The World Economic Forum’s Precision Medicine Programme aims to support the building and testing of policy frameworks to realize the benefits of precision medicine for society, while reducing risks. Resulting governance protocols may include innovative partnerships, new norms and standards, or new models of supporting innovation.
Many drugs and medical treatments have been developed using a “one size fits all” approach, which can lead to ineffective treatments for specific people or populations. Precision medicine offers the opportunity to tailor disease treatment to a specific person, by taking into account their genetic and biological make-up, the environment in which they live, and how they live their life. Fourth Industrial Revolution technological advances – such as increased computational capacity, sophisticated digital information platforms and large amounts of genetic and biological data – are changing the players involved and the way in which health and healthcare systems function. A more tailored approach to screening, diagnostics, treatment and cure can improve outcomes and potentially lower costs. Governments, industry, academics, civil society and patient groups need to collaborate to ensure that the whole of society is able to benefit from rapid advances in technology and precision medicine.
Governments, the private sector, civil society, academia and other stakeholders co-design and pilot these policy frameworks and protocols to test theories about impact, iterate after incorporating lessons learned, and then scale their adoption globally.