Precision Medicine has a US budget larger than the worth of most companies and that doesn’t even begin to cover the budget of other countries. As a $215 million investment in the President’s 2016 Budget, precision medicine is a big deal. Here are 5 things to know about precision medicine:
Nicknames aren’t just for pets and humans: Personalized medicine and precision medicine are interchangeable terms.
Million dollar investment are fueling this initiative: According to the White house release, the $215 million invest in 2016 to aid the NIH, FDA, and ONC in research, development, and innovation. Here is a snapshot of the breakdown:
• $130 million: NIH’s portion will go directly to the development of a voluntary national research group that will account for over a million volunteers. The goal will to be to provide insight of health and disease.
• $70 million: The National Cancer Institute (NCI) uses funds to identify genomic drivers in cancer in order to aid the development of cancer treatments.
• $10 million: On the other hand, the FDA’s focus is to advance the quality of databases in order to ensure that it has a structure in place that protects confidentiality and public health
• $5 million; The ONC supports the development of privacy standards, which feeds into ensuring that all data is safe and secure across all systems used.
• A slew of other organizations are investing in research. For example, in 2015, the Susan G. Komen Foundation said that they are focused on investing “more than $290 million in over 400 research grants and 90 clinical trials focused on Precision Medicine.”
It’s more than just genetics: Just alone, Genomic Medicine, a type of precision medicine, is projected to increase by at a 10.3% CAGR from 2014-2020 (reaching $22.1 billion). Genetics plays a huge role in in the concept around precision medicine. However, as said by WebMD there are other parts that could play a role into precision medicine such as tests and blood samples to see if your unique, chemical makeup can aid in a tailored solution. In addition to this, there are opportunities to track other vitals such as blood sugar, heartbeat, blood pressure, etc. to assist with this.
Patient privacy is everything and more: All parties have been committed to ensuring that all data related to precision medicine is held with integrity and security.
Don’t put all your eggs in one basket: There are multiple research angles that are in parallel with precision medicine. As said by WebMD, “to test all this out, researchers are turning to something called “basket trials.” The “basket” is based on the genetics of your cancer, not where it is in your body. For example, in a basket trial researchers are using today to test cancer drugs, people with many types of cancer are grouped together. The treatment they receive is based on the genetics of their tumor. Researchers hope the results will help show the success of precision medicine.