HBI Awards 2018: Sub-$1,000, whole genome sequencing
Veritas has cut the price of whole genome sequencing to below $1,000, including results and insights on 1,200 conditions, 70+ traits and 200 drug interactions via an app. Any physician or consumer can order their whole genome sequence and interpretation online.
Founded in 2014 by leaders in genomics from Harvard Medical School, Veritas operates globally from its offices in the U.S., Europe and China.
Company has three teams – HQ in Massachusetts, USA 55 people, team in Europe 50 people, team in China of 30 people. Revenue in 2017 approx $5M, expected 2018 revenues approx $15M.
Currently, the service is available in the USA, Canada and the UK and as of April 2018, some 1,000 people have had their whole genome sequenced with Veritas. Veritas plans to launch the service in ten countries during 2018 as well as launching two new products.
For more information on whole genome sequencing, and how it differs from other genetic tests, please watch this video we created.
Full application
1. Briefly describe the organisation giving number of facilities, staff, revenue numbers
Veritas Genetics – The Genome Company is the company that has broken the $1,000 genome to offer physicians and consumers whole genome sequencing and interpretation for the first time for $999.
We have three teams – HQ in Massachusetts, USA 55 people, team in Europe 50 people, team in China of 30 people. Revenue in 2017 approx $5M, expected 2018 revenues approx $15M
We have three teams – HQ in Massachusetts, USA 55 people, team in Europe 50 people, team in China of 30 people. Revenue in 2017 approx $5M, expected 2018 revenues approx $15M
2. What is the nature of the low cost service that the nominated organisation is delivering and to whom?
Since 2016 we offer myGenome – whole genome sequencing and interpretation services to physicians and consumers in the US, Canada and the UK. We are expanding to 10 additional countries this year. For the first time physicians and consumers can order their genome online. All tests are performed in CLIA laboratory. Our scientific and clinical teams are lead by Harvard Ph.Ds and founding member’s of Harvard’s Personal Genome Project. George Church, PhD, is one of our co-founders. All our results are provided to physicians and consumers through a web and smartphone accessible app. We were recently selected by Mayo Clinic to be their collaborator in making whole genome sequencing more broadly available.
New website: https://www.veritasgenetics.com/3.
3. When did the organisation start delivering this service en masse?
Month : October
Year : 2016
Year : 2016
4. What has been the revenue from the service in 2015 and 2016?
2016 : $1M, in 2017 $5M, expected 2018 $15M
5. What is the measurable saving the organisation has achieved as an operator?
We have reduced the cost of the genome from more than $8,000 to less than $1,000.
6. What is the percentage reduction in cost on the previous model or in comparison to other competitors?
No one else offers this service at the best quality for this price. The closest competitor is 2.5X more expensive
7. Please describe what makes the service innovative.
What makes the service innovative: factor 1 : Any physician or consumer can order their whole genome sequence and interpretation online (currently US, Canada, UK, and expanding).
What makes the service innovative: factor 2 : We deliver results and insights on 1,200 conditions, 70+ traits, 200 drug interactions via a user friendly application.
What makes the service innovative: factor 2 : We deliver results and insights on 1,200 conditions, 70+ traits, 200 drug interactions via a user friendly application.
8. How has this impacted on patient/care recipient outcomes?
Close to 1,000 customers have had their genome sequenced, allowing physicians and customers to adjust their care plan and lifestyle.
9. What are the next plans for the service?
We are expanding this year to 10 new countries and creating 2 new products.
10. Additional Documentation
