To keep pace with the evolving ecosystem for precision medicine, pharma players must be attuned to three crucial components: data collection, individualized solutions, and supporting business models.
As originally conceived, personalized medicine referred to the tailoring of medical treatment to the individual characteristics of each patient,1 ultimately leading to a shift in the clinical treatment paradigm from a trial-and-error approach to “the right drug, for the right patient, at the right time.” Today, a combination of public investment, biotechnology development, and digitization of health profiles has evolved personalization beyond therapy selection and into the realm of drug discovery, how care is planned for and delivered, and increasingly, to how we as consumers engage with companies seeking to improve health (exhibit). Driving this transformation are advances in diagnostics, digital devices, and imaging, alongside an arsenal of analytics tools working across a multitude of institutions and stakeholders.
