This free 60-minute webinar includes discussion on the impact of COVID-19 testing on a pharmacogenomics (PGx) laboratory – how they leveraged their COVID-19 testing infrastructure to increase the value of their PGx business model. The session provides insights for molecular testing laboratories interested in PGx testing and IT integration.
Webinar learning objectives:
- Share how COVID-19 transformed a PGx laboratory
- Review steps in the process to optimize lab and reporting efficiencies
- Discuss initiatives to enhance and leverage their PGx laboratory business model
- Outline the value and opportunities associated with PGx testing
In this webinar, you’ll hear from Jeremy Stuart, PhD, MPH (NRCC), Chief Science Officer and Laboratory Director at Precision Genetics. Stuart is a self-proclaimed “biology nerd”, and part of an organization that was building their pharmacogenomics (PGx) business when the COVID-19 pandemic hit. Q&A with Stuart is led by Jami Elliott, CEO of Quantigen Biosciences and Director of Business Development for Genetic Testing Solutions at Thermo Fisher Scientific.
The Evolution of their Business Model Due to COVID-19
As Precision Genetics’ focus was on lab and IT solutions for PGx mental health and perioperative medicine, client needs for their PGx solutions were put on hold, which halted most of their business operations. Upon a client’s request to understand Precision Genetics molecular lab capabilities with COVID-19 testing, they began on a course that leveraged their laboratory capability and foundational IT tools to quickly respond to an organic market need.
Stuart describes the steps involved in their journey to expedite the reporting of laboratory results to health system electronic medical record (EMR) systems and enhance the relationships with health systems and payers. This process included scaling their laboratory to meet testing demands, validating the technology, and integrating with health systems. The laboratory’s response helped establish an additional business model and client relationships, which have continued into the current phase of the battle with COVID-19.
COVID-19 Testing Capabilities Enhanced their Core PGx Business
Once health services began resuming, Precision Genetics was able to pivot back to their original mental health and perioperative medicine PGx business. They quickly realized the importance of their organic COVID-19 business growth.
Hospital elective surgeries were an important aspect in restoring normal health care services. As a result of the COVID-19 pandemic, there became a significant pent-up demand for elective surgeries, which represents 80-90% of hospital surgery margins. Additionally, as noted in numerous reports, COVID-19 has had a collective effect on overall mental health, resulting in a significant increase in anxiety and depression.1, 2
Based on the Precision Genetics COVID-19 testing pandemic response and their new fortified relationships with health systems, the organization was well-positioned with its team, laboratory, software tools, and processes to leverage its original perioperative medicine and mental health PGx services for medication therapy management (MTM).
In addition to the transformational impact of COVID-19, Stuart also details the value of their PGx laboratory and their QRM Health IT solution. Their laboratory had the ability to rapidly scale laboratory operations, streamline workflows, and integrate with health system electronic medical record (EMR) systems, which not only enhanced their laboratory service but solidified their customer relationships and positioned them for other business opportunities to collaborate.
PGx Business Insights that Guide their Business Strategies
Stuart provides helpful perspectives on Precision Genetics’ overall business strategy and insights on reimbursement, regulatory, and clinical trial strategies. They evaluated regulatory guidance and assessed risks based on multiple factors including the types of testing they were performing, timing and the status of the pandemic. Stuart also describes how their business has adapted to the PGx ecosystem and different payer needs.
Today, Precision Genetics remains a laboratory partner for health systems in need of additional COVID-19 testing capacity during spikes of COVID-19 cases and is focused on delivering PGx solutions into self-insured health programs to improve individual outcomes and healthcare cost savings of its clients.
Click here to view the webinar on-demand
- The Pharmaceutical Journal, PJ, March 2021, Vol 306, No 7947;306(7947): DOI:10.1211/PJ.2021.1.62125
- NHS Business Services Authority. Medicines Used in Mental Health, England April 2015 to December 2020. Quarterly Summary Statistics, Published 4 March 2021. https://nhsbsa-opendata.s3.eu-west-2.amazonaws.com/mumh-2021-q3-narrative-v001.html#1_Introduction (accessed 4 March 2022).