Personalized Medicine: 3 key developments in this innovation trend

The $232 billion personalized medicine market in the U.S. is projected to grow 11% annually over the next several years. Advancements in science and diagnostic technology are required to reach this standard of care. In addition, health agencies need to establish clear regulatory frameworks for this complicated field, insurers must allow for adequate reimbursement, and medical providers will need to adopt new methods and procedures.

Once the groundwork is laid, the benefits will be many, including reduced costs of healthcare by eliminating ineffective treatments, faster approvals due to predictable safety and efficacy, lower rates of adverse reactions, earlier detection and prevention.

Personalized medicine will help developers and marketers identify patient populations most likely to respond to their medications.

A newly released PharmaLive report listed many developments in the personalized medicine trend, including these:

1. Strategic alliances, such as the sanofi-aventis alliance with Scripps Genomic Medicine, are being formed with academic and private research institutions as well as small biotech companies as major pharma companies increasingly look for alternative ways to strengthen their pipelines.
2. Roche's Herceptin, Novartis' Gleevec, Agendia's MammaPrint, and Genomic Health Inc.'s Oncotype Dx are all examples of early success stories in personalized medicine.
3. According to FDA, MammaPrint was the first approved product that profiles genetic activity. The genetic test determines the likelihood of breast cancer returning within five to 10 years after a woman's initial cancer.

At Stinson Brand Innovation, we’re identifying companies involved in personalized medicine research.  If you have a drug or technology in development, we can work with you to address the challenges and capitalize on the opportunities.