Definitive Healthcare released results from its annual Precision Medicine Study. The study polled healthcare leaders at U.S.-based acute care organizations from September to October 2019 in order to uncover the strategic approaches to care, greatest challenges for existing precision medicine programs and barriers for entry into the space.
“Technology, analytics, pharmaceuticals, imaging, genomics and the research and development industry as a whole are just some of the many verticals that could see immense growth from their contributions to precision medicine,” said Jason Krantz, CEO of Definitive Healthcare.
Findings included:
· Although limited establishment of precision medicine programs (20.5%) and minimal growth over the next few years (13.4%) was shown, the number of disease state focus areas have already increased in just a few years’ time. Additionally, smaller organizations have started to enter the space, a key indicator of future growth.
· Oncology is, by a landslide, the disease state that receives the most attention (66%). However, cardiology (38.1%), prenatal screenings (25.2%) and neurology (19.7%) also appear as top areas of focus in precision medicine programs.
· At 28%, the most common challenge of already-established precision medicine programs was cost, given the high expense associated with genomic sequencing, and potential for spending to be driven higher due to companion testing. In close second: the difficulty in obtaining (and understanding) coverage from payers (20%), who are more apt to push back on expensive cost treatments.
· Organizations without a precision medicine program most often cited “a lack of expertise” as the primary barrier towards entering the space (33.3%). Given the complexity of the clinical methods, the structuring of the data, the disease knowledge and the support staff necessary to get a program functioning, many organizations may require guidance around best practices in taking the first step.
“As technology advances, which may in turn help cut treatment costs, the precision medicine market will likely see immense development in the coming years,” continued Krantz. “With this growth, there is real opportunity for executives and leaders within existing precision medicine programs to help guide other organizations through the process.”
