Biotech faces the tipping point for personalized meds
One reason the deal-making tempo in biotechnology is speeding up is the booming business for personalized medicines. Analysts at PricewaterhouseCoopers put on their green visors and predicted that the market for personalized therapies, already $232 billion in the U.S., is set to grow at a brisk 11 percent annual pace. By 2015, says PwC, the market for a personalized approach to health and wellness will hit $452 billion, almost double the current market size.
With new advances in genomics, proteomics and metabolomics, the completion of the human genome map and development of "targeted" diagnostics and therapeutics, could the proverbial tipping point be far ahead?
"Medical science and technological advancement have converged with the growing emphasis on health, wellness and prevention sweeping the country to push personalized medicine to a tipping point," said David Levy, MD, global healthcare leader, PricewaterhouseCoopers. "We are now seeing a blurring of the lines between traditional healthcare offerings and consumer-oriented wellness products and services. The market potential is enormous for any company that learns to leverage the science, target individuals and develop products and services that promote health."
Of course, one industry's gains often points to another industry's losses. In this instance, PwC says Big Pharma will have to bury its blockbuster business model in favor of a more "collaborative model." And that takes us back to the deal-making trend.
- check out PwC's prognostications in this release