Company: CMND
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005490
Chunk: 45

Company: Clearmind Medicine Inc.
Filing Date: 2025-01-22
Form: 20-F
Item: Item 3
Chunk 45
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 and have not been approved for reimbursement
in certain European countries. Moreover, eligibility for reimbursement does not imply that any drug will be paid for in all cases or at
a rate that covers our costs, including research, development, manufacture, sale and distribution. Interim reimbursement levels for new
drugs, if applicable, may also not be sufficient to cover our costs and may not be made permanent. Reimbursement rates may vary according
to the use of the drug and the clinical setting in which it is used, may be based on reimbursement levels already set for lower cost drugs
and may be incorporated into existing payments for other services. Our inability to promptly obtain coverage and profitable payment rates
from both government-funded and private payors for any approved products we may develop could have a material adverse effect on our operating
results, our ability to raise capital needed to commercialize product candidates and our overall financial condition.

Net prices for drugs may be reduced by mandatory
discounts or rebates required by government healthcare programs or private payors and by any future relaxation of laws that presently
restrict imports of drugs from countries where they may be sold at lower prices than in the United States. Our inability to promptly obtain
coverage and profitable reimbursement rates third-party payors for any approved products that we develop could have a material adverse
effect on our operating results, our ability to raise capital needed to commercialize products and our overall financial condition.

Increasingly, third-party payors are requiring
that pharmaceutical companies provide them with predetermined discounts from list prices and are challenging the prices charged for medical
products. We cannot be sure that reimbursement will be available for any product candidate that we commercialize and, if reimbursement
is available, the level of reimbursement. Reimbursement may impact the demand for, or the price of, any product or product candidate for
which we obtain marketing approval. In order to obtain reimbursement, physicians may need to show that patients have superior treatment
outcomes with our products compared to standard of care drugs, including lower-priced generic versions of standard of care drugs. We expect
to experience pricing pressures in connection with the sale of any of our product candidates, due to the trend toward managed healthcare,
the increasing influence of health maintenance organizations and additional legislative changes. The downward pressure on healthcare costs
in general, particularly prescription drugs and surgical procedures and other treatments, has become very intense. As a result, increasingly
high barriers are being erected to the entry of new products.

Additionally, we may develop companion diagnostic
tests for use with our