Precision Medicine I A lot of businesses in the Pharma industry are looking for innovative ways to contribute to the healthcare professionals working and understanding of the disease. Precision medicine has been one of those approaches. That could be an answer to the way the medical industry changes its working behaviour in the existing scenario. The views of Richard Barker, Founder of the firm New Medicine Partners will help us understand the significance of precision medicine in the industry.
Precision medicine is an approach to patient care that allows doctors to select treatments that are most likely to help patients based on a genetic understanding of their disease. it has already worked in several diseases like genotyping patients and tumors, autoimmune and metabolic diseases. Due to stringent regulations and reimbursements, this process is not valued presently. But it needs reconsideration in the existing circumstance of the COVID-19 crisis because a lot of doctors using patient-specific approaches while treating infected patients.
Firstly, the level of involvement by Pharma companies in diagnostics are important. He discussed that companies in diagnostics are more concerned over the infrastructure and instruments that are used in testing. Moreover, the maintenance and distribution of that equipment is also a task that is comparatively harder to the drug distribution and detailing by drug manufacturers.
Another factor is personalized prediction, which is being proactive with understanding one own unique health footprints and having a more preventative mindset. Best advice, his business, deals with analyzing vulnerability scenarios using artificial intelligence. It is predicted that Post-COVID-19, people are going to be more concerned about their health and increase longevity. Pharma companies need to invest more in this field like gene therapy to ensure that people’s concerns are accounted for. Although it calls for a detailed process.
The lack of familiarity and unable to timely adopt this business model at scale are two main reasons that can affect the process involved in gene therapy. The financial ambiguity is another reason because business focuses on sustainability. Medical liabilities are another thing that can hinder companies to take this route as it involves a lot of risk. The other reason is questioning our existing codes of practice, doctors going beyond loyalties to certain brands and devising the best options for the patients. So, in short, the business of taking care of patients is very different from the business of developing and marketing medical products. So the companies should and have (to a certain extent) become more patient-oriented over the years which is a key in fighting diseases like the present one.
Further, the Purpose of the Pharma industry is questionable. In these times of crisis, the existing knowledge about the gene therapy needs to be democratized along with the doctors’ preference to the best course of actions in terms of dealing the patients.
The Pharma industry is on the crossroads where it has the responsibility to help fight this disease by putting business and patient orientation and efficiently speeding up the pace of vaccine development, the ability to try both existing and new drugs in helping fight this disease. the decisions and course of action taken by Pharma companies might change the future of the industry in change the health care system.