Today before the opening bell, Rainbow Coral announced that its biotech subsidiary, Rainbow BioSciences, will be targeting new innovations in the growing field of companion diagnostics.
Ripe for expansion, the U.S. personalized medicine market is expected to grow to as much as $452 billion by 2015. Companion diagnostics is one of the fastest-growing fields in the market; it alone could total $42 billion in size by 2015, according to industry analysts TriMarkPublications.com.
The key to ongoing rapid growth will be innovation. Companion diagnostics is the use of genetic variation to chart different patient responses to specific drugs or biologic agents in order to create effective, efficient treatments tailored to a patient's genetic profile. Many experts believe the emerging field will have an increasingly important role to play in cancer treatments in coming years.
"Companion diagnostics represent the very cutting edge of technology in medicine today," said RBCC CEO Patrick Brown. "We believe the key to our success is bringing desperately needed new innovations to the market that will improve patient outcomes and reduce healthcare costs. Companion diagnostics offer us the best opportunities to achieve that goal."
For more information on Rainbow BioSciences' personalized medicine initiatives, please visit rainbowbiosciences.com
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