Abstract
Personalized medicine is recognized as being a significant part of the solution for providing better healthcare outcomes. However, there are multiple challenges to its adoption from many healthcare stakeholders. The challenges are not technological, but rather involve the development of the appropriate business model, such that all stakeholders can have the necessary incentives to justify adoption. From a commercial perspective, two different industries with distinct business models are involved: pharma and the diagnostics industry. In order for personalized medicine to have its desired impact, it is necessary that innovative business models from various sectors within healthcare are developed. The problem is that different stakeholders have different motivations, but it is all ultimately driven by economic decisions, and empowering of the patient/consumer will also be a significant factor.
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