Benzinga | Jun 2, 2021 08:04AM EDT

BrainsWay Announces OCD Coverage Policy By Blue Cross Blue Shield Licensee HCSC

BrainsWay Ltd. (NASDAQ & TASE: BWAY) ("BrainsWay" or the "Company"), a global leader in advanced noninvasive neurostimulation treatments for mental health disorders, today announced that that Health Care Service Corporation (HCSC) has issued a positive coverage policy, effective June 15, 2021, applicable to the BrainsWay Deep TMS(tm) system for the treatment of obsessive-compulsive disorder (OCD).



HCSC, an independent licensee of Blue Cross Blue Shield Association, is the largest customer-owned health insurance company, and fourth largest overall, in the U.S., covering approximately 17 million members. HCSC offers a wide variety of health and life insurance products and related services through its operating divisions and subsidiaries, including Blue Cross and Blue Shield(r) (BCBS) of Illinois, Montana, New Mexico, Oklahoma, and Texas.

"We are thrilled to have received our first BCBS coverage policy for OCD from HCSC, one of the largest health insurers in the U.S.," said Christopher von Jako, Ph.D., President and Chief Executive Officer of BrainsWay. "Coming on the heels of two other major recent OCD coverage announcements, this latest milestone is indicative of the strong reimbursement momentum we are experiencing in support of our Deep TMS treatment for OCD. We will continue our work to drive further positive coverage developments in this important indication from additional BCBS systems and other major health plans."

About Obsessive-Compulsive Disorder

Obsessive-compulsive disorder (OCD) is a chronic and debilitating condition with a lifetime prevalence in the United States of 2.3%. Characterized by uncontrollable, reoccurring thoughts (obsessions) and behaviors (compulsions) that the sufferer feels compelled to repeat over and over, OCD is considered by the World Health Organization (WHO) to be one of the top 10 debilitating medical conditions associated with a decreased quality of life and loss of income. Due to the complexity and heterogeneity of the condition, coupled with the high percentage of patients that are drug-resistant, many patients suffering from OCD do not respond well to first line treatment options. The economic burden on the U.S. healthcare system for OCD treatments is estimated to be over $7 billion per year.