Have you ever wondered how many consumers have ordered genetic tests from 23andMe? According to the MIT Technology Review, more than 2 million consumers have ordered genetic tests from the Silicon Valley company. Moreover, 85% of these consumers have consented to have their data used for research, noted 23andMe. By the way, these tests are priced at $99 to $199. Thus, an average of $150 per test times 2 million would generate revenue of about $300 million for 23andMe since its inception.
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True to its Silicon Valley roots, 23andMe is currently engaging 20,000 customers in an at-home experiment to have participants report their response to pain stimuli and match that to their genetic profiles.
OPKO’S BRLI UNDER FED. INVESTIGATION
On May 10, Reuters reported that Bio-Reference Laboratories, Inc., a business unit of Opko Health, is the subject of a federal investigation. This information was disclosed by Opko in a securities filing. Reuters described the probe as an “investigation for improperly billing the federal government for services for patients at certain hospitals.” For many years, lab industry insiders have speculated that the lab company was under investigation for various billing practices. This is the first public disclosure that the lab company is being investigated by federal regulators.
• Theranos of Palo Alto, Calif., named Cass Grandone as its Senior Vice President of Product Development. Grandone came to Theranos from Pfizer. Prior to that, he had served in various executive positions with Abbott Laboratories for almost 30 years.
• Pat Noland is the new President of Boston Heart Diagnostics of Framingham, Mass. Formerly, Noland was with Genetic Signatures Limited, Strata Pathology Services Inc., and Laboratory Corporation of America.
• Don Hardison was appointed CEO of Biotheranostics, Inc., of San Diego. He has been a director for the company since 2016. Previously, Hardison held executive positions with Good Start Genetics, Laboratory Corporation of America, Exact Sciences Corp., Quest Diagnostics, and SmithKline Beecham Clinical Laboratories.
Have you caught the latest e-briefings from DARK Daily? If so, then you’d know about …
…how Aetna, UnitedHealth Group, and Anthem are reporting that currently 50% of their reimbursements are now linked to value-based arrangements. It is a reminder that the era of fee-for-service payments is coming to an end. You can get the free DARK Daily e-briefings by signing up at www.darkdaily.com.
You can get the free DARK Daily e-briefings by signing up at www.darkdaily.com.
That’s all the insider intelligence for this report.
Look for the next briefing on Monday, June 26, 2017.