Veritas Genetics is cutting prices on its myGenome product by 40% to $600 in hopes of expanding its reach with consumers:
The company aims to sequence between 15,000 and 20,000 genomes — defined as a complete profile of DNA — next year, aiming to hit more than 150,000 in 2021 as its services move closer to the $200 price point offered by competitors.Veritas' lower-priced genetic testing rivals have run away with the market, though the company believes its more comprehensive approach to genetic health will give it the long-term edge.
Veritas has fully sequenced 5,000 genomes, while 23andMe has sold 10 million of its genetic testing kits. A lower price point is key to Veritas gaining traction among consumers: For example, the company briefly offered 1,000 of its myGenome tests at the $200 price point common among competitors last November, and they sold out in less than 6 hours.
The sheer amount of data gathered from whole genome sequencing could be what sets Veritas apart from its competitors.Veritas sequences all 6.4 billion letters of its customers' genome and keeps a secure record of the data, unlike genotyping — the genetic testing process used by companies like 23andMe and AncestryDNA — which looks at less than 1% of the total genome, only flagging DNA variants that have already been identified by scientists as having the potential to affect clinical outcomes.
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