Philab breaks into global genetics market

Philab Holdings Corp. is investing P500 million in US basedVeritas Genetics in a landmark collaboration that includes the establishment of a genomics facility, possibly in Clark.

In a press briefing, Philab chairman and CEO Tom Navasero said the facility, which will serve clients in Asia, was part of the company’s efforts to expand worldwide starting in the AsiaPacific region.

“Genetics has come a long way and now we are utilizing the power of genomics in disease prevention and individualized treatment. Ultimately, our goal is to let individuals have knowledge about their genetic make-up, then they will know how to control and better manage their lifestyle choices,” Navasero said.

Veritas Genetics is a known genomics innovator which screens human DNA through myGenome “whole genome sequencing.” This, in turn, helps people assess risks related to inherited diseases, drug sensitivities, traits as well as ancestry.

Mirza Cifric, co-founder and CEO of Veritas Genetics, said the collaboration would further develop and launch their genome sequencing services as well as expand their footprint in Asia.

“We are excited to embark on this partnership with Philab and integrate our technology to offer our services in the Asia-Pacific. Whole genome sequencing and interpretation will soon be accessible to everyone,” Cifric said.

At a price of $999, a DNA testing kit can help determine if a certain medicine has negative effects on a person, depending on his genetic make up.

“Choosing the right knowledge is perhaps the best investment we can make,” Cifric said.

The collaboration also hopes to soon launch its new program on Pharmacogenomics, an innovation which allows doctors to determine how an individual’s generic make up will respond to drugs.