54gene launches 7RiverLabs
54gene launches 7RiverLabs
Nigerian health-technology company 54gene has announced the launch of a diagnostic division within its organization. Known as 7RiverLabs after Africa's seven great rivers, the diagnostic laboratories are equipped with cutting-edge technology and are expected to provide healthcare providers and patients with world-class, cost-effective, rapid and reliable molecular diagnostics that are cutting-edge in terms of technology and sophistication.
According to the company, the addressable market for medical tests in Sub-Saharan Africa is worth US$10 billion at the time of writing. Unfortunately, the vast majority of molecular tests are carried out outside of the continent, resulting in a loss of wealth for the continent.
If, on the other hand, investments were made in this sector, the market could grow at a rate of more than 4% on an annual basis. Having easy access, accurate diagnosis, and lightning-fast turnaround times are all important factors in determining success. Diagnostic services are provided by 7RiverLabs, formerly known as DiagnoseMe Africa, and are available throughout the continental United States and Africa, not just in Nigeria.
7RiverLabs has appointed Jude Uzonwanne, 54gene's Chief Business Officer, as interim CEO in order to fulfill these commitments and establish 54gene as a leading provider of diagnostic care powered by cutting-edge technology. Uzonwanne previously served as Chief Business Officer at 54gene.
When asked about the company's goals, the interim CEO stated that the diagnostic lab will complement efforts by the government and industry to achieve the Nigerian Ministry of Health's mandate of improved care for the general population, which is currently being implemented.
He stated that this is a watershed moment in the history of the country. Aside from that, he expressed confidence in the creation of hundreds of new jobs as the company expands across Africa, forging trusted partnerships with leading health insurers, hospitals, and healthcare professionals.
In September, 54gene announced the completion of a $25 million Series B funding round. It was anticipated that the funding would be used to aid in the expansion of the company's sequencing, target identification, and validation capabilities in the future. The new capital would also be used for precision medicine clinical trials, which would facilitate drug discovery in Africa for the benefit of both Africans and the global population as a whole.
What is the business model of 7RiverLabs?
According to 54gene, sample collection centers for 7RiverLabs have already opened in Lagos, Abuja, Kano, and Port Harcourt, among other cities. More than 100 people are employed by these collection centers. Additionally, new centers are expected to open in ten major Nigerian cities in the coming months, with plans for a pan-African expansion in 2022. Additional centers are also expected to open in other African countries.
Over 300 critical molecular tests can now be performed safely and securely, including tests in oncology, infectious diseases, genetic testing and sequencing, anatomic pathology, clinical chemistry, microbiology, and haematology, as well as tests for communicable and noncommunicable diseases, among other areas of expertise.
As a result of the low cost of some tests – generally less than market rates – results are available within hours to days, depending on the complexity of the test, and are sent digitally to patients' physicians for further evaluation.
54gene Founder and CEO Dr Abasi Ene-Obong stated that the company's services are a manifestation of one of the company's two-year-old goals – to improve diagnostic and treatment outcomes on the continent – in discussing 7RiverLabs' services.
"Millions of Africans can regain control of their health by taking advantage of the variety of tests offered by 7RiverLabs. This new diagnostics arm will help us to ensure that every African has access to our advanced laboratory testing hubs without having to pay exorbitant out-of pocket costs, which is our goal. Rapid results will be provided to patients, assisting their doctors in reducing late diagnoses that result in decreased survival chances, expanding their treatment options, and ultimately improving their quality of life "He went on to explain.
The 54gene Foundation has been a driving force in genomics and molecular medicine in Africa since its founding in the year 2019. 7RiverLabs' mission is to level the playing field in precision medicine for African populations by partnering with academic institutions and industry partners. 54gene has domesticated diagnostic technology on the basis of that vision, eliminating the need for patient samples to be sent abroad for analysis at a significant cost to the patient. Physicians will now be able to detect and prevent diseases more quickly, which will improve the treatment outcomes of patients as well as the overall health quality of the population.
