What did President Obama mean by 'precision medicine' in the State of the Union?

What exactly was President Obama talking about when he said, "Tonight, I'm launching a new Precision Medicine Initiative to bring us closer to curing diseases like cancer and diabetes--and to give all of us access to the personalized information we need to keep ourselves and our families healthier," during the State of the Union? Well ... no one is quite sure yet, but the speculation about the imprecise statement (ironically enough) has begun. Shares of genetic sequencing company Illumina ($ILMN) rocketed upward in after-hours trading last Friday on rumors that President Obama would announce an initiative to sequence 1 million genomes. But since he was vaguer than expected, the stock is falling today, though at about $190, the price is still above the pre-rumor price of about $185. Meanwhile, Xconomy thinks the term refers to supporting "tissue on a chip" systems, which involve in vitro testing of pharmaceutical candidates on small samples of tissue grown in a lab. Finally, AdvaMed's diagnostics industry lobbying arm, AdvaMedDx, issued a statement commending the initiative, but also said it "looks forward to seeing the details of the precision medicine proposal." Xconomy's take | AdvaMedDx's reaction | Here's FierceBiotech's take

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