Myriad Genetics Engages With UnitedHealthcare on Access to GeneSight Test Following Policy Update
Myriad Genetics Engages With UnitedHealthcare on Access to GeneSight Test Following Policy Update
Myriad Genetics updates on discussions with UnitedHealthcare regarding access to GeneSight test following policy changes effective January 2025.
Quiver AI Summary
Myriad Genetics, Inc. has provided an update on its communication with UnitedHealthcare (UHC) regarding UHC's new medical policy, published on November 1, 2024, which restricts access to multi-gene panel pharmacogenetic tests, including Myriad's GeneSight test, effective January 1, 2025. Myriad is actively discussing the clinical evidence supporting GeneSight with UHC and has requested continued access to the test for UHC enrollees, emphasizing its utility in primary care for prescribing antidepressants. The company, led by CEO Paul J. Diaz, expresses condolences following the passing of UHC's CEO and remains committed to engaging in discussions, potentially extending into early 2025, while affirming confidence in GeneSight's clinical validity. Myriad estimates the financial impact of UHC's policy on its operations as it continues to provide genetic testing aimed at improving patient care.
Potential Positives
- Myriad Genetics is actively engaging in constructive dialogue with UnitedHealthcare to advocate for continued access to its GeneSight test in light of recent policy changes, indicating a proactive approach to partnership and patient access.
- The company reaffirms its confidence in the clinical validity and utility of the GeneSight test, supported by peer-reviewed research studies, which strengthens its position in the market for pharmacogenomic testing.
- Myriad's commitment to addressing concerns and presenting additional clinical data to UNH demonstrates its dedication to evidence-based practices and improving patient care in mental health treatment.
- The press release highlights the widespread use of the GeneSight test, with tens of thousands of clinicians having ordered it for nearly three million patients, showcasing its established presence and acceptance in the healthcare community.
Potential Negatives
- The updated medical policy from UnitedHealthcare restricts access to Myriad's GeneSight test, potentially resulting in significant financial impact as estimated by the company.
- Myriad has not yet secured continued access for UHC enrollees to the GeneSight test, indicating uncertainties in patient access and company revenue.
- The press release comes in the context of the death of UnitedHealthcare's CEO, which could complicate discussions and negotiations moving forward.
FAQ
What recent policy change was announced by UnitedHealthcare?
UnitedHealthcare announced an updated medical policy restricting access to multi-gene panel pharmacogenetic tests, including Myriad's GeneSight test, effective January 1, 2025.
What is the GeneSight test used for?
The GeneSight test helps inform clinicians about how a patient's genes may affect their response to over 60 psychiatric medications.
What steps is Myriad Genetics taking in response to UnitedHealthcare's new policy?
Myriad is engaging in dialogue with UnitedHealthcare, presenting additional clinical data to support continued access to the GeneSight test.
How has Myriad Genetics expressed condolences to UnitedHealthcare?
Myriad Genetics expressed condolences following the tragic death of UnitedHealthcare CEO Brian Thompson on December 4, 2024.
Where can I find more information about Myriad Genetics and GeneSight?
More information about Myriad Genetics and GeneSight can be found on their respective websites: and GeneSight.com.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
SALT LAKE CITY, Dec. 10, 2024 (GLOBE NEWSWIRE) --
Myriad Genetics, Inc
. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today provided an update on its engagement with UnitedHealthcare (UNH) following the Nov 1, 2024 publication of its updated medical policy restricting access to multi-gene panel pharmacogenetic tests, including Myriad's GeneSight test, under its commercial and individual exchange benefit plans, effective January 1, 2025.
Since the announcement, Myriad has actively engaged in constructive dialogue with UNH regarding the clinical evidence supporting Myriad's proprietary and clinically differentiated mental health medication test, GeneSight, including presenting additional clinical data to UnitedHealthcare for its further review and consideration. Myriad has requested that UHC enrollees continue to have access to the test in 2025, especially in the primary care setting where a significant majority of antidepressants are prescribed
1
.
"Following the tragic death of UnitedHealthcare CEO Brian Thompson on December 4th, we extend our deepest condolences to Brian's family and all employees of UnitedHealthcare. Soon, at the appropriate time, we plan to continue our dialogue with UNH and other key stakeholders," said Paul J. Diaz, President and CEO, Myriad Genetics. "We desire resolution ahead of year-end, but discussions may extend into early 2025. We remain steadfast in our confidence in the clinical validity and utility of GeneSight, which we believe is supported by clinical evidence, including peer-reviewed research studies."
During Myriad's third quarter earnings call held on November 6, 2024, the company provided an estimate of the 2024 financial impact of UNH's updated medical policy. While Myriad continues to engage with UNH, the company reaffirms this estimate.
About the GeneSight
Psychotropic Test
The GeneSight Psychotropic test from Myriad Genetics is the category-leading pharmacogenomic test for more than 60 medications commonly prescribed for depression, anxiety, ADHD, and other psychiatric conditions. The GeneSight test can help inform clinicians about how a patient's genes may impact how they metabolize and/or respond to certain psychiatric medications. Tens of thousands of clinicians have ordered the GeneSight test for almost three million patients in order to receive genetic information that is unique to each patient. The GeneSight test supplements other information considered by a clinician as part of a comprehensive medical assessment. The clinical validity, clinical utility and economic utility of the GeneSight test have been evaluated in multiple peer-reviewed publications. Learn more at
GeneSight.com
.
About Myriad Genetics
Myriad Genetics is a leading genetic testing and precision medicine company dedicated to advancing health and well-being for all. Myriad develops and offers genetic tests that help assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where genetic insights can significantly improve patient care and lower healthcare costs. For more information, visit
.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the company's plan to continue its dialogue with UNH and other key stakeholders and the company's confidence in the clinical validity and utility of GeneSight, which the company believes is supported by clinical evidence, including peer-reviewed research studies. These "forward-looking statements" are management's expectations of future events as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially and adversely from those anticipated. Such factors include those risks described in the company's filings with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K filed on February 28, 2024, as well as any updates to those risk factors filed from time to time in the company's Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Myriad is not under any obligation, and it expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.
1
Majtabai R, et al. J Clin Psychiatry. 2008 Jul;69(7):106574.
Investor Contact
Matt Scalo
(801) 584-3532
IR@myriad.com
Media Contact
Glenn Farrell
(385) 318-3718
PR@myriad.com
