Author: Ashley Trang Pham, Investment Director, Mekong Capital
May 31st, 2024
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From Vietnam to South-East Asia
Working with Dr. Nghia, the visionary founder of Gene Solutions, has been an extraordinary experience. Dr. Nghia’s ambition and passion for transforming cancer care in Vietnam are truly inspiring. What sets Dr. Nghia apart is not only his ability to dream big but also his unwavering determination to turn those dreams into reality.
If you have been following Mekong Capital, you are probably already familiar with the inspiring story of Gene Solutions, founded in 2017 by 3 scientists and doctors: Dr. Nghia Nguyen, Dr. Hoa Giang, and Dr. Nguyen Nguyen, becoming a clear market leader in genetic testing in Vietnam.
The founders all possess strong scientific background, including Dr. Nghia, the current CEO, a post-doc from John Hopkins in Genetics and Cancer Biology, Dr. Hoa, a post-doc from UPenn in Computational Biology, and Dr. Nguyen, a medical doctor from HCMC Medical Genetic Institute. They aimed to elevate the standard of reproductive health care in Vietnam by introducing the revolutionary non-invasive yet affordable NIPT tests for pregnancy. Over time, their goals expanded to include cancer early detection, leading to the development of the breakthrough SPOT-MAS technology. The research to clinically validate the performance of SPOT-MAS in multi-cancer early detection have gained global recognitions such as getting awarded at American Society of Clinical Oncology (ASCO) Breakthrough 2023 or being featured in prestigious eLife Science publication.
Today, Gene Solutions has expanded its operation to five other SEA countries, including Indonesia, Malaysia, Philippines, Thailand, and Singapore. The company transfers their laboratory expertise to each of their local facilities, including an Oncology laboratory in Singapore, ensures genetic tests remain accessible and provide a fast turn-around-time. As someone who has had the privilege to witness all this growth, I feel extremely proud of the team for these exceptional achievements.
Dr. Nghia Nguyen, Co-Founder of Gene Solutions (in the middle) with Dr. Hoa Giang (on the left) and Dr. Nguyen Nguyen (on the right)
From Passion to Vision
Dr. Nghia’s forward-thinking mindset was evident at the very beginning. He was ambitious and always thought far ahead, envisioning a future where cancer care in Vietnam reaches new heights. More importanty, he made everyone believe in that future and join hands with him to make it the reality.
Being able to witness his power of communicating the vision was remarkable. He had the innate ability to articulate his thought and raise support for his cause. In a board meeting, when Dr. Nghia first shared the idea of initiating a cancer solutions center, which would provide advanced cancer treatment methods, including cell-based immunotherapy in Vietnam and other developing countries, there were naturally questions and concerns. The timeline, cost, potential impact on valuation and profitability were all important considerations. It would take years to form a cancer treatment center, not to mention the risk of compliance and regulations. As an investor, it was crucial for us to understand the connection between the project and Gene Solutions’ current vision of genetic tests in SEA. Was this going to be a part of Gene Solutions or a separate endeavor for Dr. Nghia?
To gain clarity, discussions were held. Consequently, the clarity and vividness of Dr. Nghia’s goals excited everyone that was involved. It was impressive to observe his determination to make a difference in the standard of cancer care. Dr. Nghia believes that the standard of cancer care can only be transformed in a meaningful way through providing the ultimate benefit for cancer patients from early diagnosis to advanced treatment options. He intends to bring the world’s most cutting-edge technologies and treatments to our growing region. The goal was getting clearer and clearer, before it was aligned by all key stakeholders, including Gene Solutions founders and shareholders.
Dr. Nghia at the announcement of a multi-center research program across South-East Asia. Singapore, 2024.
From Vision to Action
With this new direction, Gene Solutions is stepping into a much bigger game. As we delve deeper into the future of Gene Solutions of how success would be measured, Dr. Nghia’s vision becomes even clearer. The new vision for the company has evolved from a deep personal passion into a concrete picture of Gene Solutions, including a Cancer Care Center by 2029. Gradually, the objectives, action plans and timelines were established, with ambitious goals such as:
- Conducting 1 million SPOT-MAS tests per year across SEA to detect 10,000 early-stage cases, with a test price of less than $150, ensuring affordability of the test.
- Serving one-third of cancer patients in Southeast Asia with their genetic tests for precision therapy selection and treatment monitoring.
- Bringing cell-based immunotherapy into Vietnam and SEA, with a 50x reduced treatment cost, from about $1M/treatment currently to less than $20,000.
- Bringing all new immunotherapy approaches available in the world to SEA and Vietnam.
- Increasing the survival rate for cancer patients in Vietnam and SEA by 3x.
The clearer the goals are, the more excited and proud I feel.
Gene Solutions & Premier Intergrated Labs MoU Signing Ceremony for ctDNA applications in cancer care continuum. Malaysia, 2024.
While there are always risks associated with entering a new realm of business, the power of a compelling vision and unwavering determination became evident when working with a visionary founder like Dr. Nghia. His ability to think ahead and enroll everyone in his vision is truly captivating. It is a transformative experience to witness his passion and dedication to turn his words come true.
Working withDr. Nghia has taught me that a clear and vivid vision is the key to making passion become a reality. He is able to walk the talk and effectively communicate his vision has been instrumental in bringing people together and driving the company towards extraordinary achievements. I am proud to be apart of this team and excited for that the future holds for Gene Solutions under Dr. Nghia’s visionary leadership.
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Mekong Capital makes investments in consumer-driven businesses and adds substantial value to those companies based on its proven framework called Vision Driven Investing. Our investee companies are typically among the fastest-growing companies in Vietnam’s consumer sectors.
In January 2022, Mekong Capital founder Chris Freund published Crab Hotpot, a story about a bunch of crabs who found themselves stuck in a boiling pot. The colorful cover of “Crab Hot Pot,” complete with expressive cartoon crustaceans, looks like a children’s tale at first glance. But as one continues reading, it becomes clear that the work has an important message about organizational transformation, leadership and focusing on a clear vision for the future.
The book is available on Tiki (Hard copy):bit.ly/38baF8a(Vietnamese) and Amazon:amzn.to/3yWunzG (English)
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