The Australian Government has expanded approved indications for Medicare reimbursement for PET imaging.

The inclusion of ovarian cancer, colorectal cancer and recurrent melanoma brings to a total of six the number of PET indications which are approved for reimbursement through Medicare.

One company poised to take advantage of this decision is Cyclopharm [ASX: CYC], which has already commenced development of two PET radiopharmacy sites.

The first is to be built at the Macquarie University Private Hospital, and should be completed in the first half of next year.