Genomics plays an important role in disease diagnosis and treatment. According to a report by Markets and Markets, the global genomics market in terms of revenue was estimated to be worth $46.2 billion in 2023 and is poised to reach $83.1 billion by 2028, growing at a CAGR OF 12.4 percent from 2023 to 2028.
In India, affordability has become one of the driving factors in the growth of the Indian Genomic Market. According to a report by Nomura Research Institute (NRI) Consulting and Solutions India, the Indian genomic market in the country is expected to grow at 18 per cent.
Moreover, the size of the genomics market in the country is currently estimated at around $60 million, including both the wellness and diagnostics applications of genomics.
Some of the key market players like MedGenome have played a crucial role in the growth of the genomic testing segment. In May this year, the Sequoia Capital-backed genomics-driven diagnostics and research startup acquired Prognosis Laboratories to expand its geographical presence.
Since its inception in 2013, MedGenome has been providing genomic solutions which include Genetic Testing services, Genomics Research, and drug discovery solutions. The company is also backed by investors like Sofina, Novo Holdings and Leapfrog.
“…we never compromise on quality, we do not cut corners, then secondly the offerings that we have nobody as of today in India has…we have always been a science company…we always spend a lot of money in research…we keep ourselves always above the curve. So that is our objective,” Surajit Chakrabarty, CFO, MedGenome told Financial Express.com.
Financial Express.com recently visited its Bengaluru facility. The company has a lab and its total area spreads across approximately 10,000 square feet. Interestingly, the lab is equipped with all the specific machines for various molecular applications including the latest high throughput genome sequencing platforms from Illumina such as Novaseq, HiSeq X, MiSeq. Moreover, MedGenome is also the first in India to have Novaseq X Plus in its lab.
Financial Express.com spoke to the scientists who work in this lab and they revealed that they conduct various procedures like Next generation sequencing, Microarray, Immunohistochemistry, FISH, Karyotyping, PCR and other molecular techniques.
‘The scope of genomics has expanded’
During its visit to the Bengaluru facility, Financial Express.com spoke to Dr. Vedam Ramprasad, PHD, CEO, MedGenome who has seen the growth trajectory of the genomics market in India.
“The realm of genomics in India over the past nine years has been remarkably exhilarating. Reflecting on this period, it’s astonishing to see that many of the aspirations I held 15 to 17 years ago, well before my entry into the industry, are now materializing,” Dr. Ramprasad told Financial Express.com.
He also informed that the concept of actionability has undergone a paradigm shift.
“Today, we stand witness to an entirely different scenario. We now possess drugs formulated based on genetic mutations, preventive strategies rooted in genetic insights, and treatments tailored to specific mutations. Even the realm of prognosis has expanded, enabling us to anticipate the trajectory of a disease – whether it will exacerbate over five years or show improvement,” he said.
Furthermore, the scope of genomics has expanded beyond its initial boundaries, he explained. “Previously, it was confined to a handful of diseases. However, today’s reality has evolved to the point where we can confidently assert that every disease finds its genetic analog. The journey has taken us beyond conventional boundaries, embracing new disease segments and fostering a deeper understanding of the genetic underpinnings of a multitude of ailments,” he said.
In various diseases, including non-communicable ones, the extent of genetic involvement can vary significantly. The interplay between genetic components, lifestyle, and environmental factors creates a dynamic range of influences.
“While conditions like pure Down syndrome are wholly genetic, others showcase a blend of genetic and external elements. This ongoing biological exploration and the emergence of novel scientific advancements over the past decade have been truly remarkable. Particularly, the OMIM database, a cornerstone of genetic information, has recorded the documentation of 100-150 new diseases and genes each year. Consequently, our perception of diseases, once grouped under a single umbrella, has undergone intricate dissection, revealing distinct entities. This granularity has led to increasingly refined approaches, both in diagnosis and management, ushering in a new era of precision medicine,” he told Financial Express.com.
This transformative shift extends beyond genetics, permeating the entire medical landscape, he pointed out.
What are the offerings of MedGenome?
