Labcorp Announces New Strategic Service Offerings within Precision Oncology Portfolio
Labcorp announced new strategic service offerings in its precision oncology portfolio on June 3, 2024. These enhancements include 'Labcorp Tissue Complete' and the expansion of the 'OmniSeq INSIGHT' liquid biopsy service. Labcorp Tissue Complete, utilizing the FDA-cleared PGDx elio™ assay, is now available in Geneva and Shanghai to support global clinical trials, aiming to standardize biomarker-directed patient testing. Additionally, OmniSeq INSIGHT now includes circulating tumor DNA (ctDNA) profiling, complementing Labcorp's CGP services by evaluating key biomarkers from blood and tissue specimens. These developments aim to streamline oncology clinical trial access, broaden patient populations, and improve logistical efficiencies.
- Expansion of Labcorp Tissue Complete to Geneva and Shanghai supports global clinical trials, enhancing access and efficiency.
- Integration of OmniSeq INSIGHT ctDNA profiling strengthens Labcorp's CGP services for solid tumors, providing comprehensive biomarker evaluations.
- Standardized approach in genomic profiling reduces variability, improving data consistency for biopharmaceutical studies.
- Enhanced service offerings position Labcorp as a premier partner for advancing cancer research and patient care globally.
- No specific financial data provided to gauge potential revenue impact of the new service offerings.
- Expansion heavily reliant on successful integration and standardization across new global sites, which may pose logistical challenges.
Insights
Labcorp's introduction of Labcorp Tissue Complete and the expansion of OmniSeq INSIGHT significantly enhances clinical trial capabilities. The availability of comprehensive genomic profiling (CGP) services in Geneva and Shanghai signifies Labcorp's robust infrastructure. This will likely streamline patient recruitment and data consistency across multi-site trials, which are critical factors for successful research outcomes.
For patients, the integration of circulating tumor DNA (ctDNA) profiling means less invasive procedures compared to traditional biopsies. This can lead to improved patient compliance and better longitudinal monitoring of disease progression, which is important for tailoring real-time treatment adjustments.
Labcorp's latest strategic service offerings reflect a well-judged move to capitalize on the growing demand for precision oncology services. By expanding their CGP services globally, Labcorp positions itself as a comprehensive partner for biopharmaceutical companies. This strategic move is expected to bolster revenue streams from clinical trial support services and attract new partnerships, enhancing Labcorp’s market share in the oncology research sector.
Short-term financial impacts may include increased operational costs due to the expansion of facilities and services. However, in the long term, this move is likely to result in higher profit margins due to the growing and consistent demand for genomic profiling in oncology research. Investors might observe a positive shift in Labcorp’s financial health, driven by innovation and expansion into global markets.
Labcorp® Tissue Complete, a comprehensive genomic profiling service, now available in
Company expands leadership in liquid biopsy comprehensive genomic profiling for solid tumors with the integration of OmniSeq® INSIGHT circulating tumor DNA
"Labcorp's portfolio expansion enhances our integrated service offerings and empowers our partners with the support and solutions they need to advance their therapeutic development programs," said Shakti Ramkissoon, M.D., Ph.D., MBA, vice president, medical lead for oncology at Labcorp. "Combined, this can make a lasting difference in patients' lives and health outcomes."
Bringing global expertise to comprehensive genomic profiling
Labcorp Tissue Complete, which is powered by the FDA-cleared and CE-marked PGDx elio™ tissue complete assay, is a comprehensive genomic profiling (CGP) service for research and investigational use. The offering leverages the global reach of Labcorp's central laboratories, standardizing multi-site biomarker-directed patient testing. Labcorp's standardized approach reduces variability, which can result from different chemistries, workflows and data analysis pipelines.
This expansion will extend availability of the service through owned laboratories in
Expanding OmniSeq INSIGHT for ctDNA
Labcorp also expands its leadership in liquid biopsy CGP for solid tumors by adding OmniSeq INSIGHT circulating tumor DNA (ctDNA) into its portfolio of CGP services. This new offering, complements OmniSeq INSIGHT by evaluating the same set of key biomarkers, enabling delivery of integrated and uniform genomic variants, tumor mutational burden (TMB) and microsatellite instability (MSI) detection from blood and tissue specimens to support exploratory and longitudinal biopharmaceutical studies.
To learn about Labcorp's oncology solutions, visit https://oncology.labcorp.com/biopharma-partners.
About Labcorp
Labcorp (NYSE: LH) is a global leader of innovative and comprehensive laboratory services that helps doctors, hospitals, pharmaceutical companies, researchers and patients make clear and confident decisions. We provide insights and advance science to improve health and improve lives through our unparalleled diagnostics and drug development laboratory capabilities. The company's more than 67,000 employees serve clients in approximately 100 countries, provided support for
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SOURCE Labcorp
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