Capitalizing on precision medicine: How pharmaceutical firms can shape the future of healthcare

Precision medicine can help physicians tailor medicines to the needs of individual patients, rather than by broader populations, leading to a potential annual savings of US$26 billion for the pharmaceutical industry worldwide. Our survey of global leaders in the industry shows that companies are aware of the promise.

Sourced through Scoop.it from: www.strategyand.pwc.com

Healthcare wants to advance. Precision medicine is that next stage of advancement.

‘Our survey of global leaders in the pharmaceuticals industry shows that companies are aware of the promise: 92 percent have identified precision medicine as an opportunity, and 84 percent have it on their corporate agenda. Most point to clear advantages in drug development, such as reducing time-to-market and making R&D processes more efficient. Even a conservative estimate puts the cost savings in drug development at 17 percent, leading to a potential annual savings of US$26 billion for the industry worldwide.’, as stated in this report.

It’s obvious why they would want to incorporate precision medicine into their business plan: because of the many benefits. Some include, as mentioned in the article:

• ‘More accurate identification of new drug targets
• Greater clarity regarding the target patient profile
• More targeted clinical trials requiring smaller statistically valid pools of patients, leading to better trial outcomes and faster time-to-market
• Greater likelihood of regulatory approval
• More certain reimbursement and adoption of medicines
• Longer market exclusivity’

Other benefits are a larger number of controllable risks, ‘rapid label extension’, and ‘most important, improved outcomes through continuous therapy’.

There are still barriers such as little legal framework and little access to data. But if they’re managed, companies can achieve much success with this fresh take on healthcare, precision medicine.