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Personalised Medicine: The Most Significant Economic Limitations Of Personalized Medicine

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Introduction

The practise of adjusting medical decisions and therapies to a specific person is known as personalised medicine, also known as precision medicine. It involves abandoning the generalised approach and substituting individualised treatment plans. It is described as the medical model that uses the phenotypes and genotypes of individuals (e.g., molecular profiling, medical imaging, lifestyle data) to tailor the best therapeutic approach for each patient at the right time, to identify a person's propensity for disease, and/or to provide timely and targeted prevention. It can also take into account the lifestyle, and environment the patient is in. Personalised medicine is viewed as an advancement in medicine rather than a revolution, …show more content…

Developing personalized medicine requires extensive research and development, which can be extremely expensive. Developing a single personalized cancer therapy can cost hundreds of millions of dollars. The high costs of personalized medicine can make it difficult for pharmaceutical companies to recoup their investment, and this can lead to a lack of investment in the development of new personalized therapies.

Limited access :
Limited access to personalized medicine is another economic limitation of personalized healthcare. While some personalized treatments are available, many are still in the experimental phase or are not widely accessible due to high costs. This can result in unequal access to personalized healthcare, as only those who can afford it or who have access to clinical trials can benefit from these treatments. Limited access to personalized medicine can also lead to disparities in healthcare outcomes, as those who do not have access to personalized treatments may not receive the best possible …show more content…

To overcome the obstacles and make personalised healthcare available to everyone, cooperation between healthcare professionals, researchers, and patients will be required. The future of medicine stands to benefit greatly from personalised healthcare, which has the power to completely transform how disease is prevented, identified, and treated. Personalised healthcare is positioned to become a mainstay of contemporary medicine with continued attempts to address the constraints and increase the

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