Genetic Technologies (ASX:GTG) has completed an independently developed and validated customisable Budget Impact Model (BIM) that it says demonstrates significant health and economic benefits directly attributed to the implementation of geneType Breast Cancer Risk Assessment Test.
The company said the BIM was independently developed and validated by ALVA10. It said the BIM illustrates the clinical pathways patients would experience and the economic implications of commercialisation and utilisation of a test or device.
The main finding means the BIM has the potential for US Payers to reduce the annual costs of breast cancer treatment by US$1.4 billion.
US Payers, including commercial insurers, large employers, and benefit groups such as Medicare, are typically reluctant to cover new diagnostic tools, with reimbursement often taking years to receive.
Genetic Technologies says its customisable BIM enables US Payers to accelerate their understanding of the economic impact of implementing GTG’s geneType Breast Cancer Risk Assessment Test prior to commercialisation – providing a faster and more certain outcome and minimising their technology adoption risk.
GTG’s CEO Simon Morriss said, “The completion of this work is a critical step towards obtaining reimbursement for geneType Breast Cancer Risk Assessment Test in the world’s largest healthcare market. It will advance discussions with major US Payers supporting the implementation of our test as a ‘standard of care’. It is a transformational step for GTG, obtaining coverage and reimbursement and will accelerate the adoption and commercialisation of our breast cancer risk assessment test, effectively providing a pathway for the reimbursement of GTG’s other risk assessment tests such as colorectal cancer.”