Frost & Sullivan Presents 2012 Clinical Diagnostics Company of the Year Award to GenPath Diagnostics of BioReference Laboratories, Inc.
- GenPath's growth stems from its ability to provide proprietary and highly differentiated tests in addition to comprehensive cancer laboratory tests in-house.
MOUNTAIN VIEW, California, June 26, 2012 /PRNewswire/ -- Based on its recent analysis of the clinical diagnostics market, Frost & Sullivan recognizes GenPath Diagnostics, a business unit of BioReference Laboratories, Inc. with the 2012 North American Frost & Sullivan Award for Company of the Year. As a BioReference specialized cancer laboratory, GenPath is a major factor to the Company's impressive growth trajectory—18 years of 20% Compound Annual Growth Rate (CAGR) in revenue.
GenPath provides complete cancer laboratory testing in addition to novel and proprietary tests. With the entire cancer workup conducted in-house, GenPath delivers superior turn-around-time compared to other commercial laboratories. In addition to standard analysis including morphological examination, flow cytometry, and advanced stains, GenPath also offers proprietary cancer diagnostic testing like the OnkoMatch™ solid tumor genotyping test.
OnkoMatch™ is the culmination of state-of-the-art cancer research and provides oncologists actionable information. Patients are matched with open clinical trials based on their tumor profile. "OnkoMatch™ clearly meets an unmet need in lung cancer patients and also benefits other solid tumor cancers, "said Frost & Sullivan Industry Analyst Winny Tan.
GenPath exclusively licensed the tumor genotyping technology and protocol—upon which OnkoMatch™ is based—from leading cancer research center Massachusetts General Hospital and is the first and only commercial laboratory to offer the test nationally. OnkoMatch™ bridges widely-used single mutation tests with the future of highly complex testing, like whole genome sequencing that is anticipated to reach the clinical markets in the next few years.
Frost & Sullivan independent benchmarking across market participants concludes that the OnkoMatch™ test provides tremendous value by profiling 14 relevant oncogenes across 68 loci including the common single mutations EGFR, KRAS, and BRAF. At $995, the OnkoMatch™ provides a superior price point compared to four individual, single mutation tests. In comparison, just EGFR and KRAS tests together can total more than $1,000 at other specialized cancer laboratories.
GenPath also carefully assessed the test's likelihood for reimbursement. GenPath notes that OnkoMatch™ has the desirable qualities that payors require, including growing adoption, a clear result point to clinical trials, and CPT coding that limits over testing. "GenPath's smart reimbursement path for OnkoMatch™ exhibits industry savvy that provides it with a leading competitive edge over other commercial laboratories." noted Tan.
Overall, the market potential for OnkoMatch™ is large with lung, colon, and breast cancers accounting for more than 700,000 new patients per year. A significant portion of these patients may benefit from tumor genotyping, particularly patients in late stages with few treatment options left. Since the OnkoMatch™ launch in January customer feedback has been extremely positive. Oncologists agree that the future of personalized medicine is based on a patient's tumor genetics. The patient benefits by being informed of relevant open clinical trials based on their tumor profile and their eligibility for drugs upon FDA approval.
Despite its tremendous growth, GenPath still maintains the personalization of a boutique laboratory. With 45 pathologists on staff, a single pathologist is assigned per case and integrates all test results into a final diagnosis on a single report. Furthermore, GenPath's Chief Medical Officer, James Weisberger MD, personally consults on complex cases. Each patient case receives an expert review from a GenPath pathologist who is committed to providing the most complete and accurate diagnosis.
In recognition of its strategic excellence, growth, and commitment to quality, GenPath is the worthy recipient of the 2012 Frost & Sullivan Award for Company of the Year in clinical diagnostics. Each year, Frost & Sullivan presents this award to the company that has demonstrated excellence in terms of growth strategy and implementation. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About GenPath Diagnostics
GenPath Diagnostics is part of BioReference Laboratories, Inc. (BRLI). BRLI is a clinical testing laboratory offering testing, information and related services to physician offices, clinics, hospitals, employers and governmental units. We are the fourth largest full-service laboratory in the United States and the largest independent regional laboratory in the northeastern market. BRLI offers a comprehensive list of laboratory testing services utilized by healthcare providers in the detection, diagnosis, evaluation, monitoring and treatment of diseases. BRLI primarily focuses on esoteric testing, molecular diagnostics, oncology, women's health and correctional health care.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
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For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
SOURCE Frost & Sullivan
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