PARSIPPANY, N.J.--(BUSINESS WIRE)--Diaceutics, the data insights and solutions company enabling better patient testing globally, today announces a five-year partnership with NJ-based BioReference Laboratories. The exclusive partnership will see Diaceutics acquire real-time testing data from BioReference, allowing it to help pharmaceutical companies achieve faster rollouts of new drugs through better understanding of the US diagnostics market.
Through its partnership with BioReference, which works with 30,000 healthcare providers across the US, Diaceutics will have access to data from 50,000 patient samples per day. Coupled with insights from BioReference, the real-time data will help improve patient testing by ensuring that pharmaceutical companies better understand the testing patterns of physicians considering precision medicine therapies for patients.
Currently, Diaceutics estimates that pharmaceutical companies are missing out on more than 12% of cancer patients every year in the US alone due to poor diagnostic planning. With 70% of new drugs in the next five years expected to be test-dependent, Diaceutics expects that percentage will increase.
Peter Keeling, CEO, Diaceutics, said: “Diagnostic data from laboratories like BioReference helps pharmaceutical companies better understand the testing journey that patients go on in the often difficult search for a targeted therapy, determined by biomarkers. That information allows Pharma to pinpoint patients that need to be on a specific – and often life-saving – drug, accelerate speed to market for new drugs and improve patient outcomes.”
Diaceutics will integrate the data gathered from BioReference with its existing data sets accumulated through partnerships with other labs. Together, the data will allow Diaceutics to provide Pharma with more complete, aggregated testing data that meets their very specific requirements and helps them close the 12% patient gap in the oncology testing market and achieve a better return on new drug investments.
Keeling continues: “Timing is key for many cancer patients and Diaceutics radically improves testing by helping its Pharma clients educate physicians on the laboratories with the quickest turnaround or correct kit for specific biomarkers. In doing so, Diaceutics increases the number of patients correctly tested, therefore increasing the demand for new drugs – an attractive prospect for pharmaceutical companies – and ultimately significantly improving patient outcomes.
“We have seen first-hand the improved decision-making by our Pharma clients when presented with the relevant data trends associated with actionable biomarkers in oncology. Enriching our real time and retrospective analytics with BioReference’s knowledgebase allows us to further map the diagnostic journey of cancer patients and help pharmaceutical companies better understand how testing impacts precision prescribing. With this information, we can simply enable better decision making and investment in patient, physician and laboratory education.”
Richard Faherty, Executive Vice President, BioReference, said: “With knowledge derived from more than 85 million patient samples and relationships with more than 30,000 healthcare providers, we have developed unique insights that can help pharmaceutical companies provide targeted therapies to patients that help fulfil the vision of precision medicine. Diaceutics is transforming patient testing and has built trusted relationships with pharmaceutical companies by providing years of expert analysis to support drug launches. We are delighted to be able to work closely with them to meet the needs of our mutual customers and patients around the world seeking more effective therapies.”
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Diaceutics is transforming an industry model by enabling pharmaceutical companies to accelerate their market penetration and achieve a better return on new drugs by helping them to radically improve their patient testing. It does this by allowing them access to real-time testing data from its worldwide laboratory network, which helps them understand and leverage the diagnostic landscape and segment physicians by their testing behavior. The company leads the top 10 global markets in its cancer-related therapy area and has experience of more than 200 drug launches. Eight out of the world’s top 10 pharmaceutical companies are clients.
Bio-Reference Laboratories is one of the largest and fastest growing full-service diagnostic laboratories in the world, providing clinical testing services to physician offices, clinics, hospitals, long-term care facilities and employers while also advancing drug discovery and development with disease foundations, academic and pharmaceutical partners. Bio-Reference's comprehensive testing capabilities and expertise spans molecular diagnostics, anatomical pathology, women's health, oncology and rare disease genetics. Bio-Reference Laboratories, and its subsidiaries, has an international presence in more than 50 countries. For more information, visit www.bioreference.com.