LabCorp (LH)-QIAGEN Form Alliance In In-Vitro Diagnostics
Zacks Investment Research | Apr 03, 2019 10:48PM ET
Laboratory Corporation of America Holdings or LabCorp (NYSE:LH) recently entered into a master service agreement with Sample to Insight solutions provider, QIAGEN Inc. (NYSE:QGEN) , in the field of companion diagnostics.
Per this deal, LabCorp will participate in the QIAGEN’s Day-One Lab Readiness program under which, the former will provide physicians and patients with faster access to Qiagen’s companion diagnostic products post the regulatory approval of the tests and associated drugs. These drugs are genomically targeted, which gradually became important therapies for a growing variety of cancers.
Is the Contract Strategic Fit?
Per the FDA’s modernized regulatory approach, QIAGEN’s Day-One Lab Readiness program enables molecular diagnostic labs like LabCorp to begin implementing the activities necessary to prepare for the commercial launch of new drugs and IVD tests once the FDA approval is obtained.
Assays for multiple indications including the novel companion diagnostics across a range of cancers ranging from lung, breast, colorectal, bladder to eventually the pan-tumor disease areas are currently in LabCorp’s Day-One Lab Readiness pipeline.
According to news, this tie-up will help a broad base of patients as LabCorp’s skill in the commercial use of companion diagnostics will offer them a better access to advanced tools for precision medicine.
In recent times, the biomarkers and advanced technologies are getting increasingly used to in vitro diagnostics (IVD), which in turn, makes the companion diagnostic testing complex. Under such circumstances, both companies are extremely hopeful about this alliance as LabCorp’s extensive experience in these areas is a strong complement to QIAGEN’s personalized health collaborations with the pharmaceutical giants.
Market Prospects
The global in vitro diagnostics (IVD) market is booming with prospects now. According to Zacks Investment Research
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