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Early Movers Expect to Facilitate Evidence-Based Cancer Care
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Author: Koustav Chatterjee, Natasha Gulati, and Daniel RupparDefinitionPrecision medicine for oncology is defined as patient-specific cancer care that is aided by a targeted software suite. The realm of precision medicine is determined by providers' willingness and ability to capture and normalize disparate patient data - including clinical, socioeconomic, behavioral, and genomic - to identify evidence-based treatments that are ideal for each patient.Report OutlookThis report profiles vendors that are offering promising, disruptive, and pioneering solutions across diverse domains in precision medicine for oncology. It brings the most recent and successful and/or high-potential companies to light. The focus has been to identify vendors that bring in the advantage purely in terms of analytics - not other components of data management and meaningful use. These companies create extraordinary value for their internal and external stakeholders by showcasing visionary leadership and implementing industry best practices, and through business model innovation. Market SnapshotHealthcare IT ecosystems around the world are not adequately equipped to facilitate seamless data interoperability across the care continuum, which is fundamental for enabling precision medicine. For example, even in the United States - arguably a progressive and technologically sophisticated digital health market - the regulatory framework (e.g., CMS, ONC, HHS*) fails to introduce clear mandates that safeguard the privacy of patients willing to share medical data for the Precision Medicine Initiative; outline incentive guidelines for patients accepting precision medicine approaches; introduce reimbursement programs for providers investing in precision medicine systems; and encourage consideration of patients‘ sociobehavioral state to adjust treatment pathways. As a result, most providers have yet to realize tangible ROIs from precision medicine pilots. Poor support from ecosystem-level partners (incumbent EHR, RCM, HIE, and clinical decision support system vendors) coupled with a lack of ROI evidence validates that the precision medicine market is still in its infancy. Despite the low levels of supply-side maturity, more providers will embrace precision medicine, especially in the United States, to improve patient outcomes and rationalize corporate profitability due to mandatory or voluntary involvement in value-based care and the Precision Medicine Initiative. They will depend on external specialist firms to develop proprietary tools or introduce third-party platforms. Precision medicine IT vendors are going to leverage this renewed market interest to facilitate visionary patient services, supported by the latest clinical and academic evidence. Key TakeawayTop vendors will digitize and automate the process of patient data capture, analysis, and reporting. They will help generate patient-specific treatment options and recommend potential recovery plans based on each patient‘s clinical and genomic profiles. Physicians will be able to validate these auto-generated clinical pathways based on their experience and knowledge.
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