FEDERAL CONTRACEPTION PROPOSAL TO EXPAND ACCESS AND AFFORDABLE COVERAGE PAVES A STRONGER PATH FOR MAYNE PHARMA'S GROWTH IN WOMEN'S HEALTH

Proposed Ruling Aims to Eliminate Out-of-Pocket Costs for Contraception, Enhancing Access for Women in the United States

ADELAIDE, Australia and RALEIGH, N.C., Nov. 4, 2024 /PRNewswire/ -- Mayne Pharma Group Limited (Mayne Pharma or the Company) (ASX: MYX), welcomes the Biden-Harris Administration's newly proposed rule to expand coverage of affordable contraception under the Affordable Care Act (ACA). The proposal aims to significantly increase coverage of contraception for the 52 million US women of reproductive age with private health insurance, making essential contraceptive care more accessible to women across the country.

The proposed rule would strengthen coverage of prescription contraception in the United States, making it easier for women with private health insurance to access contraception without having to pay out-of-pocket costs. If finalized, all health plans would be required to cover every FDA-approved contraceptive drug or drug-led combination product without cost-sharing, unless a therapeutic equivalent is also offered without cost-sharing. This change aims to remove the remaining barriers some women face in accessing contraception prescribed by their healthcare providers.  In the United States, Mayne Pharma has a strong presence in Women's Health.

"We are extremely encouraged by the Biden-Harris Administration's continued efforts to prioritize women's health through expanded access to contraception, and this proposal is a significant step forward in empowering women to take control of their reproductive health," said Shawn Patrick O'Brien, CEO and Managing Director, Mayne Pharma. "At Mayne Pharma, we are dedicated to ensuring that women have access to the safe and effective medications they need and believe this initiative will enhance healthcare equity. We look forward to continuing our efforts to support these important public health goals."

The proposed expansion of contraception coverage will build on the progress already made under the ACA, benefiting not only women but also healthcare providers. It will allow providers to offer a broader range of contraceptive options, ensuring individualized care without the worry of financial limitations for patients. The proposed rule is currently in a 60-day public comment period. If finalized, the proposals specific to contraceptive coverage would be applicable for plan years beginning on or after 1 January 2026.

A copy of the statement on the proposed rule from the US Department of Health and Human Services is available at : https://www.hhs.gov/about/news/2024/10/21/biden-harris-administration-proposes-expanding-coverage-birth-control-other-preventive-services.html and the Centers for Medicare and Medicaid Services at: https://www.cms.gov/newsroom/fact-sheets/enhancing-coverage-preventive-services-under-affordable-care-act-proposed-rules. 

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About Mayne Pharma

Mayne Pharma is an ASX-listed specialty pharmaceutical company focused on commercialising novel pharmaceuticals, offering patients better, safe and more accessible medicines. Mayne Pharma is a leader in dermatology and women's health in the United States and also provides contract development and manufacturing services to clients worldwide. Mayne Pharma has a 40-year track record of innovation and success in developing new oral drug delivery systems. These technologies have been successfully commercialised in numerous products that continue to be marketed around the world. To learn more about Mayne Pharma, please visit maynepharma.com.

SOURCE Mayne Pharma