How 23andMe Uses Business Development to Expand Its Genetic Testing Services

Introduction

23andMe is one of the leading companies in the genetic testing industry, providing its customers with insights into their ancestry, health, and wellness-related genetic traits. However, the company’s growth and expansion would not have been possible without its successful business development strategies. In this article, we’ll take a closer look at how 23andMe has utilized business development to expand its genetic testing services.

Expanding their Product Line to Meet Evolving Customer Needs

One of the key business development strategies that 23andMe has employed is expanding their product line to meet evolving customer needs. Initially, the company was solely focused on ancestral and genetic testing, but they have now expanded to offer health-related testing services as well. This strategic move has allowed the company to tap into a completely different customer base and increased the overall profitability of the company.

Partnering with Large Companies to Increase Visibility

Another successful business development strategy that 23andMe has utilized is partnering with large companies to increase visibility. In 2018, the company announced its partnership with pharmaceutical giant, GlaxoSmithKline, which agreed to invest $300 million into 23andMe in return for access to their database for research purposes. This partnership provided 23andMe with greater exposure and access to new customers, ultimately leading to increased sales and revenue.

Collaborating with Healthcare Providers for Widespread Adoption

As healthcare providers begin to incorporate genetic testing into their practices, 23andMe has collaborated with various providers to increase widespread adoption. In 2019, the company signed a deal with the primary care provider, Crossover Health, to make genetic testing a regular part of their wellness program. This partnership has proven to be mutually beneficial, with Crossover Health gaining access to valuable genetic insights that can help them better diagnose and treat patients and 23andMe increasing their customer base.

Expanding Globally through Strategic Partnerships

In addition to expanding their product line and partnering with large companies and healthcare providers, 23andMe has also utilized strategic partnerships to expand globally. In 2019, the company signed a partnership with MyHeritage, a genealogy website which has a massive database of customers spread across the globe. This partnership allowed 23andMe to tap into an entirely new market outside of the United States, ultimately resulting in increased sales and revenue.

Conclusion

In conclusion, 23andMe’s success can largely be attributed to its effective business development strategies, which have allowed the company to expand its product line, partner with large companies, collaborate with healthcare providers, and expand globally. By staying ahead of the curve and adapting to the changing needs of its customers, 23andMe has secured its position as a leader in the genetic testing industry. As the industry continues to grow and evolve, it will be interesting to see how the company continues to utilize business development to remain at the forefront of innovation.