Mapmygenome is a genomics company that offers personalised health solutions based on genetic tests. By combining the genetic health profile and health history with genetic counselling, Mapmygenome provides actionable steps for individuals and their physicians towards a healthier life. Mapmygenome is focused on predictive tests, apart from other diagnostics tests.
Under predictive tests, it has a flagship product ‘Genomepatri’. It is a once-in-a-lifetime, non-invasive personal genomics test that gives a comprehensive health profile – for better health management. With a simple saliva swab sent from the convenience of a person’s home, a customer can learn about genetic predispositions to 120+ conditions – physical attributes, lifestyle, disease risks, inherited conditions, and response to medications.
Unlike the traditional annual physical exam that detects manifested conditions, we assess disease risks and offer mitigation assistance through a genetic-counselling session. Our counsellors correlate test results with family history and current lifestyle to offer actionable steps to better health.
In addition to Genomepatri, we have a range of products and services spanning personal genomics, molecular diagnostics, brain wellness, and TB diagnostic kits. In diagnostic services, we offer full genome sequencing, Whole Exome Sequencing, and different panel tests.
Other diagnostic chains do not have the range of molecular tests that MapMyGenome provides. Even if the chains are selling complex tests, they would be outsourced (either to MapMyGenome or others). The common molecular test offerings are similar across all diagnostic service providers, but predicative test offerings are what differentiate our company. In fact, our intellectual property (IP) in the predicative test space and over 22,000 gene-expression sample data from genome sequencing tests are our biggest advantage. We see interpretation of genome sequencing data as more important, so our vast database on gene expression gives us an edge over other players, as diagnostic chains may not have such as vast data library. MapMygeneome also provides genetic counselling along with test offerings.
The growth of the molecular test market has been much faster than overall diagnostics – at 28-29% – over the last few years, but the size is relatively small. We estimate the molecular market size at about ~US$ 220mn.
We see rapid progress in the Indian genetic tests market and believe that it will see accelerated growth in coming years. MapMyGenome itself has tripled its business over the last four years. However, we believe the molecular market can reach the next level only led by government facilitation in building advanced infrastructure (which is really expensive and is the key challenge for this sector) and wider insurance coverage. In countries such as China, US, and the UK, we have seen the government becoming actively involved in much-needed research and infrastructure creation – but this approach is lacking in India. Unless we see any progress here, the genetic tests market will remain less penetrated and expensive.
Although there are multiple diagnostic chains who offer few common genetic tests, competition in complex genetic tests is limited to a few players – MapMyGenome, Make Genome, and Strand Life Science. Mostly, diagnostic chains outsource complex genetic tests to players like us. For example, diagnostic players and chains including Metropolis, Dr Lal Path Labs, Cryoviva, Cryosafe, Onquest, 1mg, and Lucid Diagnostics outsource the advanced genetic tests to MapMyGenome.
Hospitals and doctors are certainly the prime source for volume for our genetic test offerings, but we have more direct walk-in patients. Our focus on the predictive genetic tests drives these walk-ins. Additionally, rising awareness and attitude towards health will gradually drive volume growth.
The price point has already seen a sharp erosion, led by technology advancement over the last 10 years. Genomic tests that used to cost US$ 200mn 10 years ago are now available at US$ 1500-2000. I believe prices can fall further supported by technology and rising awareness about molecular diagnostics. MapMyGenome started offering genome tests at a price of Rs 25,000, which we have now cut to Rs 15,000 over the last couple of years. Technology-led price disruption is a possible trend in molecular diagnostics.
In pathological diagnostics, equipment, reagents, and infrastructure are key cost elements and determine the pricing. This is also the case in molecular diagnostics. So rising volumes would certainly help with falling prices.
The concept of precision medicine emerged from the fact that one drug does not suit everybody due to the difference in patients’ genetic makeups. This relatively new field combines pharmacology (the science of drugs) and genomics (the study of genes and their functions) to develop effective and safe medications as per the patients’ genetic makeup.
Inappropriate use of medicines is not only widespread, but it is also costly and extremely harmful – both to individuals and the general population. As per industry surveys, adverse drug events rank among the top-10 causes of death in the USA and are estimated to cost between US$ 30bn and US$ 130bn each year.
Precision medicine is certainly the future of molecular tests and its application is not restricted to only advanced markets. MapMyGenome plays an important role in India in the space of precision medicines under its service offering – MedicaMap, which covers almost 100 different drug compounds spanning 35 pharmacological classes. The test offers comprehensive screening for medicines in major specialties like cardiology, oncology, immunology, psychiatry, infectious diseases, diabetology, neurology, gastroenterology, endocrinology, and toxicology.
Our company is already into exports with a presence in more than 42 countries, but we do not have a presence in advanced markets such as the US or UK. There is vast export opportunity for Indian players. Medical tourism will create a good opportunity for molecular tests.
The rising global outlook in biologics services could certainly prove key growth drivers for Indian molecular diagnostic, internationally. There are many players who already provide biological services at the global level, and genetic test providers have enough capability to complement Indian biological service providers in the international market.
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