Precision Medicine Market – Not one-size fits all By Top Key players: Pfizer, Inc., Novartis AG, Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V

The cost and time required for developing new precision medicines is expected to reduce due to the development of big data analysis and IT sector. Moreover, the development of new precision medicines will help in providing the right prescription to improve patient’s health. Huge amount of useful data required for tailored prescription is created by numerous genetic tests and diagnostic tests, which are to be carried out to provide precision medicines. Physicians are able to provide precision medicine, as big data analysis and IT are able to crunch, analyze, and store the necessary data. Key players in the market who are working towards developing bioinformatics technology for precision medicine research applications are funded by the government. For instance, in August 2017, Armonica Technologies, Inc., an Albuquerque-based company, received US$ 1.5 million as a catalyst fund.

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The drugs developed by manufacturers are hard to approve and expensive. They are not functional for large number of population, which has built the pressure on pharmaceutical companies to develop an active drug to cure the disease, which can be done with the help of Big Data Analysis and IT sectors to manufacture the precision medicines.

North America accounts for the largest share in the global precision medicine market, followed by Europe. This is mainly attributed to awareness and initiative related to precision medicine in the North America. In 2015 President Obama announced the launch of Precision Medicine Initiative, that aimed to revolutionize the way of treatment to improve the health, as precision medicine provide an innovative approach that studies the unique gene sequences of individual and offer the tailored treatment.

Precision Medicine Initiative have led to powerful novel discoveries and several advanced treatments, which are tailored for specific characteristic such as, genetic makeup or genetic profile of an individual tumor that helps to transform the way of treatment and favors the growth of precision medicine market in near future. The precision medicine initiative invested US$215 million in the National Institutes of Health in fiscal 2016 budget, which is expected to accelerate biomedical research by providing advanced tools and innovative therapies to the physicians, which are tailored according to individual need, in turn fueling the growth of precision medicine market in near future.

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Growth restraining factors for precision medicine include unavailability of the insurance coverage on the genetic test, which is a mandatory test to analysis the mutation and according to it precision medicine could be provided. High cost of genetic test also hampers the growth of precision medicine market.

Some major players operating in the precision medicine market includes Intomics, ferrer incode, Nanostring Technologies, Inc.Tepnel Pharma Services, Pfizer, Inc., Novartis AG, Teva Pharmaceuticals, Merck & Co., Inc., Qiagen N.V., and Quest Diagnostics.

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