Disneyland and other amusement parks often charge a high entrance price at the gate but low prices (or nothing at all) for the rides inside. In healthcare, personalized medicines often have the same two-part pricing: companion diagnostic tests are the gate, and drug therapies are the rides. Unlike at Disneyland, however, ownership of the gate and rides is often separated and pricing for personalized medicines tends to be reversed, with low costs for diagnostic tests with higher priced drugs. Pricing personalized medicines more like amusement parks—with joint ownership of tests and drugs and higher diagnostic prices with lower drug prices—could enhance innovation in personalized medicine, a space that has lagged relative to past forecasts on major advances for patients. Stimulating more rapid growth of such new technologies is not just a matter of science, but also economics.
By Tomas Philipson, Forbes, Contributor
Personalized medicine has the potential to take the trial and error out of treatment. People are different, and they respond to medicines in different ways. By leveraging our increasingly sophisticated knowledge of the effects of patient-specific factors on treatment responses, treatments can be targeted to the patients most likely to benefit, or the least likely to experience dangerous side effects. For example, personalized medicine can use predictive tests or companion diagnostics to stratify patient populations into likely responders or non-responders, or can even target medicines to individual patients’ specific genes. As a result, personalized medicines promise greater value to patients and society by directing drugs to the individuals most likely to benefit from them. This is particularly true in contexts where trial and error in treatment can be very harmful, due to severe side effects or the harm imposed by being on the wrong treatment. It is perhaps no surprise that personalized medicine has emerged mainly in cancer care, where knowing which treatment is right before starting treatment can be a matter of life and death.
By HIT Consultant Media
National Health IT week puts an emphasis on raising awareness and recognition of the value of different aspects of health IT, such as precision medicine and population health.
The Future of Personalized Medicine infographic created by Adventist University’s Bachelor of Science in Diagnostic Medical Sonography program, delves into the innovation and the future of precision medicine. Innovation in precision medicine is vital for early detection and prevention of diseases based on an individual’s genetic makeup.