According to the announcement on October 8, SOFIVA GENOMICS (6615), a leader in the Taiwan genetic testing field, recorded revenue of NT$40,130,000 in September and cumulative revenue of NT$365,260,000 as of September. In response to the emphasis on precision healthcare services by the government and society, SOFIVA also launched two new testing services in March and July this year, with a hope to create a more comprehensive precision genetic testing environment and expand its genetic testing services.
SOFIVA is primarily engaged in reproductive medical testing, prenatal testing, newborn testing, cancer genetic testing, etc. It has established partnerships with over 400 medical institutions in Taiwan and is equipped with R&D technologies capable of conducting tests for over 1,000 genetic abnormalities. Revenue from genetic testing accounted for 100%, which secured its leading position in the genetic testing field in Taiwan. In response to the market demand for genetic testing, SOFIVA provides a wider range of genetic testing services. This year, SOFIVA launched the "SOFIVA Baby Scan" on March 1 and "SOFIVA Cancer Risk" on July 20 to strengthen its leading position in the genetic testing market.
Statistics from the Taiwan Drug Relief Foundation showed that the number of adverse drug reactions reported in Taiwan exceeded 15,000 last year (2019). In order to avoid side effects and sequelae caused by drug allergies, not only can the "SOFIVA Baby Scan" detect a variety of genetic diseases, but also drug allergy genes, which can be prevented in advance with medication. "To improve our newborn genetic testing services and market share, we have launched a drug allergy genetic testing service. We are optimistic that the product is beneficial to the profit and growth of the Company," said Chia-Cheng Hung, SOFIVA's General Manager.
According to Frost & Sullivan, a market research company, the global precision healthcare market scale is expected to reach NT$4 trillion in 2025. As Taiwan enters a cancer precision healthcare era, "SOFIVA Cancer Risk," a new product for testing hereditary cancer genes, will also be launched this year. Chia-Cheng Hung, SOFIVA's General Manager, added that cancer was still leading Taiwan's top ten causes of death as of last year (2019). As the public pays more attention to health conditions, Chia-Cheng Hung believes the demand for detecting cancer at an earlier stage and preventing hidden risks will rise gradually. "With the gradual expansion of the domestic and overseas genetic testing market, as well as the increase in service models, SOFIVA aims to develop comprehensive testing technologies, with a hope to create a one-stop service platform for domestic and overseas genetic testing," Chia-Cheng Hung emphasized.