SOFIVA Genomics, a leading brand in genetic testing, held its shareholders’ meeting today. During the meeting, they approved the 2020 financial report and business report and reelected seven board members. SOFIVA also specially arranged to offer on-site rapid antigen testing. Chia-Cheng Hung, General Manager of SOFIVA, said, “SOFIVA recognizes the importance of testing locally, and continues to expand its presence in Taiwan. In the future, we will develop based on three major strategic directions. We’re optimistic about our business performance for the second half of the year.”
SOFIVA Will Scale Up Laboratories to Localize Testing
Although the COVID-19 pandemic impacted the overall business performance last year, SOFIVA still launched numerous new products to offer more complete and diverse genomic testing services. Chia-Cheng Hung, General Manager of SOFIVA, said, “SOFIVA integrates research and clinical applications to develop testing services that are innovative and have clinical value. We also recognize the importance of testing locally. We stand firm on completing the testing process from beginning to end at Taiwan laboratories to offer one-stop testing services and give testers peace of mind. We began scaling up our operations in Taiwan in 2020 in response to the ever-growing demand for testing. We have also observed that the market demand is heating up. We achieved new highs for both the monthly revenue and quarterly revenue in the first half of this year. In the future, we will continue to promote three major growth strategies, which are actively developing new products, continuing to expand channel cooperation, and stabilizing our global presence to return our operations to their normal upward trajectory.”
Three Main Operational Strategy Directions, Optimism for Second Half of Year
The government’s promotion of the inclusion of genomic testing for cancer risk in the national health insurance coverage and a program to provide in vitro fertilization (IVF) subsidies will help to accelerate the development of the genomic testing market. SOFIVA is actively introducing and upgrading screening and testing products in the four major areas of reproductive medicine, newborns, cancer, and precision medicine. Chia-Cheng Hung, General Manager of SOFIVA, said, “We currently have many products in the works. We will also actively expand our cooperation channels with medical institutions. We anticipate accelerated growth in the third and fourth quarters.”
SOFIVA is also focusing on overseas markets. It is using new workplace approaches such as videoconferencing to guide overseas distributors. It is also reproducing the successes of local testing and actively promoting the establishment of overseas laboratories. In the second half of the year, it will concentrate on stabilizing the existing Thai market and the newly developed Japanese market. SOFIVA will also continue to expand its range of services across Southeast Asia using the Thai laboratory as the core. The objective is to return this year’s overall overseas performance to a growth trajectory.