In a much-needed and laudable development for women’s healthcare in Saudi Arabia, medical devices company TruScreen’s (ASX: TRU) distributor, Bettalife, has successfully obtained reimbursement approval from the majority of private health insurance companies in the country.
With reimbursement in place, women who are insured and opt for TruScreen over the conventional Pap Smear will receive the TruScreen test at a cheaper price point, making the advanced screening technology more accessible and cost-effective.
The discounted prices for using TruScreen will encourage uptake within the private healthcare industry. Private health insurance is expanding in Saudi Arabia and is mandatory for non-Saudis.
The CEO of TruScreen, Dr. Beata Edling, commented, “This reflects the growing acceptance of TruScreen technology world-wide and demonstrates our dedication to providing accessible and reliable cervical cancer screening. This approval will benefit women in Saudi Arabia and contribute to the continued success and expansion of TruScreen in the region.”
TruScreen’s approach to cervical screening involves an AI-enabled device capable of detecting abnormalities in cervical tissue in real-time. By eliminating the need for sampling and processing of biological tissues, TruScreen’s technology minimises the chances of failed samples, missed follow-ups, and discomfort associated with traditional methods. Moreover, it reduces the need for costly specialised personnel and laboratory infrastructure.
The Company’s recent financial performance reflects its growing traction in the market. In the nine months leading up to December 2023, TruScreen experienced a 40% growth in sales of devices and a 22% growth in sales of Single Disposable Sensors (SUS) compared to the same period in the prior year. Much of this growth can be attributed to TruScreen’s success in China, where its technology has gained recognition and endorsement from prestigious medical societies.
A roadshow by the Company’s distributor, Siweixiangtai Tech Co. Ltd (SWXT), has generated supported, resulting in installation of TruScreen technology in several new major hospitals.
Edling added, “TruScreen’s achievement of private insurers’ reimbursement approval in Saudi Arabia is a testament to the company’s commitment to advancing women’s healthcare globally, and achieving our ultimate goal, ‘A world without cervical cancer’.”
Besides China and Saudi Arabia, the Company has been making progress in other regions, too. Last week, Mexico’s national regulator, Cofepris, granted TruScreen access to the public health sector, opening doors to a market of 65 million women. The approval allows TruScreen to expand its cervical cancer screening, currently, in the private health clinics to the wider public health sector. A 2020 census identified that only 2.3% of the population have private healthcare while 70.9% of the population accessed the public health system.
Additionally, the recent installation of TruScreen devices at Dr. Sulaiman Al-Habib Medical Group in Saudi Arabia positions the Company as a leader in cervical cancer screening within the Middle East. In September 2023, Dr. Sulaiman Al-Habib Medical Group, which is the largest private hospital network in the Middle East, installed the first batch of four TruScreen devices for commercial cervical cancer screening in Saudi Arabia.
As TruScreen advances towards its goal of creating a world without cervical cancer, the approval from Saudi Arabian private insurers injects a major confidence boost. With increased accessibility and affordability for pap smears, TruScreen is poised to make a lasting impact on the future of cervical cancer.
Alinda is a Business Reporter for The Sentiment
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