Dive Brief:
- ReWalk Robotics, maker of a robotic exoskeleton that allows paraplegics to walk, saw stock prices go up 76% (to $10.60 per share) Thursday after it announced the first federal insurance coverage of the device for veterans with spinal cord injury.
- The company announced the Department of Veterans Affairs has issued a policy regarding the evaluation of candidates for the technology, as well as training and procurement of the system, for all qualifying veterans.
- The decision reportedly came in response to petitioning from veterans unable to afford the $77,000 price tag.
Dive Insight:
The decision to cover ReWalk isn't just a matter of mobility. Though it can only be used in lieu of a wheelchair part-time and for certain functions, the VA has found paraplegics who used it at least four hours per week for three to five months saw improvements in bowel and bladder function, better sleep, and reductions in back pain and fatigue.
Demand could be significant; there are about 42,000 paralyzed veterans, but only a smaller segment who are specifically paraplegic vs. quadriplegic and meet height and weight requirements, may qualify. The company says it has so far evaluated 45 qualifying veterans.
The VA is arranging to train staff to provide the equipment at about a dozen different facilities, and will likely increase that number in the future.