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Impact of Precision Medicine on Drug Repositioning and Pricing: A Too Small to Thrive Crisis

1
Department of Biological Sciences, Tennessee State University, 3500 John A Merritt Blvd, Nashville, TN 37209, USA
2
Department of Pharmacology, Vanderbilt University, Nashville, TN 37235, USA
J. Pers. Med. 2018, 8(4), 36; https://doi.org/10.3390/jpm8040036
Received: 29 October 2018 / Accepted: 31 October 2018 / Published: 5 November 2018
The pricing of targeted medicines continues to be a major area of contention in healthcare economics. This issue is further complicated by redefining the role of molecular testing in precision medicine. Currently, whilst pricing of clinical laboratory diagnostics is cost-based, drug pricing is value-based. The pricing for molecular testing is under pressure to change the traditional business model, for it has a critical subsidiary role in determining the final value of targeted medicines. The market size for drugs is reduced by molecular testing when patients with the same disease are stratified based on their genetics, it is critical to determine the value of this new enhanced drug specificity to realize its full pricing potential. However, these value-based pricing strategies require a careful understanding of changing market conditions, especially, in the context of stratified patient segments made possible by precision medicine. In this article, we discuss the various factors impacting pricing decisions, and consider evolving economic trends in precision medicine. View Full-Text
Keywords: precision medicine; value-based pricing; drug repositioning; differential value; cost efficiency; healthcare precision medicine; value-based pricing; drug repositioning; differential value; cost efficiency; healthcare
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MDPI and ACS Style

Tiriveedhi, V. Impact of Precision Medicine on Drug Repositioning and Pricing: A Too Small to Thrive Crisis. J. Pers. Med. 2018, 8, 36. https://doi.org/10.3390/jpm8040036

AMA Style

Tiriveedhi V. Impact of Precision Medicine on Drug Repositioning and Pricing: A Too Small to Thrive Crisis. Journal of Personalized Medicine. 2018; 8(4):36. https://doi.org/10.3390/jpm8040036

Chicago/Turabian Style

Tiriveedhi, Venkataswarup. 2018. "Impact of Precision Medicine on Drug Repositioning and Pricing: A Too Small to Thrive Crisis" Journal of Personalized Medicine 8, no. 4: 36. https://doi.org/10.3390/jpm8040036

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