Dr Min Han Tan, CEO of Lucence
Singapore-based biotech startup Lucence has recently achieved a significant milestone by securing Medicare coverage approval in the US, becoming the first Asian-headquartered company to do so. This approval enhances Lucence’s credibility and market presence in the US while showcasing its advanced technology and evidence to global stakeholders.
“This sets the precedent for similar recognition in other markets for our products’ performance and patient benefit. We are actively pursuing more partnerships in other high-potential markets to broaden the accessibility and impact of our innovative cancer detection tests,” writes Lucence CEO Dr Min Han Tan in an email to e27.
Beyond the Medicare approval, Lucence has reached several key milestones, including the successful launch of its LucenceINSIGHT tests, which can detect up to 50 types of cancer. These tests have been introduced in Singapore, Hong Kong, and Canada, with plans for further global rollouts.
In this interview, Dr Min Han Tan explains more about the prospect of cancer detection services in Singapore today and how Lucence aims to tap into this opportunity.
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The following is an edited excerpt of the conversation.
What are the prospects for a cancer detection service in Singapore today? Can you share your current strategy for acquiring customers and expanding your business?
The market need for early cancer detection in Singapore remains robust, with increasing awareness and demand for early detection solutions.
Our strategy focuses on expanding our presence through strategic partnerships and enhancing accessibility to our tests across public and private hospitals and clinics so that more patients can benefit. We aim to educate healthcare providers and the public about the benefits of early detection, which can significantly improve treatment outcomes.
The Lucence team
What do you think are some key differences in expansion strategy for a deep tech startup such as Lucence, especially compared to direct-to-customer verticals such as retail and e-commerce?
Unlike direct-to-consumer verticals, deep tech startups face unique challenges, such as additional regulatory requirements and the need for substantial scientific validation.
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Our expansion strategy involves close collaboration with medical professionals and regulatory bodies, ensuring our solutions meet rigorous health standards grounded in scientific excellence.
What are some other areas of innovation Lucence is aiming to pursue?
Lucence is committed to expanding its product lines and exploring new innovations in cancer detection.
We are researching the application of novel biomarkers and artificial intelligence to enhance the accuracy and predictive power of our tests. Additionally, we are exploring ways to integrate our technologies with existing healthcare frameworks to create comprehensive screening solutions.
We are also working towards building more mainstream products designed for mass health screening needs.
Does your team use novel technologies such as GenAI in product development or business operations? If so, how?
Our team leverages AI and medical data science to recognise cancer signals in the blood and continuously refine our diagnostic services. This integration of cutting-edge technology supports our mission to provide precise, personalised cancer screening and diagnostics, enhancing the efficiency and effectiveness of our tests.
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We are also increasingly incorporating other forms of AI to improve the operational efficiency of the global organisation across our business functions.
What are your big plans for 2024 and beyond?
For 2024 and beyond, Lucence is focused on scaling our operations internationally, especially in the US and other key markets. We plan to enhance our product portfolio with more comprehensive diagnostic tools and strengthen our global partnerships.
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Image Credit: Lucence
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