Plenary Session Highlights - From Prevention To Precision: Is Biotech The Answer?

In a discussion about the role of AI in product development, it is highlighted that AI can significantly speed up the process, especially in precision medicine, which aims to match patients with the right treatments to enhance therapeutic effects and reduce side effects. Despite the potential, precision medicine has mainly progressed in cancer and oncology, with other chronic care areas lagging behind. The high cost of testing for treatment suitability is a barrier, but companies like Enveda are working on making these tests more affordable using AI. The discussion also touches on the impact of U.S. drug pricing policies on Europe, which may lead to regulatory changes and potential price increases in Europe. The challenge for biotechnology firms in Europe is navigating 27 different markets, unlike the single market approach for industrial products. The funding landscape in Europe is less favorable compared to the U.S., leading to high-growth startups moving to the U.S. However, Europe is recognized for its exceptional talent, which is available at a lower cost compared to places like San Francisco or New York. There is hope that Europe can become a new center of gravity for biomedical science, potentially replacing the American dream with a European one.