Study based upon OptumInsight data showed More Than $6,200 in First Year Healthcare Costs Compared to Treatment-As-Usual for Patients with Depression
SALT LAKE CITY, Sept. 26, 2018 (GLOBE NEWSWIRE) — Myriad Genetics, Inc. (NASDAQ: MYGN), a worldwide leader in personalized medicine, today announced that a health economic study to evaluate the financial impact of the GeneSight® combinatorial pharmacogenomic (CPGx) test on major commercial health plans was published in the journal Personalized Medicine. The study concluded that “use of CPGx yielded reduced spending for a commercial health plan across the patient population with psychiatric disorders, as well as among high-cost subpopulations.”
This study utilized claims from a large payer database compiled by OptumInsight and analysed by independent researchers. The objective of the study was to evaluate payer costs associated with treating patients with psychiatric disorders (depression, anxiety, bipolar disorder, panic disorder, PTSD, OCD, and schizophrenia) using the GeneSight test versus treatment-as-usual (TAU). Cost data were tracked for four components of patient care: inpatient, hospital-based outpatient, physician and pharmacy for a 12 month period after testing with GeneSight. Statistical analysis adjusted for differences in the two arms during the 12 months prior to testing. A total of 205 patients tested with GeneSight and 478 patients given TAU were included in the analysis.
The analysis of all psychiatric patients showed that the average total costs savings were $5,505 in the GeneSight group vs TAU over a 12-month post-testing period ($17,627 vs $23,132; p=0.0004). A sub-analysis of patients with depression demonstrated a costs savings of $6,050 in the GeneSight group vs. TAU over a 12-month post-testing period ($18,741 vs $24,791; p=0.0090).
A chart accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/08a280ca-fb2e-45da-b369-956a85b19078
“This study demonstrated the significant value that the GeneSight test can offer to commercial insurance plans and self-funded employers when it is used to guide medication selection for patients with psychiatric disorders,” said Chip Parkinson, executive vice president of Payer Markets and Reimbursement at Myriad Genetics. “The GeneSight test is supported by robust clinical and economic evidence and will help clinicians improve outcomes for their patients with depression and mental illnesses.”
GeneSight is a laboratory-developed pharmacogenomic test that uses cutting-edge technology to measure and analyze clinically important genomic variants in the treatment of psychiatric disorders. The results of the GeneSight report can help a clinician understand the way a patient’s unique genomic makeup may affect certain psychiatric drugs. The analysis is based on pharmacogenomics, the study of genomic factors that influence an individual’s response to drug treatments, manufacturers’ FDA approved drug labels, peer reviewed scientific and clinical publications, and proven drug pharmacology. Quick turnaround time, combined with a customized report of the patient’s genomic makeup, clinical experience, and other factors can provide information to help a physician make personalized drug treatment choices for each patient. For more information about GeneSight, please visit www.genesight.com.
About Myriad Genetics
Myriad Genetics Inc., is a leading personalized medicine company dedicated to being a trusted advisor transforming patient lives worldwide with pioneering molecular diagnostics. Myriad discovers and commercializes molecular diagnostic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across six major medical specialties where molecular diagnostics can significantly improve patient care and lower healthcare costs. Myriad is focused on five strategic imperatives: build upon a solid hereditary cancer foundation, growing new product volume, expanding reimbursement coverage for new products, increasing RNA kit revenue internationally and improving profitability with Elevate 2020. For more information on how Myriad is making a difference, please visit the Company’s website: www.myriad.com.
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice HRD, EndoPredict, Vectra, GeneSight, riskScore Prolaris, ForeSight and Prelude are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the impact of the results of the health economic study to evaluate the financial impact of GeneSight combinatorial pharmacogenomics (CPGx) test on major commercial health plans; the value of the GeneSight test to commercial insurance plans and self-funded employers to guide medication selection for psychiatric disorders; and the Company’s strategic directives under the caption “About Myriad Genetics.” These “forward-looking statements” are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that sales and profit margins of our molecular diagnostic tests and pharmaceutical and clinical services may decline; risks related to our ability to transition from our existing product portfolio to our new tests, including unexpected costs and delays; risks related to decisions or changes in governmental or private insurers’ reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and clinical services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services and any future tests and services are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities and our healthcare clinic; risks related to public concern over genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire; risks related to our projections about our business, results of operations and financial condition; risks related to the potential market opportunity for our products and services; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents or other intellectual property; risks related to changes in intellectual property laws covering our molecular diagnostic tests and pharmaceutical and clinical services and patents or enforcement in the United States and foreign countries, such as the Supreme Court decision in the lawsuit brought against us by the Association for Molecular Pathology et al; risks of new, changing and competitive technologies and regulations in the United States and internationally; the risk that we may be unable to comply with financial operating covenants under our credit or lending agreements; the risk that we will be unable to pay, when due, amounts due under our credit or lending agreements; and other factors discussed under the heading “Risk Factors” contained in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended June 30, 2018, which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law.