LabGenomics Appoints Ryu Jaehak as CEO... Maximizing Synergy with U.S. CLIA Labs

LabGenomics, a company specializing in genomic molecular diagnostics, announced on June 23 that it has promoted Vice President Ryu Jae-hak to CEO, while former CEO Lee Jonghun will transition to the role of Chief Visionary Officer (CVO) to focus on global business. Since joining the company in January, Ryu has been implementing advanced management techniques and organizational improvements. The company is expected to further accelerate efforts to maximize synergy for joint growth in Korea and the United States, including the introduction of advanced U.S. technologies and the discovery of new business items.

Newly appointed CEO Ryu Jae-hak, formerly of Daewoong Pharmaceutical, has served as Vice President of LabGenomics since January, overseeing overall domestic operations such as diagnostic/consignment sales strategies and diversification of sales channels to improve profitability. In particular, he is focusing on strengthening sales competitiveness through sales organization restructuring and improving efficiency and productivity through performance management system reforms. He is also pursuing profit-oriented management by streamlining the overall management system, reducing unnecessary costs, and selectively focusing R&D investments.

Meanwhile, the company is positioning NGS-based high value-added diagnostics?such as cancer, prenatal, and chronic disease genomic testing?as its core growth drivers, and is engaged in various discussions to expand strategic partnerships with major domestic pharmaceutical companies. Furthermore, as a next-generation growth engine, LabGenomics is planning a business model that can generate new revenue by establishing a collaborative system between Korean hospitals and U.S. CLIA labs. The company already has a track record, having introduced a domestically developed respiratory LDT kit to QDx in August last year, and possesses both the resources and experience needed to generate additional synergies in the Korea-U.S. diagnostics market.

CEO Ryu Jae-hak stated, "Our goal is to enter the Top 5 in the diagnostics/consignment industry by 2028 by strengthening organizational capabilities and setting a clear growth direction, followed by executing strategies accordingly." He added, "Our core strategies focus on restructuring for profitability and securing future growth engines, with four main pillars: sales organization optimization, expansion of a core NGS-based portfolio, strengthening academic marketing to enter secondary and tertiary hospitals, and open innovation through strategic alliances."

He went on to say, "By combining U.S. CLIA labs with domestic hospital networks, we will proactively introduce advanced U.S. diagnostic technologies to address unmet needs of Korean patients resulting from various limitations, thereby presenting a new paradigm in the diagnostics market."

Meanwhile, former CEO Lee Jonghun will transition to the CVO role, where he will focus on setting the company's vision and direction, as well as expanding U.S. CLIA lab and global business initiatives. The company plans to further accelerate the establishment of active collaboration systems between headquarters, QDx Pathology, and IMD, aiming to maximize synergy between the Korean and U.S. diagnostics markets and achieve both sales growth and improved profitability.