Aurora Cannabis (TSE: ACB) has announced that it, along with its wholly-owned CanniMed Therapeutics subsidiary, has made its medical cannabis products a little more user-friendly. Both entities now include product information numbers (PIN) to a large number of their products, which will allow them to be better tracked for insurance purposes for their customers in Canada.
PINs are now added to dried flower, soft gels, oils, topicals and capsules. They can be found on 78 products in total and the information will help employers and insurance companies categorize and include health care products into insurance benefit coverage plans. When patients submit claims to a third-party insurer, they will be able to identify specific products, which will make the adjudication and medical coverage process more efficient.
The move follows a similar plan at Aurora subsidiary MedReleaf that was introduced last year. MedReleaf began putting PINs on 57 of its medical cannabis products.
According to Aurora CEO Terry Booth, “This is great news for insurance companies, employers and most importantly our patients. Introducing PINs for medical cannabis products will make the claims process more seamless, enabling insurance companies to add these products to their formularies while providing patients and employers with a simplified process to complete claims. It’s another step toward enhancing patient access, something Aurora cares deeply about.”
Aurora is headquartered in Edmonton, Alberta, Canada and has the capacity to produce more than 500,000kg of cannabis each year. It now operates on five continents in 24 counties and continues to expand its portfolio. It is integrated both vertically and horizontally across different segments of the value chain, from facility engineering and design to cannabis breeding and research, production, home cultivation, wholesale and retail distribution and derivatives.