Financing and Implementing Innovation in Healthcare Systems: A Component of the Precision Medicine Readiness Principles

Go-to-market strategies for precision medicine innovations remain challenging given the incentive gaps for technology producers, funders and service provider adopters and payors alike. Forming the necessary enablers and conditions for a country’s precision medicine innovation ecosystem requires novel policy instruments, financing approaches, collaboration models and economic development strategies.

The first release in the Platform for Shaping the Future of Health and Healthcare’s Precision Medicine Readiness Principles, this white paper aims to address the processes that enable the creation and expansion of a precision medicine marketplace. Specifically, it discusses the necessary functions of business producers, resource funders and regulatory governors to encourage, establish and build a continuously growing economic marketplace for precision medicine technologies. To this end, the paper presents: (1) a framework for the capabilities of the precision medicine innovation ecosystem; (2) benchmarks to assess the stage of readiness across these capabilities; and (3) outstanding gaps in the investment approaches needed to drive precision medicine implementation.

Policy-makers and others looking to advance precision medicine in their countries are invited to use this guidance document to gauge the maturity of the various capabilities that build and sustain a precision medicine innovation ecosystem. Case studies from developed and emerging economy countries are used to illustrate the implementation of such capabilities, highlighting approaches to address inequities in the application of innovation drivers and accessibility of precision medicine globally.