Myriad Genetics, Inc. MYGN recently announced a collaboration with OptraHEALTH with the aim of implementing a cognitive ChatBOT, Gene. The AI-powered ChatBOT will provide genetic and financial assistance information to prospective patients of hereditary cancer.
Notably, the Gene knowledge platform, which is a Health Insurance Portability and Accountability Act compliant, has a BOT interface and can answer a variety of health-related questions about hereditary cancer. The ChatBOT interfaces with Myriad’s online hereditary cancer quiz.
Myriad Genetics is currently planning to launch the Gene ChatBOT for its Foresight and Prequel prenatal tests and for companion diagnostic testing in oncology in the latter half of 2020.
With the recent partnership, Myriad Genetics aims to boost its oncology portfolio on a global scale. This portfolio includes various molecular diagnostic tests, all of which comprise the broader Molecular Diagnostic Testing business.
More on Gene
The ChatBOT Gene is designed to automate a pre-test process for individuals meeting the criteria for further evaluation post a preliminary assessment. Gene can also assist in finding a healthcare provider who can help a patient make an informed and definitive decision on whether testing is appropriate and then order the same if required.
Significance of the Collaboration
Per management, the ChatBOT will enable the provision of improved pre-test education solutions, which can be supplemented with live sessions as per requirement. Myriad Genetics believes that implementing the AI-powered technology will provide patients a wider access to online genetic education and support tools.
The partnership is strategic given the ongoing pandemic-led situation where patients may prefer to defer their clinic visits. Under such circumstances, remote pre-test education is required to determine whether testing is appropriate for the patients. This can be solved by the ChatBOT.
Per a report by Grand View Research, the global molecular diagnostics market size was valued at $9.2 billion in 2019 and is anticipated to reach $18.2 billion by 2027, at a CAGR of 9%. Factors like technological advancements in molecular diagnostics and the growing prevalence of infectious diseases are expected to propel the market.
Given the market potential, the collaboration is expected to significantly boost the business.
Recent Developments in Molecular Diagnostics
Of late, Myriad Genetics has been witnessing a slew of developments.
The company launched a new patient home-collection kit for its GeneSight Psychotropic test in July. This enables the DNA sample collection that is generally undergone in a clinician’s office to be completed at home.
Myriad Genetics, in June, announced publication of a new study in Future Medicine which validates the accuracy of myPath Melanoma while classifying skin lesions termed as indeterminate by standard pathological reviews.
In May, the company received the FDA’s approval for its BRACAnalysis CDx test for use as a companion diagnostic by healthcare professionals to identify men with metastatic castration-resistant prostate cancer, who are eligible for treatment with Lynparza (olaparib).
Shares of the company have lost 16.8% in the past three months against the industry’s 17.4% growth and the S&P 500’s 16.1% rise.
Zacks Rank & Key Picks
Currently, Myriad Genetics carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader medical space are Quest Diagnostics Inc. DGX, Laboratory Corporation of America Holdings LH or LabCorp and QIAGEN N.V. QGEN.
Quest Diagnostics’ long-term earnings growth rate is projected at 7.6%. It currently flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
LabCorp’s long-term earnings growth rate is estimated at 6.1%. The company presently sports a Zacks Rank #1.
QIAGEN’s long-term earnings growth rate is estimated at 12.2%. It currently sports a Zacks Rank #1.
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