As per a report from Allied Market Research, the market for global genetic testing was valued at $12.7 billion in 2019 and is anticipated to touch $21.3 billion by 2027
Mukesh Ambani-backed Reliance Industries has forayed into genome testing and its test kit will be rolled out soon. The kit is developed by the Bengaluru-based Strand Life Sciences, which was acquired by Reliance Industries in 2021 and has 80 per cent stake in the firm.
According to Strand Life Science’s chief executive officer (CEO) Ramesh Hariharan, the genome test is 86 per cent cheaper than other available options and is offered at Rs 12,000, news agency Bloomberg reported.
The testing can help reveal a person’s susceptibility to cancer, cardiac and neuro-degenerative diseases as well as identify inherited genetic disorders.
“We’re going out at an aggressive price point to drive adoption as it gives us a chance to build a viable business in preventive health care," Hariharan was quoted as saying by Bloomberg.
The genome testing kit will be Reliance Industries’ first venture into medical field. While the country still has not set any regulatory standards for genetic testing yet Strand Life Sciences claims to use the latest scientific research in interpreting the test results.
According to Hariharan, the product is being tested on some of the early testers and will be aggressively marketed on Reliance’s various platforms like MyJio app, JioHealthHub and recently purchased Netmeds.
Reliance’s digital services can be leveraged to increase the sale of its genome test kit which requires blood samples that can be collected at home.
US-based company 23andMe offers its ancestry report at $99, but its health plus ancestry reports cost $199. Firms based out of China offer their testing services at 599 yuan ($87) but they are not capable of identifying the entire gamut of diseases which Strand now owned by Reliance claims to do.
As per a report from Allied Market Research, the market for global genetic testing was valued at $12.7 billion in 2019 and is anticipated to touch $21.3 billion by 2027.
Hariharan claimed that the genome testing kit will “set the standards" for India. “We will offer responsible consumer genomics by staying close to the science," he said.