SAN FRANCISCO--(BUSINESS WIRE)--Invitae Corporation (NYSE: NVTA), a genetic information company, announced today the launch of its new patient pay price for its full menu of genetic tests at $475 per indication. This new price covers all of Invitae’s offerings in cancer, cardiology, neurology, pediatric genetics, hematology and other rare conditions. It is exclusively for patients who register online, pay up front for genetic services themselves and whose clinician has ordered the testing online. This new, more affordable price is intended to help Invitae serve more patients, including those who do not meet coverage policies for testing, those with high-deductible plans and those not covered by insurance.
For example, this new pricing program provides an affordable test for women who previously tested negative for BRCA 1 and 2 and now want to consider testing for additional high risk genes for whom insurance may not cover a second test. The test must be requested by the patient’s clinician, which is consistent with one of the company’s core principles of involving medical professionals in the ordering and interpreting of tests.
“Most of the conversations about reimbursement for genetic testing have focused on economic issues. However, an under-appreciated dimension in using genetic testing for genetic care is an ethical one. For years, many people and their families have not had the benefit of clearly indicated genetic testing due to unwillingness of third-party payers to pay the historically high cost,” said Robert Nussbaum, M.D., Invitae’s incoming chief medical officer and currently the chief of the Division of Genomic Medicine at UCSF Health. “Now that the genetics market is becoming a generic market—and thanks to the ongoing innovations and cost reductions in sample preparation, sequencing and medical interpretation—we are beginning to see the benefits translated into affordable testing for patients.”
Invitae has also introduced a new price for institutional customers and third-party payers. For those with whom Invitae has contracts and who bring Invitae in network, the price per indication is $950. For third-party payers with whom Invitae is out of network and non-contracted institutions, the price per indication remains $1,500.
“One of our goals is to make genetic testing more affordable and accessible to billions of people, and this new pricing strategy enables us to leverage the progress we’ve made and convert that into savings for patients and the healthcare system,” said Randy Scott, chief executive officer of Invitae. “The new patient pay program reflects our ability to bring affordable genetic testing to the masses in a medically responsible way. We believe we are well positioned to be one of the leaders in multiple markets, at multiple price points, serving a multibillion-dollar industry.”
Data Presentation at ASCO
This announcement coincides with a poster presentation at ASCO in which Invitae collaborated with two major medical centers on a clinical utility study to demonstrate the clinical utility of expanded gene testing for hereditary breast and ovarian cancer (Abstract 1513).
Invitae’s (NYSE:NVTA) mission is to bring comprehensive genetic information into mainstream medical practice to improve the quality of healthcare for billions of people. Currently focused on hereditary cancers, Invitae’s goal is to aggregate most of the world’s genetic tests into a single service with higher quality, faster turnaround time and lower prices than many single-gene tests today. The company currently provides a single diagnostic service comprising over 200 genes for a variety of genetic disorders associated primarily with cancer, but also covering cardiology, hematology, neurology and pediatric genetics.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the company’s belief that it is well positioned to be one of the leading providers of genetic testing services in multiple markets, at multiple price points, serving a multibillion dollar industry; and the company’s belief that it can accelerate the adoption of comprehensive genetic information into mainstream medical care and realize its mission of making genetic testing more affordable and accessible to billions of people. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risks and uncertainties include, but are not limited to: the ability to leverage advances in the testing process and medical interpretation; the results of clinical studies; the applicability of clinical results to actual outcomes; the company’s history of losses; the company’s need to scale its infrastructure in advance of demand for its tests and to increase demand for its tests; the company’s ability to develop and commercialize new tests and expand into new markets; the risk that the company may not obtain or maintain sufficient levels of reimbursement for its tests; risks associated with the company’s ability to use rapidly changing genetic data to interpret test results accurately and consistently; the company’s ability to compete; laws and regulations applicable to the company’s business, including potential regulation by the Food and Drug Administration; and the other risks set forth in the company’s filings with the Securities and Exchange Commission, including the risks set forth in the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2015. These forward-looking statements speak only as of the date hereof, and Invitae Corporation disclaims any obligation to update these forward-looking statements.
NOTE: Invitae and the Invitae logo are trademarks of Invitae Corporation. All other trademarks and service marks are the property of their respective owners.