SACRAMENTO, Calif., April 25, 2018 /PRNewswire/ -- Anpac Bio-Medical Science Co., Ltd. (Anpac Bio), an international life sciences corporation with operations in the United States and Asia, announced today a 386% increase growth in its insurance sector revenue in the first quarter of 2018, over the same period in 2017; due largely to securing key partnerships and contracts with several of the world's largest insurance providers.
Core to Anpac Bio's insurance reimbursement strategy is demonstrating its significant value over existing methods of early-stage cancer screening. Anpac Bio's "Cancer Differentiation Analysis" (CDA) liquid biopsy technology screens over 26 different cancers simultaneously; compared to traditional methods that screen only single cancer types with each test.
With greater specificity and sensitivity rates for screening early-stage cancer than standard, competing technology, CDA's medical devices and proprietary testing allows medical professionals to identify and treat the disease at the earliest stages, when the patient has the greatest number of treatment options; thus, also reducing the number of required lengthy and costly hospital and other resource-intensive treatments. As a result, an increasing number of insurance carriers are recognizing Anpac Bio's CDA technology as a means of maximizing coverage, while minimizing costs to both carriers and individuals.
Additionally, Anpac Bio is providing CDA technology screening directly to employers for employee health benefits packages. Anpac Bio is currently working with 14 global Fortune 500 companies and national supplemental insurance carriers, providing customized early-cancer screening service options. Working through multiple channels allows Anpac Bio to continue to be the only company worldwide offering liquid biopsy services for general population cancer screening.
Dr. Chris Yu, CEO of Anpac Bio, states, "Anpac Bio continues to demonstrate sustainability in the marketplace in its partnerships with major insurance carriers, that are built on an annual recurring revenue model. With the positive validation and surge in revenue we are experiencing in Asia, and the new partnerships we are forming with major medical institutions and healthcare providers in the United States, we continue to lead with a significant advantage in cancer screening technology over any competition."