Chordate Medical has developed a medical device with the goal of helping patients suffering from chronic nasal congestion. Now, with their distributor in Saudi Arabia having received a reimbursement code for insurance payment, Chordate Medical is a step closer toward reaching that goal. The reimbursement code makes it possible for patients’ insurance to cover the costs of Chordate Medical’s treatment. According to the company, this is likely to accelerate sales of the product in Saudi Arabia.
Chordate Medical is a MedTech company that has developed a treatment method, Kinetic Oscillation Stimulation (KOS), for chronic rhinitis (nasal congestion). The company’s product is approved for sale in the Nordic countries, the EU, Israel and Saudi Arabia and is sold via distributors to clinics and hospitals.
In the beginning of the week, Chordate Medical announced that their distributor in Saudi Arabia has received a reimbursement code for insurance payment for the company’s treatment. This was long-awaited according to Anders Weilandt, CEO of Chordate Medical:
»It is very gratifying to see how hard work over several years is now bearing fruit. Chronic nasal congestion is a pronounced health problem in the Gulf region, and we look forward to being able to help many patients with their problems in the coming years. We have noted some sales to Saudi Arabia in the past year, something I now assume will accelerate« – Anders Weilandt, CEO Chordate Medical
The reimbursement code applies to private hospitals and clinics
A reimbursement code means that patients with private health insurance do not have to pay for the costs or parts of the costs for a treatment. In the case of Chordate Medical’s KOS treatment, the reimbursement code covers the cost at private hospitals and clinics belonging to the categories VIP/Class A and Class B in Saudi Arabia. Saudi Arabia has 415 public and 127 private hospitals, of which about 30 hospitals belong to class A and B. The insurance code may also become valid in private hospitals and clinics in underlying classes in the future.
Chronic nasal congestion creates a number of inconveniences
Patients with chronic nasal congestion usually have difficulty breathing through the nose, which in turn creates a number of other problems such as dry mouth, snoring, impaired speech and sleep problems. Thus, chronic nasal congestion often leads to reduced quality of life.
The cause of chronic nasal congestion is not completely clear, but there are a number of defined subcategories where the congestion is exacerbated by e.g., hormonal changes, certain foods and beverages, stress and environmental factors.
An important patient group for Chordate Medical are those who overuse decongestant nasal sprays over a long period of time, which can lead to an addiction-like condition. A scientific article from the University of Amsterdam, published in May this year, showed that the company’s KOS treatment is effective in this particular patient group. The in-depth analysis was based on data from a Swedish study that the company sponsored in 2013-2014.
Increased sales expected
While chronic nasal congestion can be a very troublesome condition, it is not life-threatening, which can potentially make patients hesitant to pay for a treatment. But now that the reimbursement code is in place in Saudi Arabia, patients do not have to bear the costs of the treatment themselves, which means that the economic factor decreases in importance.
The company’s hope is that more clinics and hospitals in Saudi Arabia will now feel compelled to offer Chordate Medical’s KOS treatment to their patients with chronic nasal congestion. In Saudi Arabia, as in many other markets, a reimbursement code is often required for business to start gaining momentum, according to CEO Anders Weilandt:
»This is long-awaited news and is the result of hard work from our distributor in Saudi Arabia. Our partner has invested a lot of time and money to get this in place. In Saudi Arabia, as well as in many other markets, you need a reimbursement code for business to start gaining momentum.«
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