BeniComp to Offer GRAIL’s Multi-Cancer Early Detection Test for Employee Health Screening
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Insights
The collaboration between GRAIL, LLC and BeniComp introduces the GalleriⓇ test into the health insurance market, potentially altering the competitive landscape. This strategic move may influence the consumer preferences towards BeniComp's insurance products, given the added value of an early cancer detection tool. It is essential to monitor the market's response to this integration, as it could lead to increased demand for BeniComp's offerings, thereby positively impacting their market share and profitability.
By analyzing historical data, we can infer that healthcare innovations, particularly those that promise cost savings and improved outcomes, tend to be well-received by the market. However, the adoption curve can vary based on factors such as cost, regulatory approvals and the effectiveness of the technology. The GalleriⓇ test's ability to detect multiple types of cancer from a single blood draw could be a game-changer, positioning BeniComp as a leader in preventive health measures within the insurance industry.
The introduction of GRAIL's GalleriⓇ test to BeniComp's health plans could have significant implications for the healthcare sector by potentially reducing the late-stage cancer diagnosis rates. The utilization of next-generation sequencing and machine learning in the GalleriⓇ test represents an advancement in cancer screening technology. Early detection of cancer improves the success rate of treatments, which could lead to a decrease in overall healthcare costs associated with late-stage cancer care.
From a research perspective, this partnership could also provide a wealth of data for future studies on the effectiveness of multi-cancer early detection (MCED) screening tests. As more patients use the GalleriⓇ test, the data collected could help refine the technology, improve accuracy and potentially lead to the development of new screening tests for other diseases.
The financial implications of the partnership between GRAIL and BeniComp are multifaceted. On one hand, the integration of the GalleriⓇ test into BeniComp's health plans may result in higher premiums due to the increased value of the plans. However, it could also lead to long-term cost savings by potentially lowering the expenses associated with late-stage cancer treatments. Investors should consider both the short-term revenue growth from increased premiums and the long-term financial health of the company, which may be bolstered by improved patient outcomes and reduced claims for advanced cancer treatments.
It is crucial to examine the cost-effectiveness of the GalleriⓇ test and its pricing strategy within BeniComp's plans. If the test is priced competitively and proves to be cost-effective, it may drive wider adoption and create a new standard for preventive health measures in the insurance industry. This could have a ripple effect on other health insurance providers, who may need to adopt similar technologies to remain competitive.
GRAIL's GalleriⓇ Will Be Available to BeniComp Members, Ushering in a New Era of Proactive Health Management
"Integrating GRAIL's groundbreaking multi-cancer early detection technology into BeniComp’s plans is a step forward in our mission to impact the root cause of diseases and high costs," said Steve Presser, President of BeniComp. "Together, we are providing better access to care, and equipping our participants with proactive cancer screening tools."
BeniComp’s program offers an innovative approach to controlling health costs by identifying risks at an early stage. The inclusion of GRAIL's pioneering MCED screening test will now further enhance these preventive health measures by facilitating early detection of a shared cancer signal across more than 50 types of cancer from a single blood draw.
GRAIL’s Galleri® test is a first-of-its-kind MCED test introduced in 2021. Utilizing breakthroughs in next-generation sequencing and machine learning, the Galleri® test can detect a signal shared by many cancers, including those currently without recommended screenings. Adding Galleri® to guideline recommended cancer screenings may help to detect more cancers at an early stage and facilitate early diagnosis and treatment when necessary.
“Cancer remains the leading cause of death worldwide and this is because we are finding many cancers too late. Multi-cancer early detection offers a new approach for screening people that can find a signal shared by multiple cancers before symptoms appear, in early stages,” said Jeffrey Venstrom, MD, Chief Medical Officer at GRAIL. “We are pleased to collaborate with payors like BeniComp that share in our commitment to early detection, when outcomes are more likely to be favorable.”
About BeniComp
Founded in 1962, BeniComp is a leader in preventive health solutions, offering innovative health plans that drive engagement, improve health outcomes, and often save groups millions of dollars per year. Their programs have helped participants reverse chronic diseases and even come off their medications. For more information on BeniComp, please visit www.benicomp.com.
About GRAIL
GRAIL is a healthcare company whose mission is to detect cancer early, when it can be cured. GRAIL is focused on alleviating the global burden of cancer by developing pioneering technology to detect and identify multiple deadly cancer types early. The company is using the power of next-generation sequencing, population-scale clinical studies, and state-of-the-art computer science and data science to enhance the scientific understanding of cancer biology, and to develop its multi-cancer early detection blood test. GRAIL is headquartered in
For more information, please visit grail.com.
About Galleri®
The Galleri multi-cancer early detection test can detect a signal shared by more than 50 types of cancer, as defined by the American Joint Committee on Cancer Staging Manual, through a routine blood draw. When a cancer signal is detected, the Galleri test predicts the cancer signal origin, or the tissue or organ associated with the cancer signal, with high accuracy to help guide the next steps to diagnosis. The Galleri test requires a prescription from a licensed health care provider and should be used in addition to recommended cancer screenings such as mammography, colonoscopy, prostate-specific antigen (PSA) test, or cervical cancer screening. It is recommended for use in adults with an elevated risk for cancer, such as those aged 50 or older.
For more information about Galleri, visit galleri.com.
Important Galleri Safety Information
The Galleri test is recommended for use in adults with an elevated risk for cancer, such as those aged 50 or older. The Galleri test does not detect all cancers and should be used in addition to routine cancer screening tests recommended by a healthcare provider. Galleri is intended to detect cancer signals and predict where in the body the cancer signal is located. Use of Galleri is not recommended in individuals who are pregnant, 21 years old or younger, or undergoing active cancer treatment.
Results should be interpreted by a healthcare provider in the context of medical history, clinical signs and symptoms. A test result of “Cancer Signal Not Detected” does not rule out cancer. A test result of “Cancer Signal Detected” requires confirmatory diagnostic evaluation by medically established procedures (e.g. imaging) to confirm cancer.
If cancer is not confirmed with further testing, it could mean that cancer is not present or testing was insufficient to detect cancer, including due to the cancer being located in a different part of the body. False-positive (a cancer signal detected when cancer is not present) and false-negative (a cancer signal not detected when cancer is present) test results do occur. Rx only.
Laboratory/Test Information
GRAIL’s clinical laboratory is certified under the Clinical Laboratory Improvement Amendments of 1988 (CLIA) and accredited by the College of American Pathologists. The Galleri test was developed, and its performance characteristics were determined by GRAIL. The Galleri test has not been cleared or approved by the
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For GRAIL
Corporate Communications
Kristen Davis
Cammy Duong
pr@grail.com
Investor Relations
Alex Dobbin
ir@grail.com
Source: GRAIL, LLC
FAQ
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