GTG Validates Cancer Tests As it Looks to Global Expansion

https://www.nextbiotech.com.au/gtg-validates-cancer-tests-it-looks-global-expansion/

GTG Validates Cancer Tests As it Looks to Global ExpansionWRITTEN BY: JUSTIN WAREPUBLISHED: 14-05-2019

Total expenditure across the healthcare industry is expected to reach over US$8 trillion by 2020, with that figure certain to rise in the future.This has led to a plethora of companies seeking to carve their space in this market, but it’s those who offer unique solutions of need that are most likely to succeed.No greater need exists than cancer risk assessment solutions, where existing practices are often expensive to at risk patients.Unsurprisingly, cancer is the second leading cause of death globally. It was responsible for an estimated 9.6 million deaths in 2018, which equates to around one in six fatalities. As a result the economic impact of cancer is also increasing, with the disease accounting for US$1.16 trillion of total healthcare in 2010.Perhaps most importantly – only 26% of low to mid income countries having adequate services and/or infrastructure for treatment (which make up 70% of total cancer deaths).What if there was a cost effective way for patients to assess their risk and seek treatment?There is. Genetic Technologies (ASX:GTG | NASDAQ:GENE).It was just last month that we explored this emerging med-tech player, which is developing an extensive suite of genetic disease risk predication and assessment tools that allow users to be proactive in their health management.Among these are its industry leading breast and colorectal cancer risk tests. There are also future plans to develop test solutions for prostate cancer, melanoma, type 2 diabetes and cardiovascular disease.As touched on in our first article for GTG, the company has already made strong progress on the commercialisation front, having inked key agreements to enter the Chinese and US markets.These include a pivotal invitation to the Hainan Resort Software Community (HRSC) Free Trade Zone initiative – which will see GTG gain direct access to the US$800 billion plus Chinese healthcare market.In addition, it has now successfully completed its ground-breaking flagship genetic risk tests – including a world first polygenic risk test for colorectal cancer – the third leading cause of cancer deaths in the US and Australia.GTG's share price has since been up as much as 57%, but with first revenues not yet recorded and more products on the way, I believe it’s just the beginning of this company’s growth.All the more reason to touch bases with...