Precision medicine is an emerging trend in the healthcare industry that has been growing quickly in recent years. Precision medicine market trends, also known as tailored medications, first emerged in 2003 and have dominated the healthcare business ever since. Individualized medications are the primary focus of healthcare departments working on the human genome overall sequencing. Modern and advanced technical advancements have paved the way for many new medical, scientific, and business models to emerge.
Precision medicine is unquestionably advancing to new heights. The higher expenses of diagnostics, however, may limit the market’s development. A substantial amount of personal data is collected during the diagnosis and treatment procedure, and there is a possible threat associated with it that could stifle the precision medicine market’s growth. The rise of the personalized medicine sector is hampered by stringent laws and standards. However, the rising prevalence of genetic illnesses and the demand for efficient remedies will keep the precision medicine industry growing steadily.
The COVID-19 pandemic wreaked havoc over the world, wreaking disaster on the financial and health sectors. The global economy’s growth pace has started to slow down; it will take many more years to resolve the situation. Various businesses and industries suffered significant financial losses, and the market’s growth rate slowed. Many industrial operations and manufacturing processes were forced to close due to the lockdown limitations. However, even in these difficult times, the precision medicine informatics industry grew at a steady rate, according to the market analysis.
According to a comprehensive research report by Market Research Future (MRFR), “Precision Medicine Market Information by Therapeutics, Sub-Markets, Ecosystem Players, and Region – Forecast till 2025”, the market is forecasted to garner USD 126.14 Billion at a CAGR of 12.48%.
Although the term “precision medicine” is currently new to the consumers, the concept has been a part of healthcare industry for many years. For instance, a person who requires a blood transfusion is not given blood from any random donor; instead, the blood type of donor is matched with the recipient prior transfusion to reduce the risk of complications. Although examples can be found in various areas of medicine, the role of precision medicine in everyday healthcare is relatively limited. Researchers are significantly working to expand this approach in many areas of healthcare and health in the coming years.
In the global precision medicine market, the advanced gene mapping technologies will aid in expanding the personalized medicine market scope. The players in the market, such as Weill Cornell Medicine, declared its USD 1.5 billion “We’re Changing Medicine” campaign, which plans to progress biomedical innovations in ranges such as precision medicine, genomics, artificial intelligence, and machine learning. The movement has already obtained more than USD 750 million so far from prevailing benefactors. The sponsoring will educate Weill Cornell Medicine’s student organization, advance innovative precision medicine therapies, and refine the quality of care in biomedical innovations.
The European region has better diagnostic equipment, medications, and electronic health records, making it the market’s second-largest shareholder. Companies such as the Norwegian firm Bio-Me declared it has solicited 10 million Norwegian kroner ($1.2 million) to back its microbiome-based precision medicine medical programs. Bio-Me disclosed it will consume the capital to further several clinical plans and discover other business prospects for shorter-term income production. The national market of Singapore precision medicine will overtake the other market share in the Asia Pacific area due to higher disposable income and improved healthcare infrastructure, which would move the market forward in the forecast years.
The right drug for the right patient at the right time.
Source – https://apps.who.int/iris/bitstream/handle/10665/252274/9789241511643-eng.pdf (WHO Medication errors)
Globally, medical errors are one of the leading causes of death. To add, a John Hopkins study claims that more than 250,000 people die in the US every year from medical errors, and it is the third leading cause of death after heart disease and cancer.
Disease processes differ from person to person; the effects of drugs also vary. Individual differences between people – such as genes or age – influence not only the onset of diseases, but also how drugs are absorbed and metabolized in the body.
Precision medicine takes into account differences between individual patients and seeks to take advantage of them with the aim to find the right drug for the right patient at the right time.
Researchers hope that individually customized therapies will be able to improve a patient’s response rate to a chosen treatment, reduce side effects, and (under certain circumstances) shorten the treatment period – depending on the type of disease involved.
No ‘one-size-fits-all’ solution for cancer
In therapeutics, the oncology segment is assessed to spur the development of the precision medicine market in the future.
Precisely coordinated treatment approaches are invaluable, especially in oncology. Cancer occurs in countless forms, and every tumor has different biochemical and genetic preconditions. It is therefore almost impossible to develop effective ‘one-size-fits-all’ treatments for cancer, as we now know. In the field of cancer therapy, the response rate to some treatments is only around 20 percent, which means that four out of five patients cannot be benefited from “on-size-fit-all” approach.
Researchers are therefore trying to find ‘personalized’ solutions. On the one hand, this means developing drugs that target specific types of tumor. The more precisely a drug sets its sights on the cancer cells, the more powerful is its effect on the disease and the lower the risk of side effects – a great advantage over conventional chemotherapies, which also attack healthy body tissue and subject the patient to a lot of suffering.
Imagine a discussion among physicians in the near future. Dr. A. Roy, a Kolkata based oncologist with more than 30 years of experience, chairs a tumor board session with colleagues around the globe, including leading oncologists, pathologists, molecular biologists, and geneticists. During the meeting, these experts discuss the case of a 38-year-old Delhi woman with advanced lung cancer. Using virtual reality technology, they are able to simultaneously review the patient’s entire disease profile, including her medical history, lifestyle, molecular genotype and phenotype data, and high-resolution pathology images, among other data. By comparing the woman’s profile with that of similar patients, the experts reach the unanimous decision that the best treatment is a combination of four targeted medications — a combination that is not yet authorized. Using comprehensive predictive analytics, they judge that she has strong chances and additionally enroll her in an artificial intelligence–enabled, real-time disease surveillance program. This may sound like science fiction, but it is not wishful thinking. Precision medicine — is coming, leading to more focused treatments for patients suffering from a variety of diseases, and more individually tailored therapies.
Regarding specific therapeutic areas where precision medicine will likely be viable over the next five years, the top response was oncology, cited by 90% of respondents.
Genomics, Clinical Trials, Electronic health record are the top 3 most relevant data for precision medicine.
A transformation is underway in patient treatment where the science is moving away from a one-size-fits-all, trial-and-error approach toward a targeted approach that uses patients’ molecular information to inform health care decisions. Although many doctors still prescribe therapies based on population averages, it is clear that healthcare professionals are already seeing the potential for personalized medicine to have a measurable impact on their ability to deliver more effective treatment options.
“Personalized medicine stands right at the center of [the health care] revolution, with the science enabling greater precision that not only can improve the lives of patients, but can also create efficiencies within the health care system by delivering the right treatment to the right patient at the right time.” — Stephen J. Ubl, President and CEO, PhRMA
Precision Medicine in life sciences and challenges to manufacture and deliver.
The global life sciences industry is on the verge of a revolution that will change how products are developed, marketed, and priced for patients. The role of global biotechnology, pharmaceutical, and medical device companies doesn’t end once treatment has started; these companies are changing their relationship with the patient by engaging and integrating the patient perspective into their business strategy. With the rate and pace of advances in personalized medicine, precision medicine will be a normal function of patient treatments in the future. As these treatments become ubiquitous, there are a myriad of challenges that arise for manufacturers in the era of personalized medicine supply chains.
Pharmaceutical manufacturing historically consists of large batch production with large volume production using 1000 L vessels, generally considered a fairly simple process. These new personalized therapies, often exponentially more complex than more traditional medicines, simply cannot be made on the scale and with the speed, reliability, and traceability required for the efficacy and safety of the treatment.
Segmentation in S/4HANA can help supply chain management to cater different set of patients struggling with different set of issues/malnutrition with specific precision medicine and nutrition.
Conclusion : Potential for precision medicine in life science is huge and S/4HANA supply chain management with segmentation holds lot of scope in the same.
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