LabGenomics Accelerates Genetic Testing Business with DTC Test Regulation Easing... Expected Beneficiary

LabGenomics announced on the 20th that its DTC (Direct-to-Consumer) genetic testing business is expected to accelerate following the expansion of the allowable scope for DTC genetic testing for consumers.

On the 15th, the government announced the 'Data Economy Activation Promotion Tasks' at an emergency economic ministers' meeting held at the Seoul Government Complex. This measure was prepared to revitalize the data economy by building a data industry ecosystem amid the accelerated development of new industries such as the emergence of generative AI (artificial intelligence).

On that day, the government decided to expand the allowable scope of DTC genetic testing in the bio-health sector from the existing wellness items to disease-similar items to enhance the utilization of genetic data. In addition, the certification process for adolescents will be simplified through revisions to the DTC guidelines. Starting next year, a regulatory sandbox related to medical MyData will be promoted to support the use of medical information for the development of innovative services by private companies.

Through this, LabGenomics' DTC genetic testing business is expected to gain momentum. Domestically, the company plans to expand the B2C (business-to-consumer) market as a strategic business for personal genome analysis services (PGS), including DTC. Currently, the company is building channels with various companies such as Samsung Electronics, Amorepacific, and KB Financial Group in diagnostic areas and microbiome testing.

A LabGenomics representative stated, “Until now, the domestic DTC market has been difficult to form due to strict government regulations, such as the prohibition of genetic testing for minors. Our company has put effort into expanding overseas markets by cooperating with Genoscape, which operates maternal handbooks in Southeast Asia, to expand DTC testing services.”

He added, “With the expansion of the allowable scope of DTC genetic testing and the revision of DTC guidelines as part of this policy task, the certification process for minors is expected to be simplified, which will likely accelerate domestic market business. In line with the government's regulatory easing trend, we will increase the number of DTC personal genetic characteristic test items and secure additional channels ranging from large corporations to startups to firmly execute our strategy to maintain the No. 1 market share domestically.”

This content was produced with the assistance of AI translation services.