Personalized medicine is presenting new challenges and opportunities for players within and beyond the health industry. Collaboration will be a key to success.
The biggest opportunity in personalized medicine may lie in identifying new products, services and information targeted directly to consumers. Success in this space will require new approaches, new relationships, and new ways of thinking.
Focusing on consumers will be critical for traditional health industry players, who face competition from consumer products and other industries with skill and experience in targeting consumers and delivering high-quality customer service.
The point of care (POC) model illustrates a potential shift in the diagnostics market, specifically, away from centralized labs and toward the patient/consumer.
Personalized medicine is a disruptive innovation that will require the development of new business models. As the boundaries between traditional healthcare offerings and wellness products and services blur, and as the trend toward consumer focused healthcare accelerates, companies outside the health industry are finding new opportunities. To compete in this market, organizations will need new approaches, new relationships, and new ways of thinking.
Sustainability will require a long-term strategy, cross-industry collaboration and technical expertise. Through its research, HRI identified four lessons that will be critical to the success of market participants.