Healthcare delivery is undergoing rapid transformation globally primarily driven by digitisation trends. With access to personalised health data, it is now possible to investigate individual health and well being with a much greater accuracy and speed. The traditional model of “one size fits all” is fast becoming irrelevant giving way to outcome-based targeted therapies called precision medicine.
With technological advancements and increased scientific understanding about human health, deeper insights into genetic and chronic diseases are driving precision medicine applications globally.
One of the areas precision medicine is likely to disrupt is existing cancer chemotherapy platforms – as precision oncology increases the application of targeted treatments for cancer management.
US is the Global Leader
With more than half of the precision medicine global market share, US is leading focussed research towards oncological applications. The UK, Germany, France and Netherlands are also contributing to this research especially to the sequencing platforms.
Asia is still seen as emerging with growing research and clinical interest in precision oncology. Precision oncology innovations in this region are likely to be fuelled by advances across ‘omics’ research and connected health platforms.
Growth in IP and Funding Continues in Precision Oncology
There is continued and sustained interest to invest from the VCs into startups around precision oncology. Take for example, Seven Bridges, an emerging US start-up that offers cloud-based platforms analytics for accelerating precision oncology innovations, raised $45 million in series A funding. IP trends have also been steady and growing in this space with close to 100 published patents related to precision oncology.
Traditionally, physical examinations, laboratory tests, and imaging procedures were included in screening tests. With advancements in molecular diagnostics, novel techniques and technologies are constantly being developed to improve cancer detection rates.
Today Genome sequencing for cancer screening is being energised using information technologies such as big data, cloud, and predictive analytics. This helps execute gene sequencing more efficiently, cost effectively and enables biomarker identification.
While we may have made great advancements around genomics and population-level genome profiling to drive data driven efficiencies and accuracy, precision medicine needs further refinement to ultimately revolutionise the care delivery model in the long run.
Also, the current legal and ethical frameworks both at global and regional levels were built with a very different generation of medical products and practices in mind and raise some serious challenges for the revolutionary concept of precision medicine practice.
Sapan Agarwal drives content and marketing for Frost & Sullivan. Sapan is based out of Kuala Lumpur Malaysia and can be reached at email@example.com | +603 6204 5830