The first class of an entrepreneurial program teaches students that change goes hand-in-hand with opportunity. At the moment, the clinical world is experiencing a revolutionary shift towards personalized medicine (PM) and so a huge opportunity is being created. But what should pharma do to capture this opportunity? Tessa Sandberg of Diaceutics examines this in ‘Personalized Medicine: What Pharma Should Do to Get Ready’ and reveals the actions and activities essential for companies who are determined to take this chance.
At the beginning of 2015, President Obama announced that the USA will invest $215 million in the 2016 budget to launch the ‘Precision Medicine Initiative’. Precision medicine, or personalized medicine as it is known outside the US, is considered to be the most promising and revolutionary health care approach of our time—an approach which aims to treat the right patient with the right drug at the right time. It is different altogether from the old ‘one-size-fits-all’ treatments where the same drug can be very successful for some patients but not for others.
An essential component of personalized medicine is diagnostic (Dx) testing, which identifies the right patient for the right drug. The diagnostic industry is growing steadily, but what does it mean for the pharmaceutical industry and how can pharma seize this personalized medicine opportunity?
Entrepreneurs can come up with brilliant ideas but the greater challenge is to make the idea become a reality. Like the entrepreneur, you may have already identified the ideas behind personalized medicine, but a lack of experience within the team, or even the whole company, means you don’t know how to move forward. Perhaps some of these scenarios sound familiar:
Diaceutics is convinced that something is changing in the clinical world. We have been on top of personalized medicine since its early beginnings so we recognise the pharmaceutical industry’s need to understand diagnostic development, planning and commercialization. We are happy to share our robust insights regarding the importance and the potential impact of diagnostics in a series of articles called Personalized Medicine: What Pharma Should Do to Get Ready. These articles will cover aspects of diagnostic commercialization such as planning, communication with stakeholders, allocating budgets for development and the importance of partnering.
We hope the articles will be a useful tool for initiating discussions, creating awareness within your team about diagnostic planning and getting you ready for a future in personalized medicine.
Personalized Medicine: What Pharma Should do to get Ready Series