Precision medicine is radically altering the generation of therapies. Its personalized, focused approach to health care has a broad impact on everything from genomics to medical devices, and as a result, it is spawning new revenue models for companies across the industry. Precision medicine's crucial benefits are being brought to market due to recent breakthroughs. These include the ability to enhance chronic disease patient outcomes, an improvement in product pipeline and speed-to-market for life sciences companies, and the ability to quickly remove research paths that are unlikely to succeed. The transition toward a greater understanding of disease based on molecular biology will inevitably result in a new, more precise disease categorization, which will include new molecular understanding to establish a new taxonomy.