Since it was founded in 2013, MedGenome has been offering nique genomic solutions in immuno-oncology, diabetes, ophthalmology, cardiology and other rare diseases. The company has test portfolios for five verticals — CLARIA (reproductive genetics), ACTIA (inherited disease genetics), PRIMA (cancer genetics), MICRA (infectious disease genetics), and the consumer wellness segment that offers direct-to-consumer (D2C) preventive wellness products.
The company currently has a Next Generation Sequencing (NGS) facility that houses sequencing platforms such as Illumina’s NovaSeq, HiSeq X, HiSeq 2500, and the MiSeq. It also has 10X Chromium for Single Cell assays along with Miltenyi gentleMACS tissue dissociation platform.
In July this year, MedGenome had announced that it will offer advanced genomics services using Illumina’s NovaSeq X Plus in South Asia. With this, the company anticipates bringing down the reagent cost of Human Whole Genome sequencing to USD $200 in the near future, it stated.
The company’s offerings extend to Spatial Transcriptomics, Antibody Discovery services using Single Cell, CAR-T, CRISPR, and Epigenetics. Interestingly, all of these solutions require extensive support on custom and advanced bioinformatics have been developed in-house.
Megenome offers NGS services like whole genome sequencing, Bioinformatics Services, Immuno-Oncology Solutions, and specialised services and solutions like Epigenomics. Its Diagnostics Business that is based out of India focuses on various genetic testing services like Recurrent Pregnancy Loss Test, Molecular Cytogenetics, Cardio Genetics, tests for various malignancies, mutation testing, and among others.
It offers an extensive range of over 1300 advanced genetic tests covering various disease categories. With a CAP-accredited genetic testing laboratory in India and a high-throughput Next-Generation Sequencing lab in Foster City, California, the company has established itself as a prominent player in the field.
In January this year, the genetic diagnostic company started offering direct-to-consumer (D2C) preventive wellness products that currently include Genessense, which at present provides two tests— Kardiogen (to assess the risk of heart diseases) and Curegen (to assess response to more than 45 drugs).
It is noteworthy that the company is also the founding member of GenomeAsia 100K, an initiative to sequence 100K individuals of Asian descent.
‘Genetic testing companies will evolve into data-centric enterprises’
According to Dr. Ramprasad, within the next three to four years, a substantial portion – approximately 50 percent – of today’s genetic testing companies will evolve into data-centric enterprises, provided a coherent framework is established.
“This framework will address crucial aspects such as partnerships, data storage, usage protocols, consumer protection, de-identification methods, potential discoveries, and the distribution of outcomes among stakeholders. Important considerations include obtaining informed consent, securing necessary approvals, and preventing exploitation. While the framework need not be overly complex, it does require adaptation of established guidelines from Europe and the US to suit our country’s context,” he told Financial Express.com.
The process will ideally begin with e-commerce data regulation before extending to genetic data, he said. Nonetheless, this journey necessitates strategic government support and engagement from prominent organizations. It is a multifaceted challenge due to statutory and regulatory oversight considerations, he pointed out.
“We must steer clear of an environment of total freedom or overregulation. For instance, the concept of direct-to-consumer genomics is currently without a formal framework in India, unlike the well-defined professional guidelines in the US and Europe. These guidelines, when defined, will drive industry progression.
Incorporating guidelines specific to India’s context can dictate the permissibility of direct-to-consumer genomics, outlining prerequisites, validation procedures, and usage constraints. Such clarity will shape the industry landscape and attract funding, including venture capital and private equity investments. A clear path will encourage resource allocation and talent engagement,” Dr. Ramprasad told Financial Express.com.
He also revealed that while MedGenome contributes significantly, its efforts alone are insufficient. A broader spectrum of actions is required on a grander scale. With the successful realization of these efforts, genomics will not merely be an asset for India – it will become a global powerhouse, he said.
The emergence of several companies like MedGenome in India would result in collective benefits, generating export revenue, alleviating disease burdens, driving insights, and fostering employment opportunities, he said.
‘Actively foster a multitude of business and scientific collaborations’
While talking about their strategic partnerships, Dr. Ramprasad explained that they actively foster a multitude of business and scientific collaborations.
