We often hear about the impact that precision medicine will have on healthcare systems and how we personally manage our health. But what about those tasked with bringing precision medicine tests and treatments to the market? What are they doing, what challenges do they face, and how are they working with stakeholders within the wider healthcare ecosystem?
Bristol-Myers Squibb, Medidata Solutions and Thermo Fisher Scientific sponsored research by Newsweek Vantage to survey diagnostics developers and biotechnology and pharmaceutical (biopharma) organizations involved in drug discovery and development, in the US, UK, Germany and France. We supplemented survey insights with in-depth interviews offering different perspectives on the role of precision medicine in healthcare.
Our report points to four overarching and deeply intertwined themes that define how industry is rising to the challenge:
Putting patients first. Precision medicine is putting fresh impetus behind industry efforts to focus on patient needs. Indeed, its very success depends on understanding as much as possible about patients, in order to deliver the tests and treatments that are most suitable. Moreover, this approach has the potential to deliver a much-needed boost to industries in turmoil. But it requires a transformation in business models that’s being felt in every part of the value chain.
Embracing data. The focus on patient data is taking the need for data governance, management and analytics to whole new levels. Health data siloes are giving way to unified data strategies that converge sources like electronic health records (EHRs), patient-reported outcomes, sensor feeds and population statistics to transform drug and diagnostics development. Analytics capabilities are being enhanced to make sense of the vast amount of data being amassed, leveraging the power of artificial intelligence (AI).
Redefining value. Despite these efforts to further the pursuit of precision medicine, there are many barriers to its widespread adoption. A value-based approach to pricing and reimbursement— focusing on patient health outcomes to deliver clinical and economic benefits to stakeholders—is seen as a key enabler of growth. Precision medicine’s patient-centered, evidence-based ethos encapsulates this, but tough challenges include aligning stakeholder views on what value means, and demonstrating the effectiveness of tests and treatments.
Working together. The sheer ambition of precision medicine, in aiming to understand patient needs and patient data as never before, and in seeking to redefine the very value of healthcare, means that no one can do it alone. Enablers of growth—including companion diagnostics (CDx), next-generation sequencing (NGS), advanced data analytics, regulatory innovation and clinical adoption—come from all corners of the healthcare ecosystem. With new levels of national and international collaboration, driven by societal trust, we have the potential to truly accelerate the growth of precision medicine and create value for everyone.
Click here to download the full Vantage report.
Learn more about Thermo Fisher precision medicine solutions here.
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