Australia’s Althea Group Holdings Limited (ASX:AGH) has announced another of its cannabis medicines has been approved for patient reimbursement in Ireland.
Althea states the Republic of Ireland’s Primary Care Reimbursement Service has approved the company’s THC20:CBD1 formulation, making it free of charge for Irish patients being treated for CINV – chemotherapy-induced nausea and vomiting.
The company states controlling CINV is “critical to ensure adherence with chemotherapy and reduce morbidity and total healthcare costs”.
The announcement is good news for patients suffering CINV who may not otherwise be able to afford such a product – the agreed reimbursement price for a 50ml bottle is €330, or approximately AUD$552.
And of course, it’s good news for Althea too.
“The addition of Althea THC20:CBD1 to the Primary Care Reimbursement Service in Ireland is another remarkable achievement for Althea and solidifies our position as the global leader in the sale and distribution of medicinal cannabis extracts,” said AGH CEO, Joshua Fegan.
This isn’t the first Althea cannabis medicine to get the green light in Ireland. Another was its CBD12:THC10 cannabis oil that gained Health Products Regulatory Authority (HPRA) approval last year, and subsequently also scored approval for reimbursement. AGH says it is the only supplier with multiple cannabis oils approved for reimbursement in Ireland.
AGH is to also boost its presence in Ireland with the local launch of subsidiary MyAccess Clinics, which is a private clinic specialising in medicinal cannabis. Consultations with patients will kick off in November this year, with prescriptions fulfilled electronically and medicines delivered by mail. The company says this expansion will leverage existing infrastructure and will not need any additional capital expenditure.
“MyAccess Clinics has already serviced thousands of patients in the UK, and we look forward to offering an excellent service to our deserved patients in Ireland,” said Mr. Fegan
Earlier this month, AGH reported the company had achieved its first quarter of positive cash flow from operating activities – a net cash inflow of $35,000. The quarter ending 30 September 2023 was another record quarter for the firm: $9.5 million in receipts from customers. This represented an increase of 46% from the previous corresponding period.