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| Invitae CEO and co-founder Randy Scott |
Invitae ($NVTA) is cutting prices for its genetic tests, planning to offer its diagnostic tools at a patient price of $475 rather than $1,500. Payers who have contracts with the Bay Area company will pay $950 for the tests, while out-of-network third party payers will still pay $1,500 for the tools. The move comes amid change in the industry, as genetic testing becomes more prevalent and new technology cuts down on costs. With a more affordable model in tow, Invitae is poised to cash in on a rapidly growing market months after filing for an IPO. "One of our goals is to make genetic testing more affordable and accessible to billions of people, and this new pricing strategy enables us to leverage the progress we've made and convert that into savings for patients and the healthcare system," CEO Randy Scott said in a statement. Release | More