Health Insurance Fund of Australia (HIF) members will be able to receive up to $105 back per script under the terms of the agreement.
The WA-based medicinal cannabis company, Little Green Pharma (ASX:LGP), announced today that it has partnered with the private health insurance provider, Health Insurance Fund of Australia (HIF), to provide rebates for medicinal cannabis patients.
The partnership between the two companies was made as part of a broader plan to improve patient access and provide greater affordability to eligible HIF members.
Our company has always had Australian patient access at the forefront. We were the first company in Australia to launch with locally-grown and affordable medicinal cannabis products. Our disruptive pricing strategy led to the cost of medicinal cannabis products being significantly reduced in price nationally. We are proud to further contribute to driving improved affordability and our partnership with HIF, another patient-focused company, will mean better access to medicinal cannabis products for patients across Australia. Little Green Pharma Managing Director, Fleta Solomon
Additionally, the agreement will also encompass future research projects between the two companies aimed at "understanding the role medicinal cannabis can play" in improving the quality of life for patients in need.
HIF members will be able to receive up to $105 back per script under the terms of the agreement, which is currently scheduled to conclude at some point during the next 18 to 24 months, depending on the total length of the joint study.
According to the CEO of Health Insurance Fund of Australia, Justin James, the company elected to partner with LGP as part of its ongoing effort to provide the latest "alternative" healthcare options for its members.
"We are exceptionally pleased to be the first Australian health fund to publicly declare our support for medicinal cannabis treatments and provide our members with rebates on these products," Health Insurance Fund of Australia CEO Justin James said
"As a member-based health fund, our community is the motivation for everything we do, so assisting members through treatment options that can dramatically improve quality of life across different life stages is a key focus."
"HIF proudly provides choice to members – whether of specialist, hospital, clinic or medication—so our members can have the flexibility to control their own medical outcomes. Supporting members with medical cannabis as a treatment option is another choice, we are excited to provide to members."
While an $105 rebate per script might not seem like much, it's important to remember that medicinal cannabis is still fairly costly in Australia, and many patients currently spend hundreds of dollars each month to maintain their treatment.
"Our company has always had Australian patient access at the forefront," Little Green Pharma Managing Director Fleta Solomon said.
To learn more about Little Green Pharma, visit their company HQ here.
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