Personalized Medicine: What Pharma Should Do To Get Ready | Diaceutics

Personalized Medicine: What Pharma Should Do To Get Ready

August 24th, 2015

Tessa Sandberg

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:

  • You have probably noticed that Dx development should be aligned with Rx development but how do you actually do that?
  • For pharma, partnering is an essential aspect of drug and diagnostic development and commercialization, but how do you select the most appropriate partner and what happens once you’ve made that choice?
  • If the pharma industry has developed a reputation for being ‘all about the money’, how can you show that your business is focused on providing the best for the patient?
  • With diagnostic testing being such an essential part of personalized medicine, you’ll acknowledge the link it has with laboratories, but why is that association so important?

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.

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Personalized Medicine: What Pharma Should do to get Ready Series

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[php snippet=34 param=”title=Part 2 – Integrating and Aligning the Diagnostic Strategy with the Drug Strategy&id=966&useTitle=true”]
[php snippet=34 param=”title=Part 3 – Partnering and Managing Partnerships&id=963&useTitle=true”]
[php snippet=34 param=”title=Part 4 – The Shift Towards Patient Centricity&id=961&useTitle=true”]
[php snippet=34 param=”title=Part 5 – Pharma Communication and Education for Stakeholders&id=962&useTitle=true”]
[php snippet=34 param=”title=Part 6 – Funding a Diagnostic Test at Launch to Ensure Test Adoption&id=960&useTitle=true”]
[php snippet=34 param=”title=Part 7 – Engaging with Laboratories&id=959&useTitle=true”]
[php snippet=34 param=”title=Part 8 – Ensure Diverse Internal Capabilities in a Personalized Medicine Pharma Company&id=957&useTitle=true”]
[php snippet=34 param=”title=Part 9 – Budget Allocation for Diagnostic Development and Commercialization&id=958&useTitle=true”]

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