Lack of Expertise, Cost, & Reimbursement Concerns Remain Primary Challenges; Biggest Disease States Include Oncology, Cardiology
FRAMINGHAM, MA – December 17, 2019 – Definitive Healthcare, the leading provider of data, intelligence, and analytics on the healthcare provider market, today released results from its annual Precision Medicine Study. In this study, Definitive Healthcare polled healthcare leaders at U.S.-based acute care organizations from September to October 2019 in order to uncover the strategic approaches to care, greatest challenges for existing precision medicine programs, and barriers for entry into the space.
“Technology, analytics, pharmaceuticals, imaging, genomics, and the research and development industry as a whole are just some of the many verticals that could see immense growth from their contributions to precision medicine,” said Jason Krantz, CEO of Definitive Healthcare.
Here are some of the study’s findings:
Room for Growth: Although the 2019 Precision Medicine Study showed limited establishment of precision medicine programs (20.5%), and minimal growth over the next few years (13.4%), the number of disease state focus areas have already increased in just a few years’ time. Additionally, smaller organizations have started to enter the space, a key indicator of future growth.
Oncology as Primary Focus:Oncology is, by a landslide, the disease state that receives the most attention (66%). However, cardiology (38.1%), prenatal screenings (25.2%), and neurology (19.7%) also appear as top areas of focus in precision medicine programs.
Cost as Biggest Challenge:At 28%, the most common challenge of already-established precision medicine programs was cost, given the high expense associated with genomic sequencing, and potential for spending to be driven higher due to companion testing. In close second: the difficulty in obtaining (and understanding) coverage from payers (20%), who are more apt to push back on expensive cost treatments.
Lack of Expertise as Primary Barrier: Organizations without a precision medicine program most often cited “a lack of expertise” as the primary barrier towards entering the space (33.3%). Given the complexity of the clinical methods, the structuring of the data, the disease knowledge, and the support staff necessary to get a program functioning, many organizations may require guidance around best practices in taking the first step.
“As technology advances, which may in turn help cut treatment costs, the precision medicine market will likely see immense development in the coming years,” continued Krantz. “With this growth, there is real opportunity for executives and leaders within existing precision medicine programs to help guide other organizations through the process.”
Definitive Healthcare's market-leading data and analytics platform tracks more than 7,900 hospitals and 900 IDNs throughout the U.S., allowing users to analyze inpatient and outpatient all-payer claims (both CMS and private), segment the U.S. hospital market by type (children’s, short-term acute care, etc.), and receive daily alerts of hospital RFPs and CONs for technology, consulting, construction, and major equipment purchases.
Currently, Definitive Healthcare serves 9 out of the top 10 pharmaceutical companies, 9 out of the top 10 healthcare information technology firms, and 9 out of the top 10 medical device companies. In January 2019, Definitive Healthcare announced the acquisition of HIMSS Analytics’ Data Services, further expanding its provider IT install and purchasing insights.
About Definitive Healthcare Definitive Healthcare is the leading provider of data and intelligence on hospitals, physicians, and other healthcare providers. Its product suite provides the most comprehensive and highest quality data available anywhere on 8,800 hospitals and IDNs; 148,000 physician groups; 1.7 million physicians, nurses, and allied health professionals; 11,200 ambulatory surgery centers; 14,600 imaging centers; 91,600 long-term care facilities; 40,000 clinics; 1,400 ACOs and HIEs; more than 4 billion commercial medical and Rx claims; 115,000 clinical trials; and 900 Canadian hospitals. The company’s data provides its 2,200+ clients with the analytics and insight needed to effectively segment and research the healthcare provider market. Definitive Healthcare is backed by 22C Capital, Advent International and Spectrum Equity. For more information, or to trial the service, visit https://www.definitivehc.com/.