- HIF and Little Green Pharma recently announced a partnership aimed at improving cannabis access and increase the affordability of medical cannabis products. This could be a significant update for the cannabis industry in Australia.
- Private insurer HIF, or Health Insurance Fund of Australia, is offering to pay up to A$105 per prescription for all eligible members. However, the rebate will only be possible if doctors prescribed LGP’s cannabis-based products.
- Executives from both the companies welcomed the partnership and hope to improve the overall cannabis acceptance in Australia and across the globe.
In what could be a significant development for the Australian medical cannabis industry, private health insurer, HIF and ASX-listed cannabis player Little Green Pharma announced a partnership focusing on improved access to medicinal cannabis products at affordable prices. The announcement comes as great news for patients suffering from chronic diseases as it supports medical cannabis usage for Australians.
Effective from 9 November 2020, Aussies with long-lasting diseases will be able to purchase and claim medical cannabis through HIF. The medicinal cannabis products will be distributed by Perth-headquartered Little Green Pharma (ASX:LGP).
This partnership represents Australia’s first public support for the plant with proven medical advantages, especially when it comes to relieving pain and providing relaxation. As many Aussies have shown a significant interest in this particular matter, HIF stepped up and became the first private insurance company that backed the frowned upon treatment method.
The agreement between the two players marks a significant milestone in the medical cannabis industry, as patients can now access an affordable THC-based drug that undergoes strict tests and research. All that the eligible HIF members need to do now is get a doctor’s prescription for medical cannabis and then wait for the freshly produced cannabis-based medicines from Western Australia.
What does this partnership mean for HIF members?
After the announced partnership, HIF promised to pay up to A$105 per cannabis prescription for every extras policy barring one.
Apart from paying towards more benefits, HIF and LGP will collaborate in funding further research in the cannabis space. The research activities will include investigations into cannabis effectiveness, while eligible HIF members will be able to participate in a discounted cannabis price per script.
HIF maintains the feeling of pride regarding this decision, as its CEO Justin James welcomed the partnership with LGP earlier this week. Managing Director of LGP, Fleta Solomon, added that the company had always been about providing affordable medical cannabis. Their combined efforts have resulted in drastically reduced prices for chronic patients across the country.
Let us look at the respective businesses of the two players discussed so far.
Health Insurance Fund of Australia – The affordable private health insurer
HIF started with its operations back in 1954, in Western Australia. Its first known name was Western Australian Government Railways Employees Hospital and Medical Benefits Fund Inc.
As the insurer started growing and became of the top private health insurers in Australia, it changed its name to Health Insurance Fund of Australia in 2010.
HIF has won several awards and has been well-recognised within the country since the first year of its operations. A wide range of services, such as pet and travel insurance, as well as health packages in Australia, had brought a new style to private health. With this approach, they attracted many customers that turned away from their previous insurers.
HIF, notably, is a not-for-profit organisation that is focused on its members. The business is excluded from income tax assessment, while still paying for other types of tax.
Little Green Pharma
The Western Australian company, Little Green Pharma, is proud to be the first Australian company to develop medicinal products from home-grown cannabis.
Established as a private player in 2016, LGP began cannabis oil manufacturing in 2018. For now, the cannabis company wants to continue its operations in Australia, with plans to grow in Europe and other markets in the upcoming years.
The company is proud to assist Australians that are unwell and wants to become the biggest cannabis supplier on the continent, as well as internationally.
LGP is working tirelessly to gain trust from its clients, produce quality products, bring innovation and determination in the business while being passionate about what they do.
Little Pharma is one of the newest entrants on the ASX with the company debuting on the exchange in February 2020.