Quest Diagnostics

Quest Diagnostics Overview

Company Headquarters: New Jersey, US

Founded: 1990

Workforce: ~46,000

Company Working: Quest Diagnostics is one of the leading providers of pre-employment drugs-of-abuse screening and risk assessment services for the employers and life insurance industry. It offers physicians a vast test menu and develops new innovative tests. The company majorly provides services in the field of cancer diagnostics, anatomic pathology services, and interpretive consultation. It has two segments, namely, diagnostic information services business (DIS) and diagnostic solutions (DS). The DIS segment complies with about 95% of the net revenue. It serves in the US and selected locations outside the US, such as Mexico, the UK, and India.

Strategy

Quest Diagnostics focuses on empowering people to take measures to improve their health outcomes. The company has its system (Quest Management System) to manage the day to day activities and to develop new capabilities to improve the company working. It focuses on providing diagnostic information services. Also, it takes up customer-centric initiatives such as enhancing patient experience, expanding consumer connectivity, expanding access to basic health care services, and others.

Company Snapshot

$7,214M

Revenue

46,000

Employees

1990

Founded

New Jersey, US

Headquarters

SWOT Analysis

Strengths

Strong presence in domestic market
Collaborations with key players
Expert logistics capabilities
Strategic collaborations with healthcare providers, public health authorities, consumer-focused entities, and others
Strong medical and scientific expertise in diagnostics medicine
Serves approximately half of the physicians and hospitals in the US
Strong logistics capabilities
History of successful acquisitions

Weaknesses

Limited global presence
High dependence on local market
Dependent on limited business segments
The company is more centric to the US region
Limited market share growth

Opportunities

Increasing demand for new products and services
Partnering with companies outside the US region
Emerging medical technology
Developing markets such as India, China, etc.
More acquisitions to extend the expertise globally

Threats

Government regulations
Rising cost due to R&D expenses and technological advancements
Legal and compliance risk
Competition from key players of the market
Government labs offering cheaper diagnostics
Changes in the healthcare policy framework of various countries

Key Developments

Date	Approach	Development
February 2019	Partnership	The company formed a partnership with Regional Medical Center (RMC) of Orangeburg, South Carolina, US. Under the terms of the partnership, Quest Diagnostics will provide management expertise, laboratory equipment, reference testing, supplies, and procurement processes for RMC.
September 2018	Partnership	Quest Diagnostics partnered with Houston Healthcare to deliver innovative laboratory services. With this, the company aims to brace its position in the market.
September 2018	Acquisition	Quest Diagnostics completed the acquisition of US laboratory services business of Oxford Immunotec.
August 2016	Collaboration	The company collaborated with AncestryDNA. The collaboration helps it to scale up its testing services.
January 2020	Acquisition	Quest Diagnostics acquired Blueprint Genetics, a specialty genetic testing company situated in Finland, Europe. This acquisition will help the company in expanding access to genetic and rare disease testing, improving patient care, and pharmaceutical drug development research & development.
December 2019	Acquisition	Quest Diagnostics acquired the clinical laboratory services business of Boston Clinical Laboratories (BCL), a regional provider of laboratory services. This acquisition strengthens the company’s ability to deliver innovative, high-value diagnostic services to providers as well as patients in the Boston metropolitan area.
February 2019	Acquisition	Quest Diagnostics acquired the clinical laboratory services business of Boyce & Bynum Pathology Laboratories (BBPL), a provider of diagnostic and clinical laboratory services in the US. This acquisition will aid the company in providing pathology services to the clients of Quest Diagnostics in Missouri and Midwestern regions.
October 2018	Acquisition	Quest Diagnostics acquired the outreach laboratory services operation of Hurley Medical Center, a healthcare service provider (US). This acquisition will aid in strengthening the diagnostic services and reaching out to more providers and patients in Michigan & Midwest.
September 2018	Acquisition	Quest Diagnostics acquired PhenoPath, specialized anatomic pathology (AP), and related services provider (US). This acquisition will aid the company in accelerating the growth in advanced diagnostics. Also, it will strengthen the portfolio of pathology and molecular oncology.
February 2018	Acquisition	Quest Diagnostics acquired Mobile Medical Examination Service (MedXM), a home-based health risk assessment and related service provider. This acquisition will aid the company in strengthening mobile provider capabilities and population health management solutions for health plans. Also, it will boost the company’s extended care services.
May 2017	Acquisition	Quest Diagnostics acquired outreach lab services operation of PeaceHealth Laboratories, a non-profit organization providing health system offering care (US). This acquisition will aid in expanding the network of patient service centers and other specimen collection sites in Washington, Oregon, and Alaska.

Product Offering

Quest Diagnostics
- Clinical Trials Testing
- Wellness and Risk Management
- Diagnostic test

Financial Performance

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