A new research program from Oxford Economics shows what healthcare and pharmaceutical organizations are doing to hasten the development of personalized medicine-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 genetic and 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, according to a press release from Oxford Economics.
Key findings of the research include:
- Personalized medicine is already having a measurable effect on patient outcomes, and will have a major influence on healthcare organizations in the next two years.
- Meaningful adjustments to culture and governance are required. 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.”