Introduction/Background: Deep neural networks have shown great promise in advancing drug discovery and precision medicine. By leveraging large amounts of complex biomedical and chemical data, deep learning approaches can identify novel targets, predict drug-target and drug-drug interactions, generate new molecular structures, and assist in personalized treatment selection and development. However, fully utilizing deep learning techniques for optimization across the drug development pipeline remains an ongoing challenge. Materials and Methods: A comprehensive literature review was conducted using major bibliographic databases including PubMed, Web of Science, and Scopus. Search terms included combinations of "deep learning", "drug discovery", "precision medicine", "biomedical data", and "neural networks". Over 200 papers published between 2010-2023 related to deep learning applications in pharmacology and genomics were identified and reviewed. Results: Deep learning has been widely applied at various stages of the drug discovery process including target identification/prioritization, lead generation/optimization, and prediction of molecular properties. Convolutional neural networks are commonly used for the representation and classification of biological sequence and image data for tasks such as gene expression analysis and pathogen detection from microscopy images. Graph neural networks effectively model compound structures and interactome networks to predict molecular bindings and disease associations. Multi-modal neural networks integrate diverse data types for personalized treatment response prediction and biomarker discovery. Challenges remain around data and model interpretation, generalization to new targets/diseases, and integration across domains. Discussion: While deep learning has shown promise, rigorous benchmarking and validation on real-world clinical endpoints are still needed to establish usefulness in decision-making. Data and model transparency must be improved to enable scientific insights. Privacy and security risks accompanying "real world" biomedical big data will require ethical practices. Standardization and sharing of resources/protocols could accelerate progress by enabling comparison of techniques. Combining deep learning with other AI paradigms like causal inference may further improve utility in drug discovery and precision healthcare. Conclusion: Deep neural networks demonstrate potential for optimizing drug development and precision medicine applications. Continued advancement relies on addressing challenges around data, models, validation, and ethics. Multi-disciplinary collaborations integrating machine learning, molecular biology, medicine, and other domains are needed to fully realize benefits to patients.