an at-home medical testing device company and state-of-the-art medical diagnostics laboratories. With a growing presence in the United States and Canada, Empower is a leader in integrated health care and diagnostics solutions and is reshaping the model for patient-first wellness.
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