In the diagnostics industry, where rates have mostly stayed constant over the past five years, a price change is imminent. The incumbents have also seen an opportunity to adjust prices as a result of new competitors, mostly online players who had maintained low rates, opting to do so. Precision medicine, which customizes treatment based on the unique features of each patient's ailment, is a rapidly developing subject that offers numerous prospects for innovative therapeutic approaches. As they assist in matching a patient with a particular therapy, companion diagnostic tests serve as an excellent example of how precision-based medicine may be applied for creative patient care. In vitro medical devices that identify patients "before and/or during treatment" who are most likely to benefit from, or most likely to be at higher risk for, major side effects as a result of, treatment with a certain therapeutic medicine are commonly referred to as companion diagnostics.
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