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MedTech Outlook | Wednesday, November 24, 2021
Summary: Precision medicine has a lot of promise in terms of ensuring that patients receive appropriate care while also reducing wasteful costs and drug side effects.
Format, CA :According to a report in Future Medicine, Europe is currently taking the lead in pushing investments, innovation, and research in this unique field because genomics has revolutionised the treatment and diagnosis of a variety of diseases in this region, including cancer, diabetes, and uncommon metabolic diseases. Precision medicine not only personalises healthcare for patients, but it also saves them money. In the medical field, it is quickly becoming a major market. The global market for genetic medicine was valued $13.45 billion in 2016, according to Markets and Markets, and is expected to reach $23.88 billion in 2022.
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While genetic testing and biogenetics have long been well-established fields in Europe, their value in medicines and improved diagnosis has only lately been realised. The University of Athens' pioneering Department of Pediatrics, for example, achieved prenatal diagnosis of specific paediatric diseases in 1976. Wilson disease, muscular dystrophies, polycystic kidney disease, and unusual abnormalities such mitochondrial disorders are all diagnosed prenatally at the University of Athens' Choremon Research Laboratory using contemporary genomics techniques. Glasgow's Queen Elizabeth University Hospital is working to establish itself as a global leader in genetic medicine. It is developing cancer, rheumatoid arthritis, COPD, and multiple sclerosis medicines using genomics in collaboration with Aridhia, a clinical genetics firm in the city. In order to deliver and individualize healthcare in Europe, a number of significant inventions and discoveries in clinical genetics have been produced. For example, finalists in the European Inventor Award 2012, Jason Chin and Oliver Rackham, developed a method for creating custom-made proteins using DNA sequencing.
Precision medicine has a lot of promise in terms of ensuring that patients receive appropriate care while also reducing wasteful costs and drug side effects. However, this nascent industry in Europe faces numerous obstacles. One of these issues is managing and controlling the massive volume of patient data that genomic medicine will make available, a situation that the European Society of Human Genetics has dubbed a "genomic tsunami." The EU launched the IT Future of Medicine to safeguard the privacy of patient health data and maintain personalised medicine truly tailored in order to effectively control the quantity of patient data exposed to researchers, scientists, and clinicians.
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