- Avricore, through its HealthTab(TM) flagship offering, is bringing health diagnosis and treatment closer to people
- The point-of-care testing market, which Avricore is part of, shows incredible potential for growth in the coming years
- Strategic investments and critical partnerships with other key players in the industry have allowed Avricore to stand out among its competitors
- This has also enabled the company to create value for stakeholders and better outcomes for patients
The point-of-care testing market is projected to be valued at $50.6 billion by 2025, up from $29.5 billion in 2020. This will represent a compounded annual growth rate (“CAGR”) of 11.4% during the forecast period, mainly fueled by the rising cases of infectious diseases, technological advancements of point-of-care devices, along with an increase in investments by key companies and players in the industry (https://nnw.fm/fKu9J).
One such player is Avricore Health (TSX.V: AVCR) (OTCQB: AVCRF), a company at the forefront of moving pharmacy forward. Described as a heath diagnostics technology innovator focused on acquiring and developing early-stage technologies, Avricore has been at the frontage of offering a turnkey point-of-care testing platform that, so far, has created value for stakeholders and better outcomes for its patients.
Through HealthTab(TM), Avricore’s flagship offering, the company has effectively turned pharmacies into community diagnostic centers, bringing health diagnosis and treatment even closer to the people. With this platform, pharmacies take on a more significant role in primary health services, ultimately improving the quality of life for patients living with chronic illnesses.
Avricore understands that partnering with pharmacies is ideal if at all the point-of-care model is to work effectively. In the United States (“U.S.”), the United Kingdom (“U.K.”), and Canada, there are over 110,000 pharmacy locations. Each of them can be equipped with Avricore’s three rapid testing devices, allowing patients to easily and quickly diagnose anything from their kidney functions to Covid-19 (https://nnw.fm/6jZ0j).
For instance, in North America alone, it is projected that over 102 million people will be dealing with diabetes or prediabetes by 2030. Having point-of-care facilities close by, mainly in their closest pharmacies, will allow them to quickly diagnose their conditions and manage them properly before it is too late.
Having partnered with other key industry players such as Abbott Rapid Diagnostics and Shoppers Drug Mart, Avricore has secured the integral equipment necessary for patient point-of-care testing and locations that bring the equipment even closer to the target patients. By doing so, it is, ultimately, driving better outcomes for them. Additionally, it has brought on board companies that believe in the future of point-of-care testing and share in Avricore’s vision.
“We’re proud to be part of this amazing journey with HealthTab as we believe point-of-care testing in pharmacies is the future,” noted Daniel Saint-Pierre, the General manager of Abbott Rapid Diagnostics.
Mohammed Adel Elsabakhawi, a Pharmacist and Associate Owner of Shoppers Drug Mart, also noted, “I’m so excited to have HealthTab in my store because I believe it demonstrates a new and better way to do pharmacy practice.”
Avricore has three main testing instruments- Afinion 2(TM), I-Stat, and ID Now. Afinion 2 is beneficial for heart disease screening and diabetes diagnosis, while I-Stat tests kidney function and electrolytes. ID Now, Avricore’s most recent addition, is used to test Influenza A and B, Strep and Covid-19.
So far, the company has tested and developed its technology and is in the commercialization stage, intending to expand into more pharmacies in Canada and around the world (https://nnw.fm/ewbWw). Avricore’s ultimate goal is to become the leading provider of point-of-care testing in pharmacy and real-world evidence studies, and its achievements so far place it on track to achieving this goal.
The company projects that by October 2023, it will have its instruments in about 600 different locations, with estimated revenues surpassing $800,000. It also projects that Canada will play host to the majority of the pharmacies, followed by the U.S. and the U.K.
With its revenue model broken into equipment leasing, consumables, screening tests, data, and API integration, Avricore demonstrates its commitment to offering value-added patient services and creating value to its shareholders. Even with the success achieved so far, the company is still pushing the envelope, innovating with its technology and forging healthy relationships that allow it to move even closer to achieving this specific goal.
For more information, visit the company’s website at www.AvricoreHealth.com.
NOTE TO INVESTORS: The latest news and updates relating to AVCRF are available in the company’s newsroom at https://nnw.fm/AVCRF
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