There Were 5 Precision Medicine Products in 2008. How Many There Are Now May Surprise You

There Were 5 Precision Medicine Products in 2008.  How Many There Are Now May Surprise You

More than 132 Precision Medicine Products in 2016

In 2008, there were just 5 precision medicine test products.  Now there are more than 26 times as many.  Few healthcare markets evolve that fast.  The acceptance of these targeted therapies has provided a market opportunity for life science companies.  Between IVD kits and precision medicine serviced tests relating in some form to a test/drug combo, FDA mandated or proven though research, Kalorama estimated the market to be $6.1 billion dollars.   Kalorama Information reports on the Personalized Medicine Cancer Market in its report Personalized Medicine Cancer Tests.

The field of personalized medicine continues to make progress, delivering significant benefits to patients but also facing challenges.  In March 2017, the Personalized Medicine Coalition released a new report entitled The Personalized Medicine Report:  Opportunity, Challenges, and the Future.    In this report, the Personalized Medicine Coalition also presents several interesting statistics that demonstrate the progress that has been made in precision medicine for oncology, and also in molecular testing. 

For example, the Personalized Medicine Coalition reports that there were 132 personalized medicines in 2016, compared to only 5 personalized medicines in 2008.  The Personalized Medicine Coalition also reports that as of September 2016, there were 65,839 genetic testing products on the market.

Precision Medicine Benefits Clear, But There Are Challenges

The report describes several benefits of personalized medicine.  These include the benefits of "Directing targeted therapy and reducing trial-and-error prescribing" and "Reducing adverse drug reactions," two key benefits that have been the goal of personalized medicine since early days of this field.  In addition, the report describes additional benefits that have emerged, including "Shifting the emphasis in medicine from reaction to prevention," and others.  An example of the trend to shift emphasis from reaction to prevention is discussed above, in the discussion of liquid biopsies and the development of molecular blood tests for cancer screening and prevention, in addition to the initial applications of aiding in treatment selection and monitoring.

Companies working in the field of precision medicine also face several challenges.  Challenges discussed in the report include regulatory policy, coverage and payment policy, clinical adoption, and health information technology.  One of the critical regulatory challenges has about the regulation of laboratory developed tests (LDTs).  This was discussed in the January 2017 issue of Kalorama's report What is Trending in IVD, which includes information on the FDA discussion paper on LDTs, which had been released that month.   Additional regulatory and other challenges are reviewed in the recent Personalized Medicine Coalition report.

 Kalorama Information reports on the Personalized Medicine Cancer Market in its report Personalized Medicine Tests - https://www.kaloramainformation.com/Personalized-Medicine-Tests-10588392/