Pharma majors are currently facing patent expiries of blockbuster drugs and falling ROIs on R&D investments, as a result of the political move to cap spiraling healthcare costs by limiting the market exclusivity period. The scenario is throwing the focus squarely on personalized medicine as a new business diversification strategy. Personalized medicine offers companies protection against generic competition since targeted therapies are difficult to replicate by generic drug manufacturers, unlike conventional blockbuster drugs. In addition, against the backdrop of current healthcare cost rationing measures that include reductions in reimbursements, personalized medicine given its ability to enhance patient outcomes can actually help companies negotiate higher and wider reimbursement coverage from governments and private payors. All of these factors are expected to support increased R&D investments in the development of personalized medicine in the coming years.
Given the dire need to migrate from non-targeted chemo-therapeutic based approaches to molecularly targeted therapy, the field of oncology offers immediate commercial opportunities for personalized medicine. The study estimates Personalized Medicine to be a multi-million dollar market worldwide, while more precise market-size and growth projections will be made available during the 2nd stage of report preparation, and data analysis.
The research and analyses will be released shortly in the form of a comprehensive research report. The r
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