A KOSDAQ-listed company has developed a game-changing technology in the global in vitro diagnostics market dominated by multinational names like Roche and Qiagen. With the technology, anybody can propose a specific diagnostic agent or kit online and use a commercial product at an affordable price. The platform technology could be as phenomenon as Microsoft’s window program that accelerated the widespread use of personal computers or Apple’s App Store that created a new mobile ecosystem.

Seegene Inc., a Korean molecular diagnostics company, said on Monday it has completed a standard platform to develop customized diagnostic agents. The platform was developed based on the company’s 15 years of know-how on developing diagnostic agents and big data analysis.

The platform will make molecular diagnostics accessible to all. It can be used anywhere by anyone once it becomes available in the market, according to the company. Costs will also be lowered to the 1 million won ($863) level, one-hundredth of the current cost. Molecular diagnostics is a widely used in vitro testing method that can detect biomarkers for diseases resulting from variations in DNA sequences or RNA transcribed from the genetic code.

Ordinary people are also expected to utilize molecular diagnostics in everyday life within two to three years. For example, they can order a diagnostics kit to detect genetically modified beans in the tofu. Consumers will be able to buy agents to detect various viruses that infect tomatoes or potatoes. If the technology is applied to rare diseases, companies can make some affordable diagnostics kit.

“The current molecular diagnostics market represents just 1 percent of the potential market that can be realized with humans’ technology. The new technology will awaken the dormant 99 percent market,” said Seegene president Cheon Jong-yoon.

The company also embarked on efforts to make the platform a global standard technology that will shape the future of the world’s molecular diagnostics market. It unveiled the platform at the American Society for Microbiology general meeting held on June 16-20 and began to receive verification from experts through a website (www.sgoligo.com). Korean experts will join the verification process from September. Seegene said it will provide a commercial service from 2018 after a two-year verification process.

Frost & Sullivan, a global consultancy firm, forecast the global in vitro diagnostics market will grow from $52.2 billion in 2014 to $64.7 billion in 2017. Of these, molecular diagnostics will grow at a fast pace from $6.3 billion to $9.1 billion in the same period.

By Shin Chan-ok

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]