The ruling by the U.S. Supreme Court this week that human genes cannot be patented comes a decade after the Human Genome Project was completed to much fanfare, and people might be forgiven for wondering what the fuss was about. After all, where are the miraculous benefits? <\/p>\n
Biotech and drug companies say some are here, and more are on the way. Just as importantly, advances are pushing the technology toward greater affordability. Analysts said Thursday's ruling will help drive costs lower as well. <\/p>\n
(Read More: High Court's Ruling on DNA Could Boost Biotech )<\/p>\n
\"Ten years ago it would've taken a factory full of machines the size of fridge-freezers costing millions of dollars. Now you're talking about doing DNA sequencing on a chip,\" Life Technologies (LIFE) President Peter Silvester told CNBC's \"Squawk Box Europe,\" showing one little bigger than a Scrabble tile. \"The cost is coming down dramatically, and our goal is really to democratize sequencing.\" <\/p>\n
He said that where the mapping of the first human genome took 13 years and $3 billion, five years ago that cost was down to a million, last year it was down to tens of thousands and now it's down to thousands or possibly hundreds of dollars. <\/p>\n
The time it takes has been dramatically reduced as well. \"Technology, like semiconductor sequencing, can do it in a few hours,\" he said.<\/p>\n
When movie star Angelina Jolie went public about her double mastectomy in May and said she chose that course after genetic testing indicated an 87 percent risk of breast cancer, costs of the gene testing were upwards of $3,000, which may or may not be covered by insurance. However, under Obamacare, genetic counseling and testing must be provided without patient cost-sharing for women whose family history indicates high risk. <\/p>\n
Myriad Genetics (MYGN)' stock enjoyed a boost after Jolie disclosed having used the company's cancer-screening services. Thursday's Supreme Court decision was in response to a challenge to Myriad patents. <\/p>\n
The mixed ruling, which allowed legal protections for synthetically produced genetic material while disallowing those for naturally occurring genes, sent shares surging more than 10 percent before crashing at the end the day and continuing to fall Friday to close at $27.59, 27 percent off Thursday's high. Investors apparently saw the ruling as opening Myriad's core hereditary testing business to competition. <\/p>\n
(Read More: Bristol and Merck Shares Surge on Cancer Drug News )<\/p>\n
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\nGenome Research Benefits Growing, Getting Cheaper<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"