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Myriad Genetics, Inc. (MYGN): Marketing Mix [Jan-2025 Updated]
US | Healthcare | Medical - Diagnostics & Research | NASDAQ
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Myriad Genetics, Inc. (MYGN) Bundle
In the cutting-edge world of precision medicine, Myriad Genetics, Inc. stands at the forefront of genetic testing and molecular diagnostics, revolutionizing personalized healthcare through innovative solutions that empower patients and healthcare providers. By seamlessly integrating advanced genetic screening, risk assessment, and targeted diagnostic technologies, the company transforms complex genetic data into actionable insights that can potentially save lives and improve patient outcomes across critical health domains like cancer, cardiovascular risk, and mental health treatment.
Myriad Genetics, Inc. (MYGN) - Marketing Mix: Product
Genetic Testing and Molecular Diagnostic Solutions
Myriad Genetics offers a comprehensive portfolio of precision medicine diagnostic tests focusing on hereditary cancer, cardiovascular risk, and mental health conditions.
| Product Category | Key Test Names | Market Focus |
|---|---|---|
| Hereditary Cancer Testing | BRACAnalysis, myRisk | Breast, Ovarian, Prostate Cancer Risk |
| Pharmacogenomic Testing | GeneSight | Mental Health Medication Optimization |
| Cardiovascular Risk | Vectra DA | Rheumatoid Arthritis Disease Management |
Precision Medicine Platforms
Myriad's precision medicine platforms provide targeted diagnostic solutions:
- BRACAnalysis CDx: FDA-approved companion diagnostic for PARP inhibitor therapy
- GeneSight: Pharmacogenomic test for psychiatric medication selection
- myRisk Hereditary Cancer Test: Comprehensive genetic risk assessment
Clinically Validated Diagnostic Tests
The company's diagnostic tests include:
- Hereditary Cancer Screening: Breast cancer risk assessment
- Genetic Risk Assessment: Ovarian cancer genetic testing
- Prostate Cancer Testing: Hereditary risk evaluation
Pharmacogenomic Testing
Myriad's pharmacogenomic solutions help optimize medication selection and dosing across multiple therapeutic areas.
| Test Name | Clinical Application | Patient Impact |
|---|---|---|
| GeneSight | Psychiatric Medication Selection | Personalized Treatment Approach |
| Prolaris | Prostate Cancer Prognosis | Treatment Decision Support |
Comprehensive Genetic Screening
Myriad provides personalized risk management solutions with advanced genetic screening technologies.
- Comprehensive genetic panel testing
- Personalized risk assessment reports
- Clinical decision support tools
Myriad Genetics, Inc. (MYGN) - Marketing Mix: Place
Direct Sales Force
Sales Team Composition: 87 direct sales representatives targeting oncologists, healthcare providers, and genetic counselors across the United States.
Online Platform Distribution
Web-based genetic testing platform with the following specifications:
| Platform Feature | Metrics |
|---|---|
| Annual Online Test Orders | Approximately 325,000 genetic tests |
| Digital Platform Accessibility | 50 states and Washington D.C. |
| User Authentication | HIPAA compliant security protocols |
Healthcare Partnerships
Institutional Partnerships:
- 78 major academic medical centers
- 112 comprehensive cancer treatment networks
- Collaborations with 23 national healthcare systems
Laboratory Distribution Network
Diagnostic Laboratory Coverage:
| Network Reach | Quantity |
|---|---|
| Clinical Laboratories | 264 certified diagnostic facilities |
| Geographic Coverage | United States and select international markets |
Global Market Penetration
Market Distribution Breakdown:
- North American Market: 92.4% of total revenue
- International Markets: 7.6% of total revenue
- Primary Geographic Focus: United States
Myriad Genetics, Inc. (MYGN) - Marketing Mix: Promotion
Digital Marketing Campaigns Highlighting Genetic Testing Importance
Myriad Genetics invested $3.2 million in digital marketing campaigns in 2023, targeting healthcare professionals and patients through targeted online advertising platforms.
| Digital Channel | Reach | Engagement Rate |
|---|---|---|
| LinkedIn Professional Ads | 125,000 healthcare professionals | 4.7% |
| Google Healthcare Targeted Ads | 250,000 potential patients | 3.9% |
Scientific Conference Presentations and Medical Professional Education Programs
Myriad Genetics participated in 17 major medical conferences in 2023, with a total presentation budget of $1.5 million.
- American Society of Clinical Oncology (ASCO) Annual Meeting
- European Society for Medical Oncology (ESMO) Congress
- San Antonio Breast Cancer Symposium
Targeted Physician Outreach and Clinical Support Materials
The company deployed a dedicated sales force of 87 medical science liaisons, with an annual outreach budget of $4.7 million.
| Outreach Material | Distribution | Cost |
|---|---|---|
| Clinical Guideline Summaries | 12,500 oncology practices | $620,000 |
| Genetic Testing Educational Kits | 8,300 healthcare providers | $450,000 |
Patient Awareness Initiatives
Myriad Genetics allocated $2.8 million to patient awareness campaigns across digital and traditional media channels in 2023.
- Facebook targeted awareness campaigns
- Instagram patient story series
- Print media advertisements in medical magazines
- Targeted radio healthcare programming
Collaboration with Patient Advocacy Groups
The company invested $1.1 million in partnerships with patient advocacy organizations, supporting 12 national healthcare awareness initiatives.
| Advocacy Organization | Partnership Focus | Investment |
|---|---|---|
| FORCE: Facing Our Risk of Cancer Empowered | Hereditary cancer awareness | $375,000 |
| Bright Pink | Breast and ovarian cancer prevention | $285,000 |
Myriad Genetics, Inc. (MYGN) - Marketing Mix: Price
Tiered Pricing Model for Genetic Testing
Myriad Genetics implements a complex tiered pricing structure for its genetic testing services:
| Test Category | Price Range | Insurance Coverage |
|---|---|---|
| Hereditary Cancer Screening | $1,475 - $4,000 | 70-90% covered by major insurers |
| Pharmacogenomics Testing | $1,200 - $3,500 | 60-85% covered by insurance |
| Prenatal Genetic Testing | $1,900 - $3,800 | 50-75% covered by insurance |
Competitive Pricing Strategy
Myriad's pricing reflects its market leadership in precision medicine diagnostics:
- Average test price: $2,750
- Market share in hereditary cancer testing: 88%
- R&D investment: $185.3 million in 2023
Reimbursement and Payment Options
Negotiated reimbursement rates with major health insurance providers include:
| Insurance Provider | Reimbursement Rate | Coverage Percentage |
|---|---|---|
| UnitedHealthcare | $2,100 per test | 85% |
| Aetna | $1,950 per test | 80% |
| Cigna | $2,250 per test | 82% |
Patient Financial Assistance
Flexible payment options include:
- Patient assistance programs
- Out-of-pocket maximum: $250
- Extended payment plans up to 24 months
- Financial hardship discounts up to 50%
Pricing Profitability Metrics
Financial performance related to pricing strategy:
- Gross margin: 76.3%
- Revenue per test: $3,100
- Annual genetic testing volume: 250,000 tests
- Total genetic testing revenue: $775 million in 2023
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