Study Confirms Strength of Pharmaceutical Industry Investment in Personalized Medicine
Washington, DC (November 16, 2010) – The Personalized Medicine Coalition (PMC) applauds the results of a study published today by the Tufts Center for the Study of Drug Development which demonstrates the growing role of personalized medicine products in the drug pipelines of large pharmaceutical companies.
“This study documents what the PMC has known for some time: that the pharmaceutical industry is devoted to and invested in personalized medicine because it promises better, safer, and more effective drugs for patients,” said Edward Abrahams, PMC President.
All companies participating in the study reported that biomarkers and/or targeted therapies are being used within their companies to evaluate compounds. Study authors noted that the “development of personalized medicines is commanding more resources…than is generally appreciated outside the industry.”
Companies reported that between 12 and 50 percent of their current pipelines are comprised of personalized medicine products. The study projected an average increase in investment for personalized medicine product development of 53 percent over the next five years.
The study results were unveiled at Personalized Medicine: Impacting Healthcare, the 6th annual personalized medicine meeting organized by Partners Center for Personalized Genetic Medicine, Harvard Business School and Harvard Medical School.
“The pharmaceutical industry recognizes that personalized medicine is a viable business model and that targeted therapies can improve patient outcomes,” said conference organizer Raju Kucherlapati, the Paul C. Cabot Professor of Genetics at Harvard Medical School. “This study highlights the progress we have made in showcasing the value and potential of personalized medicine to improve health care.”
Tufts Center for the Study of Drug Development researchers Christopher-Paul Milne, Center Associate Director and Rachael Zuckerman, Senior Research Analyst conducted the study that included interviews and a quantitative survey of representatives from nearly two dozen major pharmaceutical companies. Christopher-Paul Milne will discuss the study at the conference beginning at 1:30 p.m. on November 18, 2010.
About the Personalized Medicine Coalition
The Personalized Medicine Coalition, representing a broad spectrum of academic, industrial, patient, provider, and payer communities, seeks to advance the understanding and adoption of personalized medicine concepts and products for the benefit of patients. For more information on the Personalized Medicine Coalition, please visit www.PersonalizedMedicineCoalition.org.