As Dr. Diamandis (founder of Singularity University) says, “the rate of change in healthcare is going to be exponential.” I believe that over the next fifteen years through technology advances and genomics, caregivers will have the ability to target and cure many diseases. I believe that the results will be that many diseases will be eliminated, and the average life span in the US and other developed countries will increase. Personalized medicine will provide treatments that are specifically designed for an individual’s genome so that they are more effective.
Impact on Health Care System
Today, health care providers are paid through a fee-for-service model. As health care reform evolves the business model to population health, personalized medicine can reduce the burden of treating certain diseases that can be cured. Today, many diseases are chronic in nature and create a burden on healthcare by driving up costs. As these costs get eliminated through cures, there will be more people living longer and these people will then impact care delivery with an increase in dementia, stroke, and other breakdowns related to aging. The financial impact of this shift is yet to be determined.
Social and Societal Impact
While advances in care will extend the life of people, the impact of this shift on society may be dramatic. There are many questions that will need to be considered:
- What will the cost be for living longer?
- Who will have access to the advances?
- What other problems does extending life create?
- If people live longer, will they work longer? What’s the impact on retirement and social security systems?
The answers to the above questions vary depending on who you ask or who you talk to. Some of the questions are yet to be answered. In the end, solving one problem may create another.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
Conclusion
Personalized medicine and advances in medicine are certainly going to have a positive impact on the next generation and they will have the outcome that care providers are all striving for of extending life. The healthcare system and society need to prepare and think about the impacts these advances will have so that the benefits can be shared by all and not just those with means to afford the advances.
Photo: BigStock Photos
