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$232 Billion Personalized Medicine Market to Grow 11 Percent Annually, says PricewaterhouseCoopers
Date:12/8/2009

edicine will change the role of traditional healthcare organizations and create new challenges. Most notably, it is one of the market forces driving the changing business model of Big Pharma away from the blockbuster drug model to a more collaborative model focused on outcomes and specialized therapies.

Primary care providers may have to build new service lines around prevention and wellness in order to replace revenues lost from traditional medical procedures. When they do, they can expect to face low-cost competition from non-healthcare companies skilled in consumer marketing and consumers armed with knowledge of their options. In addition, physicians will need training in genomics and proteomics in order to stay relevant in the area of personalized medicine. To educate the next generation of physicians and nurses in the complex issues raised by genomic and proteomic science, universities will have to update their programs.

How payers approach personalized medicine will be critical, as their reimbursement schemes will influence the business models of pharma and diagnostics companies as well as providers who depend on third-party payment. Payers that want to embrace the new science will have to rethink how they define coverage. Insurance premiums today are based on actuarial statistics that apply to large, predictable populations. By contrast, personalized medicine targets small populations which are far less stable and predictable from an actuarial standpoint.

"There is an urgent need to increase the value of healthcare, but we can't get there by fixing the healthcare of yesterday. We need to replace our current focus on treating disease with a better approach that is personalized, preventive, predictive and participatory, the basic tenants of personalized medicine," said Gerald McDougall, principal in charge of persona
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SOURCE PricewaterhouseCoopers
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