Complete Genomics said it is building the world's largest commercial human genome sequencing center with a goal of providing complete DNA sequencing services to pharmaceutical and biotechnology companies and other medical researchers.

"We will be the first company to sequence complete human genomes for less than $1,000 in material costs," said CEO Clifford Reid said in a statement. "This $5,000 price point, combined with the scale of our sequencing center, will dramatically increase the availability and affordability of human genome sequencing."

The New York Times said the first human genome sequence, completed in 2003, is estimated to have cost a few hundred million dollars. The cost has significantly fallen since then to about $100,000, the newspaper said.

Complete Genomics estimates the cost of competing technologies will push the price significantly lower by the time the company starts offering its service next year.