3rd Dec 2019 14:22
(Alliance News) - Renalytix AI PLC on Tuesday said Medicare has set the US national price for the KidneyIntelX test at USD950.
Medicare is the US's federal health insurance programme for those over 65. It also covers some younger people with disabilities, and those with end-stage renal disease.
Shares in kidney disease diagnostics firm Renalytix were up 8.0% at 310.00 pence in London on Tuesday.
The US Centers for Medicare & Medicaid Services released its final 2020 clinical laboratory fee schedule, setting a national price for Renalytix's KidneyIntelX test price at USD950 effective January 1. This price remains in effects for a three-year term ending December 2022.
KidneyIntelX has been developed by Renalytix and is intended to improve outcomes in kidney disease patients. It combines machine learning, blood-based biomarkers, and a patient's own electronic health record to asses the risk of rapid kidney disease progression.
According to Renalytix, this move by Medicare is likely to accelerate the firm's contracting efforts with insurance firms as a number of large plans use the Medicare fee schedule to determine test pricing.
Renalytix President & Chief Executive Tom Mclain said: "We are pleased that [Centers for Medicare and Medicaid Services] has priced KidneyIntelX in the year of our national launch programme. Historically, coverage and pricing have lagged innovative test launches by three to five years. We believe this accelerated timeframe for KidneyIntelX pricing reflects the benefit of improved patient outcomes by delaying or preventing the onset of end-stage renal disease and kidney failure, as well as the expected cost reductions that can be delivered to healthcare systems across the United States."
By Anna Farley; [email protected]
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