One80 Intermediaries (One80), an insurance broker based in Boston, announced the launch of GeneBridge, an innovative product designed to reduce the financial burden of high-cost gene therapy claims.
Matthew Power, President, One80, commented: “With the number of gene and cell therapies expected to double over the next two years, we saw a great need to mitigate the potentially catastrophic financial impact one or more of these claims would have on programs and employer groups.”
“With GeneBridge, One80 is at the forefront of providing clients with protection for a rapidly growing area of high-cost claims,” Power continued.
GeneBridge is a reinsurance facility specifically designed for blocks of business, such as employer stop loss programs and health plans.
Programmes that use GeneBridge are reimbursed up to a predetermined amount for the cost and administration of FDA-approved therapies.
As more than 10,000 diseases are associated with genetic disorders, the number of approved treatments is rapidly increasing. Given that the average cost per therapy is over $2.5 million, the volume of high-cost claims is expected to grow significantly.