“These collaborations encompass approximately 15 to 16 organizations in India, including hospitals and scientific institutions. Our engagements with these entities are formal, rooted in research and academic collaborations that yield concrete outcomes. It’s important to emphasize that our focus lies in translation – we are not a basic research institute. Our work revolves around practical applications that lead to the development of new diagnostic tests, the identification of biomarkers, and the facilitation of improved treatments. Our projects are intricately tied to delivering tangible results within a span of two to four years. This outcome-oriented approach is central to our mission,” he told Financial Express.com.
Our collaborations extend to Indian hospitals, as well as prominent pharmaceutical companies, he said. “In collaboration with the latter, we contribute to enhancing their understanding of disease biology, thereby aiding the development of more effective drugs and treatment modalities. This commitment underscores our dedication to driving advancements that directly impact patient care and therapeutic outcomes,” he told Financial Express.com.
Dr. Ramprasad also highlighted that this proactive approach remains an integral part of our focus and will persist in the future. “Notably, many of the diagnostic tests we currently conduct are rooted in academic programs that were initiated two to three years ago. Publication of research findings is a pivotal step before introducing these advancements to the broader public,” he added.
He also explained that they have committed substantial resources to this transformative journey. “Up until 2017, we stood virtually alone in this endeavor. Subsequently, a welcome change unfolded, as numerous other companies joined the fray, collectively amplifying awareness. This shift has not been without its challenges. Initially met with resistance, our overtures to clinicians often fell on deaf ears, with skepticism overshadowing interest. Fast forward to today, and the paradigm has flipped. Inbound engagements now outnumber outbound efforts, marking a significant shift that reflects the changing tide of clinical engagement,” he said.
‘We are intensifying our domestic network’
While talking about their upcoming plans, Dr. Ramprasad revealed their strategic focus encompasses a multifaceted approach, embracing resource allocation and an expanded geographical footprint beyond India’s borders.
“Concurrently, we are intensifying our domestic network, an endeavor we have diligently pursued over the past year. A pivotal facet of our strategy entails bolstering local presence and capabilities, a mission that holds paramount importance as genomics advances towards democratization. In recognizing the critical role of localized solutions, we are committed to substantial investments in this domain. Our trajectory includes unwavering dedication to innovation, steering the development of cost-effective, quality-conscious tests. This trajectory encompasses the continuation of large-scale programs aimed at driving transformative advancements,” he told Financial Express.com.
Within oncology, we are earmarking augmented investments to catalyze the creation of pioneering solutions that address critical challenges, he said.
“Furthermore, our commitment extends to enhancing consumer awareness surrounding direct-to-consumer genomics, fostering informed decision-making and engagement. To meet the dynamic demands of niche research services, particularly within the US and EU markets, we are channeling increased resources towards acquiring and nurturing a diverse range of human skill sets,” he said.
‘There needs to be a more collaborative effort between academia and industry’
During his interaction with Financial Express.com, Dr. Ramprasad also revealed that their pioneering spirit as early entrants into the field reflects a steadfast dedication to scientific advancement. Our commitment extends beyond short-term gains, instead focusing on achieving cost advantages and heightened affordability, underpinned by meticulously crafted science-driven solutions, he shared.
“Central to our strategy is the aspiration to position Indian genomics as a global frontrunner. While India serves as a significant market and a priority, our solutions transcend geographical confines, catering not only to Indian patients and consumers but also addressing the needs of diverse markets worldwide. The applicability of our solutions extends far beyond the realms of the US and Europe, encompassing numerous countries with pressing requirements. Our prowess in data analytics and bioinformatics distinguishes us, affording the agility to develop a diverse array of tests as needed. This foundation has long propelled our journey,” he told Financial Express.com.
Within India’s fiercely competitive diagnostics landscape, the companies striving for survival must channel resources into research, innovation, and novel discoveries to ensure sustained viability, he explained.
According to him. in this context, government intervention becomes crucial, particularly in areas like data privacy, consumer genomics, expansion facilitation, and articulation of niche field SOPs.
“The realization of these expectations would yield benefits that cascade not only to MedGenome but to all akin enterprises. Reflecting on my 17-18 years within this sphere, there needs to be a more collaborative effort between academia and industry. The contemporary landscape is vastly different from that of 15 years ago, with new-age private entities boasting formidable skill sets, human resources, and capital reserves. An ideal nexus between academia and private industry, particularly within our domain, holds the promise of transformative advancements for global patient welfare,” he said.
