In order to thrive, precision medicine requires ‘novel business solutions’

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Oncology currently leads the way in precision medicine advancements, but its forward progress is slowed by inefficiencies such as clinical trials that never reach completion due to lack of patients. This type of inefficiency can’t be solved by scientific enterprise alone; it requires novel business solutions.

We co-chair the Kraft Precision Medicine Accelerator at Harvard Business School. It aims to expedite the development and delivery of cancer treatments by improving the business processes that make them possible, such as direct-to-patient outreach and the aggregation and analysis of data. To improve these business processes, we need to approach them from a different perspective.

The accelerator uses “collective impact” to do this. Collective impact is a framework based on the idea that our society can address complex issues like cancer only when multiple, diverse stakeholders work together towards a shared goal.

Related article:  Viewpoint: Promise of genomics and precision medicine a 'wave of hype without substance'

Take investors. They can be vital to securing the funding required to create and conduct the clinical trials needed to deliver promising new therapies for a wide range of diseases.

This year, cancer will kill more than 600,000 Americans and nearly 9 million people around the world. To accelerate lifesaving innovations, we must abandon silos, embrace the power of collective impact, and work to make curing cancer everyone’s business.

Read full, original post: Precision medicine needs a business mindset in order to flourish

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