LabGenomics Signs Contract with US Mega Clinical Lab 'BioReference Lab'... Localization Strategy Materializes
LabGenomics announced on the 13th that it has signed a consignment contract with Bio-Reference Laboratories (hereinafter Bio-Reference Lab), a top U.S. CLIA-certified laboratory.
Founded in 1981, Bio-Reference Lab is a large U.S. clinical laboratory specializing in oncology, urology, and women’s health testing. Its cumulative revenue for the third quarter of this year reached $529 million (approximately 700 billion KRW). The contract with a major U.S. diagnostic service company is seen as a signal for LabGenomics to establish its presence in the U.S. diagnostic market while marking the beginning of a full-scale localization strategy.
A company representative stated, “With QDx, specialized in pathology testing, and IMD, specialized in cancer diagnosis, various diagnostic service consignments have become possible, and new achievements are beginning to emerge. It is encouraging that not only regional synergy covering the entire U.S. but also enhanced responsiveness to external diagnostic service consignments are creating business synergies.”
LabGenomics plans to focus on cancer diagnosis and urology testing in the New York and New Jersey areas where GenPath Diagnostics, a subsidiary of Bio-Reference Lab, is located. Starting with this supply, the company intends to collaborate with various diagnostic service providers in the future and strengthen its position in the U.S. diagnostic market.
A representative from LabGenomics’ Global Business Division said, “This contract is significant in terms of cooperation with a major U.S. company. The possibility of additional contracts with other large companies in the diagnostic market is also increasing based on LabGenomics’ technology and network.”
Hot Picks Today
"You Might Regret Not Buying Now"... Overseas Retail Investors Stirred by News of Record-Breaking Monster Stocks' IPOs
- "Not Jealous of Winning the Lottery"... Entire Village Stunned as 200 Million Won Jackpot of Wild Ginseng Cluster Discovered at Jirisan
- Mistaken for the Flu, Left Untreated... Death Toll Surges as WHO Declares Emergency (Comprehensive)
- Undocumented Immigrant Arrested and Referred to Prosecution After Fleeing Scene of Pedestrian Hit-and-Run on Uninsured Motorcycle
- "How Did an Employee Who Loved Samsung End Up Like This?"... Past Video of Samsung Electronics Union Chairman Resurfaces
They added, “QDx, acquired last year, is expected to build new business models and increase sales through contracts. We plan to strengthen diagnostic testing services by establishing a cooperative system with IMD in the field of cancer testing.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
