ST. LOUIS, Nov. 28 /PRNewswire-FirstCall/ -- GenoMed, Inc. a Next Generation Disease Management company, announced today that it is considering partnering to offer a low-cost health insurance product to compete for the uninsured market.
By avoiding expensive hospitalizations for diabetes, high blood pressure, and emphysema, GenoMed can already slash healthcare costs for cardiovascular disease. Two-thirds of Americans die from cardiovascular disease, and one third from cancer. With its Healthchip(R) to serve as an early warning system for the top six common cancers in whites, breast, colon, lung, ovarian, pancreatic, and prostate, GenoMed has taken the first step towards curing cancer.
The company wants to pass these savings on to the consumer in the form of markedly lower premiums. Currently, health insurance costs $6,000 a year, but life expectancy from cardiovascular disease and cancer is still poor. GenoMed thinks it can provide better patient outcomes for up to 40% less. The company is currently looking for two other partners to provide low cost health insurance: a mail-order pharmacy to supply drugs inexpensively, and an insurance carrier for catastrophic hospitalization.
Said Dr. David Moskowitz, GenoMed's CEO and Chief Medical Officer, "If hospitalization can be avoided for most patients by judicious use of outpatient medications and tests, then insurance rates can be lowered considerably. Hospitalization will become the exception, not the norm, and catastrophic hospitalization insurance rates should apply. This is the whole promise of medical genomics and preventive molecular medicine."
GenoMed hopes to offer an insurance product inexpensive enough to attract America's 45 million uninsured patients. Given the rising cost of healthcare, other payors should soon follow as customers, including employers, state Medicaid programs, Medicare, overseas National Health Services, etc.
About GenoMed(TM)
GenoMed is leading the clinical revolution which knowledge of disease genes makes possible. GenoMed is currently marketing its protocols to prevent kidney failure due to high blood pressure and diabetes, and to delay the progression of emphysema. The company plans to increase the scope and predictive power of its Healthchip(R) by collecting patient samples from additional types of cancer, and additional ethnic groups. The company is finding that its science requires it to also discover new business models.
Safe Harbor Statement
This press release contains forward-looking statements pertaining to GenoMed, Inc.'s (The Company's) finances and treatments. The words or phrases "ought to," "should," "could," "may," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties including, but not limited to our research and development being subject to economic, regulatory, governmental and technological factors. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Unless otherwise required by applicable law, we specifically disclaim any obligation to update any forward-looking statements to reflect occurrences, developments unanticipated events or circumstances after the date of such statement.
GenoMed, Inc.CONTACT: David Moskowitz MD, CEO of GenoMed, Inc., +1-314-983-9933,dwmoskowitz@genomed.com
Web site: http://www.genomed.com/
