Rainbow Coral Corp. is focused on delivering profitable new medical technologies and innovations. Targeting the fast-growing, $232 billion personalized medicine market, Rainbow Coral is well positioned for the future as the sector could nearly double to $452 billion by 2015, according to PricewaterhouseCoopers.
Today the company reports the rapid transition of molecular pathology tests from the laboratory to the clinic. GEN magazine recently said that clinical laboratories began billing for more than 100 molecular pathology tests using new CPT codes on the first of this year, replacing the previous stacked-code system. This development means the valuable testing will be available to more patients through their insurance providers, opening up personalized medicine to a much wider audience.
"We're beginning to see patient care billers recognize that these tests work and provide value to the patient, the physician and the healthcare system," stated RBCC CEO Patrick Brown. "That's a big breakthrough: Insurance coverage decisions and physician test usage are big drivers of clinical utility."
RBCC told investors it is developing a comprehensive media and marketing strategy designed to introduce new innovations and treatment options in the personalized medicine market. RBCC has formed a biotech subsidiary, Rainbow BioSciences, to market and develop new medical and research technology innovations to compete alongside companies such as Bristol Myers Squibb Co. (NYSE: BMY), Biogen Idec Inc. (NASDAQ: BIIB), Abbott Laboratories (NYSE: ABT) and Amgen Inc. (NASDAQ: AMGN).
For more information on the company, please visit rainbowbiosciences.com
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