Genomcore, a company dedicated to providing bioinformatics solutions through genomic medicine, wants to expand its market after recording a 73% increase in turnover in 2020.
The group has made its way thanks to its prices, which range from $73 (€60) to $359 (€295), making it possible to consolidate its position in the Iberian market. In the meantime, it has already set targets for expansion abroad, with the United Kingdom in its sights, according to Oscar Flores, CEO of Genomcore.
In 2020, the company had a turnover of $912,000 (€750,000), of which $244,000 (€200,000) came from research and development (R&D) projects. Looking ahead to 2021, the company aims to close the year with $1.34 million (€1.1 million) in turnover, which is equivalent to a forecast increase of 53 points. Of this figure, it is estimated that only $182,000 (€150,000) will come from R&D projects. In the last year, Genomcore has grown from 20 to 30 employees, which translates into a 50% increase in staff.
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Genomcore brings extra genetic information to recurrent analytical tests in hospitals, clinics, and primary care centers
The company has a range of genetic counseling through bioinformatics support. In this area, Genomcore provides extra genetic information to recurrent analytical tests in hospitals, clinics, and primary care centers. This process aims to facilitate “the diagnosis and treatment of different diseases,” according to Flores.
The company, founded in 2016, had an initial investment of $304,000 (€250,000). Since then, the company has doubled its sales annually. A fact that repeated in 2020, dodging the impact of the Covid-19 crisis. The coming year looks set to be a vital one for Genomcore. The company plans to expand its presence in other countries. In this particular case, the main target is the United Kingdom and the choice of this country is not random.
The expansion into the United Kingdom is seen as a preliminary step towards market expansion in the United States
In this process, the company has received investment from the innovation hub Wayra and also from the investment vehicle for start-ups CG Health Ventures. This expansion into the United Kingdom is seen as a preliminary step for market expansion in the United States. According to Flores, the U.S. market “is the one with the greatest economic potential for a company like Genomcore, which is oriented towards the healthcare sector.”
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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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