A new approach to research, pharmaceutical development, and clinical care is remaking healthcare. Known as personalized medicine or precision medicine, it promises improved patient outcomes, cost savings, and progress against previously intractable illnesses.
Yet substantial challenges remain to be addressed if personalized medicine is to deliver on its potential. A new research program from Oxford Economics shows what healthcare and pharmaceutical organizations are doing to hasten this revolution—and what they must do to move it forward. The research, sponsored by SAP, includes a survey of 120 healthcare professionals at institutions in Europe and North America, along with in-depth interviews with experts in the field.
Built on genomic science and Big Data technology, personalized medicine moves beyond the familiar one-size-fits-all model of prevention, diagnosis, and treatment toward mass customization and in some cases individualized delivery of care. Among the key findings of the research:
- Over two-thirds of survey respondents say personalized medicine is already having a measurable effect on patient outcomes, and roughly the same number say it will have an impact on their organization in the next two years.
- Meaningful adjustments to culture and governance are required. Yet organizations are still learning to share data and interact with newly empowered patients, while preparation for regulatory changes remains a work in progress.
- Technology is at the heart of personalized medicine, and substantial investments are being made in Big Data and analytics. Building out IT capabilities is an essential next step.
- Business models are not fully developed, but the economic case for personalized medicine is maturing; optimism abounds about revenue growth and profitability over the next two years.
“Personalized medicine offers better and more efficient ways to address a wide range of challenging medical issues,” says Edward Cone, Deputy Director of Thought Leadership and Technology Practice Lead at Oxford Economics. “At the same time, there remains a lot of work to be done on the details of governance, culture, and information technology.”
The full report will be available in March.