- Partnership will give Diaceutics access to BioReference testing data including 50,000 patient samples per day
- Will help Diaceutics pharmaceutical clients identify the 20% of US patients missing out on the right treatment
- Will support 20% faster uptake on new oncology therapy launches
- Gives pharma access to $200bn in potential annual revenues currently available through test-dependent drug prescribing
Dundalk, Monday 24th April – Diaceutics, the Irish data insights and solutions company enabling better patient testing globally, today announces a five-year multi-million-euro partnership with US-based BioReference Laboratories. The exclusive partnership will see Diaceutics acquire real-time testing data from BioReference, allowing it to help pharmaceutical companies achieve faster rollouts of new drugs through better understanding the US diagnostics market.
Through its partnership with BioReference, which works with 30,000 healthcare providers across the US, Diaceutics will have access to data from 50,000 patient samples per day. Coupled with insights from BioReference, the real-time data will help improve patient testing by ensuring that pharmaceutical companies better understand the testing patterns of physicians considering precision medicine therapies for patients.
Currently, Diaceutics estimates that pharmaceutical companies are missing out on more than 20% of cancer patients every year in the US due to the challenging diagnostic landscape. With 70% of new drugs in the next five years expected to be test-dependent, Diaceutics expects that percentage will increase.
Peter Keeling, CEO, Diaceutics, said: “Diagnostic data from laboratories like BioReference helps pharmaceutical companies better understand the testing journey that patients go on in the often difficult search for a targeted therapy. That information allows pharma to pinpoint patients that need to be on a specific – and often life-changing – drug, accelerate speed to market for new drugs and improve patient outcomes.”
Diaceutics will integrate the data gathered from BioReference with its existing lab data accumulated through partnerships with other labs. Together, the data will allow Diaceutics to provide pharma with more complete, aggregated testing data that meets their very specific requirements – helping them to close the 20% patient gap in the oncology testing market and achieve a better return on new drug investments.
Keeling continues: “Timing is key for many patients. Diaceutics strives to increase the number of patients correctly tested, therefore increasing the demand for new drugs – an attractive prospect for pharmaceutical companies – and ultimately significantly improving patient outcomes.
“We have seen first-hand the improved decision-making by our pharma clients when presented with the relevant data trends in specific disease areas. Enriching our real time and retrospective analytics with BioReference’s knowledge base allows us to further map the diagnostic journey of patients and help pharmaceutical companies better understand how testing impacts precision prescribing. With this information, we can simply enable better decision-making and investment in patient, physician and laboratory education.”
Richard Faherty, Executive Vice President, BioReference, said: “With knowledge derived from more than 85 million patient samples and relationships with more than 30,000 healthcare providers, we have developed unique insights that can help pharmaceutical companies provide targeted therapies to patients that help fulfil the vision of precision medicine. Diaceutics is transforming patient testing and has built trusted relationships with pharmaceutical companies by providing years of expert analysis to support drug launches. We are delighted to be able to work closely with them to meet the needs of our mutual customers and patients around the world seeking more effective therapies.”
Diaceutics is transforming an industry model by enabling pharmaceutical companies to accelerate their market penetration and achieve a better return on new drugs by helping them to radically improve their patient testing. It does this by allowing them access to real-time testing data from its worldwide laboratory network, which helps them understand and leverage the diagnostic landscape and segment physicians by their testing behavior. The company leads the top 10 global markets in its cancer-related therapy area, with a 60% market share and experience of more than 200 drug launches. Eight out of the world’s top 10 pharmaceutical companies are clients and it currently analyses 80% of testing data in the US in its selected cancer related therapy areas. The company employs the leading global group of experts from the laboratory, diagnostic and pharmaceutical industries.
BioReference Laboratories is one of the largest and fastest growing full-service diagnostic laboratories in the world, providing clinical testing services to physician offices, clinics, hospitals, long-term care facilities and employers while also advancing drug discovery and development with disease foundations, academic and pharmaceutical partners. BioReference’s comprehensive testing capabilities and expertise spans molecular diagnostics, anatomical pathology, women’s health, oncology and rare disease genetics. BioReference Laboratories, and its subsidiaries, has an international presence in more than 50 countries. For more information, visit www.bioreference.com.