Genomic Health Company Case Analysis Essay Example

Genomic Health Company Case Analysis Essay Example Genomic Health Company Case Analysis Essay Genomic Health Company Case Analysis Essay Genomic Health company was formed in the twelvemonth 2000 by among other peoples Randy Scott, who was one of the Key laminitiss of the company, it president and the CEO. The vision on which Genomic Health was found was to venture in new research countries in the field of biotechnology and cistron research with an purpose to do a discovery in new research findings that would enable individualized medical specialty that would turn to challenges faced in direction of chest malignant neoplastic disease. Earlier on Randy Scott, so as the co-founder of Incyte Corporation has resigned from that company after the board declined his petition to perpetrate Incyte Corporation resources in chase of individualized medical specialty research. After origin of Genomic Health Company, Randy Scott and his squad of five other people who shared same vision and were passionate about revolutionising health care began seriously researching on this field from where he had left during his clip at Incyte Corporation. After 3 old ages of research and a cost of $ 30 million, the company come up with the first of its sort Oncotype DXtm, a merchandise that would enable to find the chance of return of chest malignant neoplastic disease among patient and hence provide patients with informed picks on whether to take up chemotherapy intervention after surgery based on their cistron make-up. : The fact that Genomic Health was able to establish such a radical merchandise within a short frame of clip can be attributed to the Randy Scotts leading, squad vision, handiness of fiscal resources and the wealth of experience and cognition from the squad members. Randy Scott holding undertaken initial research in the country during his clip at Incyte Corporation meant he has overcome the initial dentition jobs that would hold been associated with the early phases of the research. After Co-founding Genomic Health with fellow research workers Joffre Baker and Steve Shark who were at the clip working at another company Genentech, that besides carried research in the countries of chest malignant neoplastic disease. Randy Scott embarked on enrolling two other research workers every bit qualified and experienced. It is this combination of this squad abilities and experience that united to do it possible for Genomic Health to come up with Oncotype DXtm, a merchandise that proved more effectual than was ab initio thought during it pilot clinical tests among instances. It provided the ability of wellness practicians for the first clip to find with a immense significance degree if breast malignant neoplastic disease return was likely to happen among patients. Besides Randy Scott has at the clip construct up and compiled a database of resource on cistron research country that was really helpful at the clip of research. But after the impressive pilot consequences of Oncotype DXtm merchandise that was really convincing, Genomic Health faced a challenge on how best to present the their diagnostic testing in the market at low monetary value, that would enable market incursion and at the same clip warrant return on the dearly-won research procedure at a sensible clip frame. In visible radiation of other viing diagnostic merchandises that were low priced and which were favored by the medical practicians, Randy Scott and the squad knew that Oncotype DXtm merchandise would turn out difficult introducing and take clip before it could be widely used. Furthermore Oncotype DXtm was a new merchandise that was unknown non merely to the medical fraternity but besides to the population at big who would be the consumers. Possibly it with this bow sight that has made Randy Scott to enroll Pat Terry to concentrate on Cancer protagonism community, but even this was non plenty to turn to these market topographic point challenges. In about the same clip the authorities Torahs that regulated and licensed the nosologies merchandises were amended to let merchandises in the market that met and provided grounds of partial tests. This in consequence aggravated constellating in market topographic point of diagnostic merchandises that were non needfully effectual but which handiness and use by the medical forces was pegged on their low cost. Other challenges that faced Genomic Health was the demand to transport out more clinical tests in order to to the full formalize the consequences and ability of Oncotype DXtm merchandise to foretell chest malignant neoplastic disease return, but clinical tests required clip and committedness of extra resources. In pricing of the Oncotype DXtm merchandise the quandary was in striking the right balance instead than hazard low pricing that would compromise return on investing, or high pricing that would close off most of the possible consumers. Another country was in reimbursement of the use of the Oncotype DXtm merchandise by the insurance companies who harmonizing to the market studies indicated would lend to 75 % of all income at Genomic Health. It was indispensable that this concern be addressed due to miss of clear guidelines on the country on what happens when the companies or the patients defaults on payment. Having looked at all the challenges that faced the launch of Oncotype DXtm it is clear that even with more studies being carried out in each country to turn to each challenge would non needfully supply unfailing grounds or complete informations of how the market topographic point will act one time Oncotype DXtm was launched nor will all the parametric quantities that dictate success or failure of the Genomic Health foremost of all time merchandise in the market topographic point, Oncotype DXtm determine if it will win or neglect. It is my belief that the lone manner forward of finding how the market will act is through the launch of Oncotype DXtm and thenceforth reference all other concerns and challenges as they come through consumer feedback, monitoring of merchandise success, rating of patients and continued betterment of the merchandise to turn to other factors that were had non been foreseen.