Avricore Health Inc. (TSX.V: AVCR) (OTCQB: AVCRF) is a health care technology company focused on delivering an effective range of health innovations within the community pharmacy. With decades of experience in pharmacy and pharmacy policy in Canada, the Avricore team represents the industry’s most passionate advocacy.
With this unique focus on the community pharmacy and committing to supporting their development as a more robust and effective health care centre, the company hopes to improve health outcomes for patients and lower overall health care costs.
Hannah Bernard: Hi, I’m Hannah Bernard. You’re watching Market One Minute. Joining us today is CEO of Avricore Health, Bob Rai. Bob, let’s start off by you telling us what the core focus of Avricore Health is.
Bob Rai: Avricore Health has now shifted towards being a technology and data company. We’re here to provide more tools in the tool chest for pharmacists across the country through technology, and at the same time, through these new clinical tools, potentially new revenue streams for the pharmacists as well. At the end of the day, we’re here to empower the consumer with their health information and in their health data literally at their fingertips. As we know in this day and age, everyone wants that information yesterday. Through this technology, we’re here to really help to address and optimize the consumer’s health. Pharmacists as you know we’ve always been, I’m a pharmacist myself, we’ve always been there to counsel whether it’s on diet, lifestyle, of course along with the prescription medications and other supplements. We’ve always really been coaches.
Bob Rai: Through the technology that we’ll be delivering at the pharmacy counter, Avricore’s goal is to really own that pharmacy counter and be able to allow pharmacists to be better utilized in our health care system, provide avenues of, in this case, preventative health, and ultimately to help to optimize the consumer’s health as best as possible.
Hannah Bernard: What’s driving this shift of Avricore from Vanc Pharma?
Bob Rai: The pharmacy industry in Canada is rapidly evolving. It’s being driven by government putting pressure in terms of wanting to reduce medication costs, and in particular on the generic drug prices in Canada. Over the last decade or so, they’ve taken steps to reduce those generic drug prices. At the end of the day, that was a profit centre for pharmacies. That has really now taken a large chunk of that money out of pharmacists’ pockets. An example is the Pan-Canadian Initiative, which came into effect in April of 2018, where literally three billion dollars was taken out of pharmacists’ pockets. Pharmacists have always at the same time been talking about furthering their scope of practice, being able to do more, to help in terms of prevention in our health care industry. This pressure on the generic drug prices is actually providing that opportunity, where now pharmacists moving forward can be more utilized in our health care system to potentially achieve health care savings through prevention.
Hannah Bernard: How have you done this?
Bob Rai: Avricore has acquired technology as we’re positioning ourselves to become a technology and data company. The first acquisition was Health Tab. Health Tab can provide with a patient assisted fingerprint right at the pharmacy counter 21 different blood chemistry results in 12 minutes direct to the consumer and patient. They have their username and password account, and they get that information literally at their fingertips. This platform is now plugged into, as I mentioned, the blood chemistry with a piccolo analyzer. We can now as Avricore also plug into other technologies. That acquisition has driven those discussions, for example, pharmacogenomics and DNA testing. We also acquired in the spring a platform, which is Canada’s first and only pharmacist facing portal, where there’s an academy portion to it, so the pharmacist can get themselves educated, trained, accredited.
Bob Rai: There’s also a workflow component, so they can understand and get advice on how to fit it into their daily routine and their workflow. Then there’s the eCommerce and store component, where then they can literally order the product and service and get it directly into the pharmacy.
Hannah Bernard: Great. Can you tell us a little bit about your board?
Bob Rai: Our company is largely driven by pharmacy experts, myself included. I’m a biochemist and pharmacist. We’re here to really help to deliver on the mission of providing necessary health care services to the consumer. For example, Bob Sindelar the former dean of pharmacy from the University of British Columbia is on our board. He’s a global thought leader in terms of where pharmacy is headed, Sherif Guorgui who is a pharmacist here in Ontario he won the Pharmacist of the Year award last year at the Pharmacy U Conference. He’s also been really a leader in terms of innovation, and how to better utilize pharmacists in our health care system. Of course Ray Chepesiuk, who former commissioner of PAAB a pharmacist himself, he’s a most recent addition as an advisor. Our company has really been built through a stellar board and really stellar advisors, with the background of being experts in the pharmacy industry in Canada.
Hannah Bernard: Sounds like you’ve got the right team for the job. What can we expect in 2019?
Bob Rai: 2019 is a going to be an exciting year for Avricore. We’re launching two new initiatives on our Health Tab software platform. One is an LOI that we did with Molecular You, where we’ll be now able to offer pharmacogenomics and DNA specific to cannabis. With cannabis now being legal, we will be able to deliver it to the consumer, their information as it pertains to cannabis usage and how it might affect their medications. And again, at the pharmacy counter, the pharmacist’s role there will be further expanded to help to coach and offer this advice and information to their consumers and patients.
Hannah Bernard: Well it sounds like lots of great news flow coming from the company. Thanks for sharing that with us Bob.
Bob Rai: Thank you.
This story was provided by Market One Media Group for commercial purposes.