Personalized medicine is changing everything, and it is here. No longer a promise, PM is today enabling patients, altering medical practice, challenging payors and expanding beyond oncology and the traditional healthcare treatment system to areas such as prevention and prediction.. PM will continue to grow. This growth offers real opportunities to a variety of companies, if they act boldly to move forward.
A number of factors are coming together to change the face of healthcare:
- Extraordinary scientific progress in understanding the mechanism of action of disease
- Increasing quantitation of complex diagnostics
- Seventy million aging and worried baby boomers with disposable income
- Internet-trained consumers expecting quick, convenient, digital, and easy interactions with service providers
- Patients evolving into consumers as they take charge of their own healthcare
- An increasing ability to provide individualized health information to patients before they develop symptoms
- Firms in a consumer society under pressure to find new sources of revenues and profits
PM is complicated and challenging. Existing organizations have a difficult time responding to all of these changes with coherent offerings. Growing companies face questions about which business models to pursue and how to stay ahead of competitors. Healthcare providers and insurers are finding that their customers/patients have high expectations which their organizations aren’t meeting.
Many organizations look at new markets and are puzzled about next steps. What technologies will be stable? With whom should we partner? What do we need to make our future offerings complete solutions for their buyers? How does our current staff fit tomorrow’s markets? Where are the new sources of revenue? Answering these questions may require external insights, perspectives and experience.
We have studied these new markets for years. We understand how the disparate pieces are related. We can help you plan and implement. We can show you where to invest. We can help you focus your strategy to take advantage of these changes. We will work with you to help you implement new offerings. We have a track record of success in this new space.
(For more on our views of the changing landscape, see articles under “In the News”, “Impact of Molecular Medicine on Healthcare Markets and Strategies for Success”, Miller & Batchelder, Future Medicine / Personalized Medicine, September 2009.)