Periodic Reporting for period 1 - 24G (24G: Accurate and Reliable Health Genetic Tests)
Reporting period: 2019-08-01 to 2020-01-31
Healthcare systems are struggling with increasing costs and mortality rates from preventable and/or chronic diseases. DTC genetic testing has the potential to tackle these challenges, enabling predictive & personalized medicine. 24Genetics is an innovative Spanish company established in 2017 and specialized in the development of genetic tests. 24G is the most comprehensive, accurate and affordable Direct-To-Consumer (DTC) genetic tests in the market, including Pharmacogenetics, Health and Nutrigenomics tests, among others. Our tests will enable customers to gain insight into their health, take preventive action and make proactive decisions. The objective of the 24G project is the optimization, homologation and scaling up of our innovative genetic tests with the long-term goal of becoming the number one EU company in DTC health genetic tests market while keeping our customers’ data out of the data market.
During the FS, we designed the technical activities required to reach a TRL9 through technical improvements (algorithm optimization, data system platform and app) as well as through an end-user clinical validation. A full market research was carried out identifying target clients, potential customers, addressable market and competitors. A prior-art analysis was carried out concluding that we have FtO in our target markets. Our market penetration strategy will be developed through direct sales to individuals through our web store and e-commerce platforms and through strategic resellers. We will start a marketing campaign directed towards physicians and private clinics to disseminate our value proposition.
Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)
Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)
24G is the most comprehensive genetic test in the market covering: health, pharmacogenomics, nutrigenetics, sports, skin care, talent & personality and ancestry test. 24G analyses +500 health related traits with a high level of accuracy and reliability. Our ancestry test covers more than 1000 different world regions within many countries (x2 than our competitors). Through our smartphone app and data platform, the management of the results will be maximized in terms of usability by sharing specific info with other apps, and medical data systems, giving the customers the opportunity to share what they want to how they want. 24G is the best DNA test in the market that can truly enable actionable personalized medicine, which will reduce healthcare cost provision and deaths from preventable and/or chronic diseases by enabling proactive and preventative actions.