Diaceutics signs multi-million-euro partnership with BioReference Laboratories
Irish data insights and solutions company Diaceutics has announced a five-year multi-million-euro partnership with US-based BioReference Laboratories. The 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 20% of cancer patients every year in the US due to the challenging diagnostic landscape. 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. That information allows pharma to pinpoint patients that need to be on a specific – and often life-changing – drug, accelerate speed to market for new drugs and improve patient outcomes.”
Diaceutics will integrate the data gathered from BioReference with its existing lab data 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 – helping them to close the 20% patient gap in the oncology testing market and achieve a better return on new drug investments.
Keeling continues: “Timing is key for many patients Diaceutics strives to increase 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 in specific disease areas. Enriching our real time and retrospective analytics with BioReference’s knowledgebase allows us to further map the diagnostic journey of 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.”