Mukesh Ambani, Asia’s richest man, is foraying into genome sequencing space. Last month, Reliance-owned Strand Life Sciences launched a genetic testing kit priced at ₹12,000 ($145), which is about 86% cheaper than other local offerings.
But why did he choose genetic testing, and what other plans does he have for the health sector? Let’s explore.
Genetic testing and healthcare
Genetic disorders have been a constant source of worry, and parents are often plagued with the fear of passing on hereditary diseases to the next generation. Genome testing can help address this concern. It is an essential healthcare tool that allows individuals to discover genetic changes in their DNA that can lead to health problems.
With genetic testing, one can identify their predisposition to certain traits and diagnose and predict possible risks of diseases like cancers, heart–related issues and neurodegenerative diseases. One significant benefit of genetic tests is their ability to identify genetic disorders before symptoms appear.
Knowledge of their genetic health can help individuals make informed health decisions. It also allows healthcare providers to develop targeted and personalised treatment plans.
Why Mukesh Ambani has a keen interest in your genes?
Mukesh Ambani had set his sights on genetic testing back in 2021 when Reliance Industries Ltd acquired Strand Life Sciences, a Bengaluru-based genomics research and diagnostics company. The company recently launched its comprehensive genome sequencing test—Genomic Health Insights—that’s ready to challenge global players.
This venture has the potential to democratise access to personalised medicine in the Indian market by making genetic testing more accessible and affordable, similar to US startups like 23andMe. Ambani’s interest in genetic testing reflects his broader ambitions to pivot his $192 billion empire beyond oil-refining to consumer and digital services.
Ambani’s venture into the genome testing space will potentially create a treasure trove of biological data that can aid drug development, targeted treatment, early intervention and disease prevention. Reliance can use the data collected from genome testing to develop personalised treatment plans.
However, this venture into genome testing is not the first time Ambani has shown an interest in the health sector. Reliance Industries has a track record of investing in hospital chains, medical device makers, and telemedicine services, including well-known names such as Netmeds, Vitalic Health, and Hamdard Laboratories.
Ambani’s genetic testing offering in the Indian healthcare space
Reliance-owned Strand Life Sciences has launched a genetic testing kit priced at ₹ 12,000 ($145), which is about 86% cheaper than other local offerings. The kit can detect a wide range of diseases, including inherited genetic disorders, and aims to make genetic testing more affordable for the Indian population.
Compared to global startups like 23andMe, whose health plus ancestry reports cost $199, and Indian firms like MapmyGenome and Medgenome, whose full genome sequencing for health red flags costs more than $1,000, Strand’s offering is significantly cheaper. While some Chinese firms offer genetic testing for as low as $87, they cover only some of the gamut of diseases.
Challenges and opportunities faced by Ambani
Even with its lower price, the adoption of genetic testing in India remains untested due to a lack of awareness and understanding of its potential benefits. Additionally, the price may still be prohibitive for many consumers in India, where two-thirds of the population lives on less than $2 a day.
Reliance plans to market the product aggressively through its digital services, including the MyJio app, which has an outreach of 425 million wireless subscribers, the JioHealthHub app, and recently acquired e-pharmacy, Netmeds.
On the other hand, regulatory standards for genetic testing in India remain a concern. Companies like 23andMe have faced regulatory pressure in the US, and it remains to see how Reliance will navigate this complex field. The company will have to comply with the regulations while keeping the product affordable for the masses.
Parting words
Mukesh Ambani’s entry into the genome testing market offers both opportunities and challenges. The global genetic testing market is projected to reach $21.3 billion by 2027, making it a potentially lucrative industry for companies like Reliance to explore.
Genome testing also provides valuable data for drug development, particularly in countries like India, where certain diseases are over-represented, such as diabetes, heart disease, and certain types of cancer. The launch of this new genetic testing product in India may be just the beginning of what could be a major trend in healthcare in the region.
However, the field is fast-changing, and regulatory standards are yet to be established in India. If Reliance can offer affordable and responsible consumer genomics by staying close to the science, it has the potential to set the standards for the industry in India and have a significant impact on the country’s healthcare industry.
What do you think? Let us know in the comments.
