Xconomy: Generation Health Growing Boston-Area Presence, Backed by Highland Capital Partners
Summary
The Upper Saddle River-based startup this month hired Douglas Walton, a former vice president of medical information provider WebMD Health, who will be the firm’s chief technology officer based in the Boston area.Genetic tests—which analyze patients’ DNA, RNA, or other biological materials for information that can help diagnose diseases, predict the effectiveness of drugs, and screen fetuses for chronic illnesses—are rapidly becoming more central to healthcare in the U.S.Lofberg compares what Generation Health plans to do in the genetic testing market to what he and his colleagues did in building Medco into a powerhouse in the drug benefits management business.Franklin Lakes, NJ-based Medco (NYSE:MHS), which had 2008 revenue of $51.26 billion, is among the largest drug benefits managers in the country and fills prescriptions for millions of patients through its direct-to-patient services and network of pharmacies.Gardner says the venture firm decided to back the company after spending more than a year researching the rapid adoption of genetic tests in clinical practice and the implications of this trend in healthcare.
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