The rapid growth of personalized genomic medicine is poised to radically change not only the way that pharmaceutical companies develop drugs, but the way insurance companies administer healthcare plans. Acknowledging the increasing momentum, Rainbow Coral today told investors that it is forging ahead with plans for new partnerships in both genetic testing and companion diagnostics.
PricewaterhouseCoopers predicts that the personalized medicine sector could grow to as much as $452 billion by 2015. One of the driving forces behind this expansion is the inefficient way in which drugs are currently produced. Because insurance companies try to avoid paying for drugs that don’t work, pharmaceutical companies are beginning to use data derived from personalized genome testing to indicate which drugs will work for specific patients—making a stronger case for payer reimbursement.
In March, MedCity News reported that over half of pharmaceutical giant AstraZeneca’s drug pipeline is being developed as personalized medicine. RBCC believes that percentage will continue to rise as insurance companies begin to mandate genetic testing for patients before agreeing to pay for new prescriptions.
“It changes the business model completely,” emphasized RBCC CEO Patrick Brown. “Personalized medicine, including genetic testing and companion diagnostics, is already helping to develop pharmaceuticals personalized to patients. Soon, their healthcare plans will be personalized, too.”
In order to secure a growing share of a personalized medicine market that is becoming increasingly lucrative, the company is seeking out new innovations and technologies that promise to dramatically improve patient outcomes and reduce healthcare costs. For more information on Rainbow BioSciences’ personalized medicine initiatives, visit www.rainbowbiosciences.com/investors.html.
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