Let's look at some of the recent breakthroughs in precision oncology like Precision Medicine Initiative, advancements in medical imaging, and precision medications in the market.
In the past few years, precision medicine has rapidly adjusted the oncology diagnostic and treatment spectrum. Technological advances for characterizing patients’ genomic, proteomic, metabolic, and cellular profiles, in combination with the development of large biomarker databases such as Veri, along with computational tools that analyze them, have permitted clinicians to modify and adapt treatment strategies to precisely target the molecular alteration underlying each patients’ cancer.
In 2015, advances in precision medicine led to the formation of the US Precision Medicine Initiative starting at $215m and oncology was designated as the near-term focus of the Precision Medicine Initiative, guided by new knowledge of new mechanisms in cancer development and progression that have already influenced risk assessment and therapeutic strategies.
The Precision Medicine Initiative (PMI) is a nationwide initiative to move to health care that tailors treatment and prevention strategies to people’s unique characteristics, including environment, biology and individual lifestyles.
Current activities include Sync for Science aiming to develop a simplified, scalable and secure way for patients to access their electronic health record data with researchers. Sync for Genes aims to standardize the sharing of genetic and genomic information amongst labs, providers, patients and researchers. Furthermore, there is Advancing Standards for Precision Medicine (ASPM) which is working to make health data easier to share and synthesize by focusing on standards in mobile health, sensors, and wearable data.
The global precision medical imaging market accounted for $4.5 billion in 2019 and is estimated to grow to $9.0 billion by 2029. In the new era of precision medicine in oncology medical imaging is pivotal for a wide spectrum of indications from early detection of malignant tumours or lesions, to response assessment in advanced metastatic disease.
Currently, there are thousands of life sciences companies about to, or who already have assay tests, known as molecular profiling and diagnostics which sequence a tumour for DNA, RNA and proteins for a wide variety of biomarkers.
The global precision medicine market witnessed a compound annual growth rate (CAGR) of 9.7% with the prime factors propelling the growth of this market coming from increasing online collaborative forums, increasing efforts to characterize genes, and advancements in cancer biology.
Never underestimate the importance of market research as research will drive the business by giving you formal insights into what oncologists and customers are in need of and are willing to pay.
In order for doctors and oncologists to both fully understand and utilise the correct treatments in cancer it is vital for them to have a solid space examining the sheer number of biomarkers and their responses to drugs. There still, in this way, remains the choice of which database or company would ideally provide the most beneficial data as well as knowing the quality of the company’s data curation.
Veri is a data platform to link predictive biomarkers in oncology and drug response. The database was created by a global team of expert analysts at Larvol, a technology company with 15 years of experience in data curation for the pharmaceutical and biotechnology industry. The goal of Veri is to become the most broad and relied upon tool for physicians, researchers and industry leaders who are involved in precision medicine.
The advent of precision oncology is marked by many new changes and improvements in diagnostic, prognostic and treatment methods for cancer patients. Researchers looking to bring new drugs to market are now also privy to a vast database of material from previously conducted studies thanks to a push forward in research collaborations and the creation of shared data hubs.