In the final part of the series, ‘Personalized Medicine: What Pharma Should Do to Get Ready’, Tessa Sandberg discusses the importance of allocating a large enough budget for diagnostic development and commercialization to support the goal of becoming a leader in the field of personalized medicine.
Have you ever dreamed of buying a Rolls Royce? Driving one seems like an effortless pleasure and owning one must make you feel like the ‘king of road’. Although Rolls Royce promises to ‘keep your investment in perfect condition’, buying a luxurious and graceful car like this is a major financial investment. Perhaps you should be practical and just stick with Volkswagen, a brand that offers perfectly affordable cars which last a long time. Then again, you realise that owning a Volkswagen does not shout ‘king of the road’. So you start investigating the different ways to get that Rolls Royce even though you can’t afford it. You surf car websites to find a Rolls Royce with a Volkswagen price tag… and then you realise there is no alternative: only by spending a large sum of money on a Rolls Royce will show that you are a leader.
Similarly, pharma companies invest in personalized medicine because they want to become leaders in the field. They are likely to be aware of the main ingredients necessary to achieve this leading position, such as aligning the diagnostic strategy to the drug strategy, partnering with the right diagnostic company, engaging with laboratories, etc. However, this diagnostic development and commercialization process requires a large investment and pharma is sometimes reluctant to do this (Figure 1), hoping that allocating a Volkswagen budget will bring them the Rolls Royce prestige. Based on ten years of experience in the field of personalized medicine, Diaceutics has identified three best practices that are essential for the diagnostic development and commercialization process.
In conclusion, pharma should be aware that in order to compete with the leaders in personalized medicine they will have to allocate ample budgets for the diagnostic development and commercialization process. It may be just the diagnostic division of a pharma company that is investing in diagnostics but the whole company has to realise the importance of the diagnostic strategy in driving personalized medicine. Investing in only a part of a Rolls Royce, let’s say the motor, is unlikely to make you a leader in the field—you definitely need the whole car to take you there.
Figure 1. Pharma should allocate budgets according to their strategy. Sufficient budget will be needed to become a leader in personalized medicine (PM).