The Economic Impact of Personalized Medicine: Commercializing Precision Therapeutics in Healthcare

Michael Zhang
Pacific Sustainability University, Australia

DOI:https://doi.org/10.5912/jcb2487

Abstract:

Precision medicine or Personalized medicine involves delivery of medical treatment plan based on biological composition, habits, and human traits. This approach is revolutionizing healthcare by providing innovative treatment option and costs that enhance the well-being of patients. There are many economic implications which due to personalized medicine are positive: first, there may occur the cost-reduction due to the corresponding increase in efficiency when using the medication; second, a market prospect in the sphere of pharmaceuticals and biotechnology; third, the growth of research and innovations. That is why the potential has to be realized, addressing number of challenges including regulatory one, reimbursement one and health systems one. In addition, worldwide availability of these technologies remains a major concern in order to enhance equal treatment and care results. Anyways, the potential to make precision medicines as a commercial opportunity holds improvements in both the economic and health situation given that different forces join hands to counter the challenges that arise with the commercialization of these drugs.