The Business of Precision Medicine

Hold on just a minute. The medical community is abuzz with excitement about the possibilities for precision medicine. Dr. Stephen Parente, director of the Medical Industry Leadership Institute at University of Minnesota, said insurance companies will be cautious about what and how to cover the genome-based testing or tools or drugs that tailor treatment to each individual. They will be risk-averse, and perhaps even require access to a patient’s social media to look at behavior patterns.

“The consumer may demand precision medicine before the insurance companies want to reimburse them,” Parente said.

As an illustration of earlier caution, Parente cited bone marrow transplants and IVF fertility treatments. Both are now covered by insurance, but insurers hesitated initially. Parente discussed the business of precision medicine with National Press Foundation journalists:

This program is funded by Mayo Clinic. NPF is solely responsible for the content.

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