DUBLIN--(BUSINESS WIRE)--
Research and Markets (http://www.researchandmarkets.com/research/vxph8f/quickfact_edition) has announced the addition of the "QUICKFACT Edition Personalized Medicine - A Strategic Analysis of Industry Trends, Technologies, Participants and Environment" report to their offering.
The QUICKFACT's edition of Personalized Medicine- A Strategic Analysis of Industry Trends, Technologies, Participants, and Environment by Kelly Scientific Publications is a compact report on key facts of the personalized medicine industry and its impact on the health system.
Individualized or personalized medicine aims to increase the efficacy of therapeutics via genetic testing and companion diagnostics. Personalized therapeutics and associated companion diagnostics will be more specific and effective thereby giving pharma/biotech companies a significant advantage to recuperate R&D costs. Personalized medicine will reduce the frequency of adverse drug reactions and therefore have a dramatic impact on health economics. Developmental and diagnostic companies will benefit from lower discovery and commercialization costs and more specific market subtypes.
The average drug-to-market cost varies but is estimated at $500 million, however with the advent of personalized therapeutics and companion diagnostics this cost could be dramatically reduced. Only 30% of drugs recover the cost to market however personalized therapeutics and associated companion diagnostics will be more specific and effective thereby giving pharma/biotech companies a significant advantage to recuperate costs. Personalized medicine will reduce the frequency of adverse drug reactions and therefore have a dramatic impact on health economics.
Functions of personalized medicine:
- Give developers an alternative to hit and miss' drug development.
- Streamline the research and discovery process.
- Decrease the time it takes to discover, develop and bring a therapeutic to market.
- Can be applied to current drugs and determine their efficiency and safety profiles in specific patient groups.
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