Importance Of Precision Medicine In Healthcare Ecosystems That You Must Know

Posted by Petter on January 19th, 2021

Earlier, there was no cohesion between the key stakeholders of the healthcare sector, such as biotech and pharma companies, or the healthcare consumers and medical service providers. The continual shift towards value-based healthcare has compelled the key stakeholders to change their strategies and introduce more cohesion between them to offer better service to their consumer — the patient.

This shift of focus from mere numbers to qualitative value has led to a plethora of activities within each stakeholder to understand what needs to be done to meet the objective of improving patient care at a lower cost. This necessitated the need for all stakeholders to work together to deliver more cost-effective, robust, and holistic solutions to the consumers.

The key factor that has led to this collaboration is called precision medicine. It is rapidly becoming a common platform for effective communication across different stakeholders of the healthcare sector. Another factor that is ushering in this change is the availability of huge patient data. This patient data enables the stakeholders to come up with radical healthcare plans and solutions to make treatment affordable and accessible to all the patients. So, let us check out the different ways in which healthcare stakeholders are using precision health solutions for treatment.

Improving clinical trials

It costs money and takes almost a decade to bring a new pharmaceutical drug into the market. Sometimes, the expenses work out to approximately 3 billion dollars. By mining their ever-expanding healthcare database, pharma and biotech companies can unlock invaluable insights to accelerate and improve the discovery, development, as well as commercialization process of the new drug. By leveraging their “vast patient data,” biotech and pharma corporations could better distinguish and classify the right patients for conducting clinical trials. After all, these clinical trials are some of the costliest and biggest challenges in this process of drug development.

Machine learning and AI offer researchers the ability to dive into these enormous data sets and bring our fresh insights in unique ways, which was never done before. These insights cannot be achieved with traditional analytical methods. Innovative methodologies of AI and advanced technologies allow researchers to learn more about the hidden action mechanisms or causal relationships of a specific drug, as well as the type of patients who would benefit from the drug. This step is critical in various clinical trial procedures.

Leveraging the aesthetics of precision health solutions allows biotech and pharma companies to communicate in a better way with different stakeholders to showcase the efficacy and value of their innovations.

Bringing value to care management

Healthcare plans play a major role in regulating the rising healthcare costs and meeting the rising demand for value-based healthcare. The best method to establish value-based healthcare is to precisely match the member interventions and offer personalized pathways for providing appropriate care.

Precision medicine offers a significant opportunity to target the care management plans in a much better way at the appropriate moment to all the members across different businesses and geographies.

Traditionally, the process of care management is driven by rules that are despondent on population-based health initiatives, which generally treat patients as the “average.” Technological advancement and innovations in Machine Learning and AI present a very different approach to care management. Causal machine learning could offer more specifics to the different health plans within the care management program designed for individual affiliate members. If implemented well, it would enhance the ability to offer the right medical intervention at the correct time to the patient who needs it.

Communication about precision medicine empowers healthcare planners to effectively coordinate and collaborate with biotech and pharma companies, drug providers, and healthcare consumers very early in the care management process. This transparent communication allows the stakeholders to leverage every available data to discover the underlying or suppressed causes of distinct patient behavior. It also allows for effective implementation of the optimized medical interventions in a shorter span to provide better healthcare services to the patients at lower rates.

Solving the problem of matching patient and treatment

Precision and personalized medicine providers generally follow the standard guidelines for healthcare treatment or the evidence-based medication technique for a supposedly “average” patient. However, there is nothing classified as the “average” about patient care. Causal machine learning and AI take these methodologies of treatment a level higher by solving the problem of matching the patient with the right treatment.

By leveraging the capabilities of precision medicine, healthcare service providers can offer value-based medical care by providing the correct course of treatment at the appropriate time, thereby saving money and time and enhancing the experience and outcome of the patient in the process.

Patient to consumer paradigm shift

The consumerization and commercialization of healthcare have allowed patients to gain more control over their care. Patients who can afford to pay additional sums of their medical care are nowadays treating their medical care the same way as any other consumer experiences and demand value for the significant investment they make.

Patients want more — they no longer wish to be compared to an “average” patient. They want better services and care. They expect a holistic recovery service from their healthcare service providers. Patients expect to get treated depending on their individual biology, anatomy, and overall health. Thus, they expect more customized plans to suit their physical needs.

Finally, the stakeholders in the healthcare sector now have a platform to speak about their interests. And the platform is called precision medicine. It is very exciting to see the innovations and new opportunities precision medicine will bring to the world of healthcare.

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