Many mergers and acquisitions, partnerships and collaborations still offer opportunities for growth for the Pharma industry. But others think that personalised medicine if used cleverly will take the Pharma industry on the right path.
Usage of well-customised therapies to treat diseases based on the patient genetic makeup can offer companies alternative possibilities for growth in terms of niche markets which is frequently not explored because of success issues. Because of this, companies can get rid of adverse products in the development stages, save investments by testing medicines on target sub-populations and avoid failures by removing inappropriate patients whose genetic makeup does not suit the medicines.
Personalised Medicines for Patients Well Being:
Giving right drug to the right patient and benefits without toxicity offers a practical business model to the industry. Personalised medicine can effectively tackle the issues of toxicity, side effects and medical errors due to wrong dosages or incompatibility when recommending patients effective therapies.
Experts speak out that the biomarkers used to optimize clinical study designs could be used to organize smaller trials and allow an amalgamation of medicine to be prescribed based on the outcome of a specific diagnostic test for the patient. In fact personalised medicine can even help form and improve product differentiation and possibly extend the life cycle of drugs.
Though the benefits are huge and challenges are plentiful. Optimising the drug development for specific patient population normally small-at low-cost while fulfilling the tough regulatory guidelines and repayment procedures is an intimidating task. Many healthcare payers now insist for evidence-based medicine to stay away from pointless costs and low-yield interventions for patients. However, most repayment procedures tend to fix a ceiling for tests. Developing the tests, a significant element of the personalized medicines concept, is an expensive and practical affair with the ceilings.
Adequate support from healthcare insurers is supreme for the growth of personalised medicine. Experts, however, hope that understanding the long-term savings in treating a disease or preventing it will present sufficient incentive to payers to support personalized medicine on a better scale.
Presently the greatest advantage lies in its ability to maximise the efficiency of medicines used to treat diseases affecting a specific population with recognized cases of toxicity and side effects.
Source of article: https://www.pharmafocusasia.com/research-developement/personalised-medicine
