Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN) today announced that the German Ministry of Health will create an outpatient reimbursement code for the PillCam SB (small bowel) capsule endoscopy for obscure gastrointestinal bleeding. The declaration begins a 12-15 month process for establishing a medical code, after which the 73 million Germans covered by the public health system, 90% of the population, will have access to the PillCam SB procedure, with full reimbursement under the German statutory health insurance system.
Approximately eight million Germans, 10% of the population, currently have coverage for PillCam SB capsule endoscopy through private health insurers. PillCam SB capsule endoscopy has been covered for inpatient use since 2004.
Obscure gastrointestinal bleeding is suggested by persistent iron deficiency anemia if other causes of intestinal blood loss can be ruled out, and cases of bleeding associated with low Hb levels and inconclusive prior upper and lower endoscopy.
Given Imaging president and CEO Homi Shamir said, "The establishment of an outpatient reimbursement code for PillCam SB capsule endoscopy represents an important milestone for Given Imaging, potentially enabling us to significantly increase our annual sales in Germany from the current level of several million dollars within the next few years."
Given Imaging's share price rose 1.2% on Nasdaq yesterday to $17.03, giving a market cap of $507 million, and rose a further 2.7% in after-hours trading. The share price rose 3% by mid-afternoon on the TASE today to NIS 54.
Published by Globes [online], Israel business news - www.globes-online.com - on February 3, 2011
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