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https://www.amp.org/advocacy/amp-molecular-pathology-economics-summit/

Medical Technology Conference Explores

Economic Challenges and Solutions in Precision Medicine

Washington, D.C., September 13, 2023 — Medical professionals, industry leaders, and patient advocates gathered at the Omni Shoreham Hotel's Empire Room for a day of insightful discussions at the Precision Medicine Economics Summit. Hosted by the AMP Economic Affairs Committee, the conference aimed to address the economic challenges faced by various stakeholders in the field of molecular diagnostics and explore potential solutions to ensure the continued advancement of precision medicine.

The conference began with a hearty breakfast and registration, setting the stage for a day of engaging conversations. Dr. Samuel Caughron, Chair of the AMP Economic Affairs Committee and a representative of the MAWD Pathology Group, P.A., welcomed attendees with opening remarks that emphasized the importance of collaboration across industries in overcoming economic obstacles in the realm of precision medicine.

The morning sessions comprised a series of "Real World Perspectives Roundtables," each focusing on a different stakeholder community. These discussions highlighted the unique challenges faced by clinical laboratories, patient advocacy groups, in vitro diagnostic manufacturers, and pharmaceutical companies. Facilitated by Dr. Clifford Goodman, these candid discussions offered attendees the chance to explore the specific economic hurdles encountered by each stakeholder group.

The first roundtable, "Clinical Laboratories," discussed the economic challenges facing molecular diagnostics from the perspective of laboratory professionals. The "Patient and Provider Community" roundtable delved into how economic issues affect patient access to advanced molecular diagnostics. The "Manufacturer Community" and "Pharmaceutical Community" roundtables explored the perspectives of IVD test manufacturers and pharmaceutical partners, respectively, shedding light on how these sectors are impacted by economic constraints.

A refreshing coffee break provided attendees the opportunity to network and exchange ideas in the Empire Foyer before the program resumed with the afternoon session. Dr. Caughron and Dr. Goodman introduced the afternoon program, setting the stage for an interactive discussion aimed at identifying solutions and action items.

During the afternoon breakout sessions, attendees were grouped into roundtables to discuss specific topics related to the challenges underlying molecular diagnostic testing. These discussions encompassed various themes, including the perception of test quality, providing feedback to private payer policies, educating payers about molecular diagnostics, and streamlining coding systems. The goal of these discussions was to formulate actionable items that could drive progress in addressing these challenges.

The facilitated discussion that followed focused on identifying the most impactful and feasible action items resulting from the earlier breakout sessions. Dr. Goodman guided attendees through prioritizing these items, ensuring that they would effectively address the economic challenges posed by precision medicine.

The conference concluded with a forward-looking discussion led by Dr. Caughron. Attendees explored the future of the Molecular Diagnostics Industry, touching on potential innovations, the role of AI, and anticipated challenges that lie ahead. With the insights gained from this discussion, attendees left the conference with a deeper understanding of the evolving landscape of precision medicine.

Dr. Caughron returned to deliver the closing remarks, expressing gratitude to all attendees for their active participation and reaffirming the commitment to addressing the economic challenges that impact the progress of precision medicine. The summit concluded on a high note, leaving attendees inspired and equipped to drive positive change in the field of molecular diagnostics and precision medicine.

For more information on the Precision Medicine Economics Summit and future updates on precision medicine advancements, visit [conference website link].

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