Veritas Genetics – Innovative Low Cost Business Model – FINALIST 2018
Short Description
Veritas is The Genome Company. Our mission is to deliver on the promise of the human genome, empowering people to maximize quality and length of life for themselves and their families.
As the first company to introduce whole genome sequencing and interpretation to consumers and their physicians, we lead by relentlessly pushing the boundaries of science and technology while driving down the cost of the genome.
Founded in 2014 by leaders in genomics from Harvard Medical School, Veritas operates globally from its offices in the U.S., Europe and China. The company has been recognized twice by MIT Technology Review as one of the 50 Smartest Companies in 2016 and 2017, as well as one of Fast Company’s Most Innovative Companies in Health for 2018.
For more information on whole genome sequencing, and how it differs from other genetic tests, please watch this video we created.
Application
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
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 webiste: https://www.veritasgenetics.com/
When did the organisation start delivering this service en masse?
Month : October
Year : 2016
Year : 2016
What has been the revenue from the service in 2015 and 2016?
2016 : $1M, in 2017 $5M, expected 2018 $15M
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.
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
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.
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.
What are the next plans for the service?
We are expanding this year to 10 new countries and creating 2 new products.