A new ruling by the US Internal Revenue Service allowing purchases of 23andMe Inc.’s genetic health test kit with tax-deductible flexible spending and health savings accounts should increase access to the product, the firm said on 23 July.
Patients who buy and use 23andMe’s kit – which is used, in part, by consumers to identify their genetic risk for certain diseases and to better manage their health – will be able to deduct the medical portion of the test kit, the Internal Revenue Service (IRS) said in a ruling released 22 July.
The deduction eligibility is applicable to the 2019 tax year, and years following, according to the IRS ruling.
Paul Campbell, chief regulatory officer at HealthAI, emphasizes existing regulations for AI in healthcare should not be overlooked as new regulations are developed.
The last steps are taking place leading to the launch of the EU’s medical device database, EUDAMED.
CEO Alexandre Chau told Medtech Insight that the Middle East and Africa presented the ideal mix of market potential, physician training opportunities, and regulatory readiness when the company was considering expansion markets beyond Europe and the US.
