KingMed Diagnostics Joins Global Diagnostics Network to Bring World-Leading Diagnostic Services to Chinese Patients

On October 10, 2018, VCBeat (WeChat Official Account: vcbeat) learned that Guangzhou KingMed Diagnostics Group Co., Ltd. (hereinafter referred to as “KingMed Diagnostics,” SSE: 603882), a leading third-party medical testing institution in China, announced its official membership in the Global Diagnostics Network (GDN), a strategic alliance of global leaders in medical diagnostic services.

Initiated by Quest Diagnostics (hereinafter referred to as “Quest,” NYSE: DGX), a globally leading third-party medical laboratory based in the United States, this alliance aims to achieve global sharing of advanced diagnostic information and technologies, thereby promoting the development of the global diagnostics industry and improving human health. This initiative will enable KingMed Diagnostics to acquire more competitive diagnostic technologies and service capabilities in core disease areas, marking a further step toward its vision of becoming a domestically leading and internationally first-class provider of integrated medical diagnostic information.

It is reported that GDN’s service network will cover regions inhabited by more than half of the global population. In addition to Quest Diagnostics and KingMed Diagnostics, its members include Al Borg Medical Laboratories from the Middle East, DASA from Brazil, GC Labs from South Korea, Primary Health Care from Australia, and SYNLAB, which is primarily based in Europe with operations extending to other regions.

Liang Yaoming, Chairman and CEO of KingMed Diagnostics, met with Steve Rusckowski, Chairman, President and CEO of Quest Diagnostics, at the U.S. headquarters of Quest Diagnostics

“As a leader in China’s industry, our mission is to introduce more validated, cutting-edge testing technologies and services to the Chinese public, thereby enhancing health outcomes and improving patient efficacy,” said Liang Yaoming, Chairman and CEO of KingMed Diagnostics. While striving to explore its development path, KingMed Diagnostics has consistently sought various collaborations that benefit industry growth, Chinese patients, and society at large, including overseas partnerships.

The rapid development of precision diagnostics and the steady advancement of China’s new healthcare reforms have also created substantial opportunities for such collaboration. KingMed Diagnostics aims to leverage the extensive experience accumulated by its overseas peers to enhance its competitiveness in diagnostic technologies and service capabilities within core disease areas, thereby introducing and developing a broader range of diagnostic services for patients in China.

“By rapidly and consistently sharing advanced and best-in-class diagnostic methods, the Global Diagnostic Network will help address some of the world’s most pressing healthcare challenges,” said Steve Rusckowski, Chairman, President, and Chief Executive Officer of Quest Diagnostics. “Over the past year, we have visited leading medical laboratories in various countries and regions. It has become clear that we can accelerate progress by harnessing the collective strength of our peers and sharing innovative medical diagnostic technologies, information, and services.”

The “GDN” initiative will benefit patients, healthcare institutions, clinical practitioners, pharmaceutical manufacturers, government agencies, non-governmental organizations, and academic institutions. Initial priority areas include establishing a global platform to provide high-quality companion diagnostics and creating a new pathogen preparedness network to accelerate research and response to infectious diseases.

Quest and KingMed Diagnostics Sign Strategic Alliance Cooperation Agreement for the Greater China Region

In Greater China, Quest has entered into a cooperation agreement with KingMed Diagnostics, establishing a strategic alliance to jointly develop China’s third-party medical testing market and bring globally leading diagnostic technologies and services to Chinese patients. It is reported that the two parties will collaborate to enhance China’s diagnostic information service capabilities in areas such as cancer and infectious disease prevention and control, chronic disease management, and maternal and child health. They will also jointly promote the development and clinical application of innovative medical projects related to diagnostic services in China, with priority given to the construction and development of big data for disease diagnosis, as well as the joint development of artificial intelligence for pathological diagnosis.

According to available information, Quest Diagnostics was founded in 1967 and is committed to advocating for proactive health management. Leveraging the world’s largest database of clinical laboratory results and a profound understanding of diagnostic data insights, Quest continually seeks new approaches to identify and treat diseases, encourage healthy behaviors, and improve healthcare management. In the United States, Quest serves one-third of American adults and half of all physicians and hospitals annually. Its 45,000 employees recognize that accurate medical diagnostics, delivered in the right context, can inspire life-changing actions.

KingMed Diagnostics, established in 2003, is a pioneer and leader among third-party medical laboratories in China, serving over 22,000 healthcare institution clients. Through its network of 37 laboratories nationwide, KingMed has developed and implemented more than 2,500 medical testing, pathological diagnosis, and genetic testing services for healthcare and health organizations. It is one of the medical institutions in China offering the most comprehensive range of testing items, with an annual specimen testing volume exceeding 50 million. In 2017, KingMed Diagnostics was successfully listed on the Shanghai Stock Exchange.