ABSTRACT
Personalized medicine promises to increase health value by increasing innovation through the entrance of more companies, and advance preventive medicine by enabling precise interventions against disease. Centers for personalized medicine are emerging around the country and stimulating local economies, as a recent study by the Mount Sinai School of Medicine reported. According to a 2008 Price Waterhouse Coopers report, personalized medicine is expected to have a significant impact on the economy, as well as on healthcare costs, with the impact on costs differing in the short term versus long term, and personalized medicine is a disruptive innovation that will up-end traditional business models, create new economic models and funds flow, and reallocate healthcare resources away from disease treatment and toward wellness and prevention. Personalized medicine is showing new economic models for the biopharmaceutical industry. Personalized medicines cost more per patient, however, because they lead to better outcomes in a targeted group; personalized medicine drugs can accrue greater monetary gains.
