(From left) Larry Hogan, former Governor of Maryland, Yumi Hogan, Jo Jeonghee, CEO of LabGenomics USA, Kim Jeongju, CEO of LabGenomics, Lee Jonghun, CEO of LabGenomics. /Photo by LabGenomics
Recently, LabGenomics, which acquired the U.S. Clia Lab QDx Pathology Services, is accelerating its efforts to penetrate the local diagnostic market in the United States.
On the 21st, according to LabGenomics, key executives met with former Maryland Governor Larry Hogan to discuss cooperation plans for targeting the local diagnostic market, coinciding with the opening ceremony of LabGenomics' U.S. subsidiary located in Maryland. Kim Jung-joo and Lee Jong-hoon, co-CEOs of LabGenomics, along with Cho Jeong-hee, CEO of LabGenomics USA, attended to promote full-scale entry into the U.S. market.
The company stated, “We have agreed to receive policy, economic, and institutional support from the Maryland state government, and LabGenomics plans to invest more than 100 billion KRW in the U.S. subsidiary,” adding, “We will maintain close relations with Maryland, home to Johns Hopkins University, which operates one of the world’s top university hospitals, as well as the U.S. Food and Drug Administration (FDA), the National Cancer Institute (NCI), and the National Institutes of Health (NIH).”
Earlier, on August 17, LabGenomics invested approximately 76 billion KRW to acquire the U.S. Clia Lab ‘QDx’ and introduced NGS (Next-Generation Sequencing) services that diagnose various cancers such as breast and ovarian cancer. On the 6th of this month, it also joined the U.S. Cancer Moonshot program. LabGenomics is the only domestic diagnostic kit company participating in Cancer Moonshot that conducts cancer diagnosis locally in the U.S.
LabGenomics first established ties with Maryland in 2020 by directly exporting COVID-19 diagnostic kits to the state. Last year, when former Governor Hogan visited Korea, multiple meetings were held to discuss entry into the U.S. diagnostic market and investment cooperation.
The U.S. trip of LabGenomics co-CEOs Kim Jung-joo and Lee Jong-hoon has been ongoing for about a week since the 18th. They are visiting LabGenomics USA and QDx to discuss local management strategies. Topics include ▲conversion of various in vitro diagnostic test services to LDT (Laboratory Developed Tests) ▲introduction of NGS cancer diagnostics ▲launching local early cancer diagnosis services through cooperation with domestic companies possessing medical AI (artificial intelligence) technology, highlighting synergies between the two companies.
Dr. Qureshi, founder and lab director of QDx, who is a pathology specialist, expressed strong interest in Korea’s imaging medical AI. He particularly emphasized his high evaluation of LabGenomics’ NGS cancer diagnostic technology.
A LabGenomics official said, “To expand market share and external growth, we have shortlisted candidates for a second Clia Lab acquisition and conducted on-site inspections,” adding, “We are also pushing to introduce AI cancer diagnostic services locally.”
Meanwhile, former Governor Hogan is married to Korean-American Yumi Hogan and is known as a ‘Korean son-in-law.’ He has shown special affection and interest in Korean companies by actively supporting their entry into the U.S. and requesting the state government to ensure they receive benefits equal to those of American companies. Recently, he attracted attention by hinting at the possibility of running as a third-party candidate in the 2024 presidential election during a CBS interview.
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