Personalized Medicine: The Challenges + Opportunities Ahead
The advent of personalized medicine is a result of countless innovations in an array of fields, including genomic sequencing, big data and analytics, bioinformatics, bioengineering, etc. Realizing personalized medicine commercially will require the same innovative approach and mindset to execute effectively for long-term, sustainable growth and development.
Though challenging, the benefits to adopting a precision therapy model are readily clear. Personalized medicine has the ability to more accurately diagnose disease states, detect the onset of diseases earlier, target treatments, and increase the overall efficiency and effectiveness of the healthcare system. Apart from these direct benefits, personalized medicine will have ancillary value by reducing R&D expense, decreasing costs related to ineffective treatment, and enhancing focus on previously unmet disease states.
The vein-to-vein nature of personalized medicine will force business leaders to reconceptualize every aspect of traditional operational and commercial models. Soon, if not already, life sciences companies will be forced to address challenges with new distribution channels, more stringent product controls, crunched production and delivery times, pricing complexities, and more.
This personalized medicine eBook evaluates some of the most pressing issues facing cell therapy companies and summarizes those critical challenges facing these companies as they continue to scale. Opportunities for these companies are virtually endless, with the ability to drive significant value and change throughout the healthcare value chain, ultimately enabling better outcomes for patients, physicians, and the business.
While each of these companies will have their own list of unique challenges based on their particular therapies, there are macro issues consistent across all. We’ve outlined some of the biggest hurdles for these companies to overcome post-FDA approval. As in all business, some of these challenges will be easier to overcome than others, but everything we highlight will be a new challenge for the pharmaceutical industry to address.
