A majority of medical treatments follow the "one-size-fits-all” approach in terms of medicinal therapies, but the medicines do not necessarily work for every patient in a similar way. Precision medicine, also known as personalized medicine, is an innovation in the healthcare industry which solves the dilemma of patients on whom medicines do not work. This innovative solution tailors disease treatments and prevention by recording specifications of different patient’s genes, habits, and lifestyles. This is a targeted therapy which delivers right treatment to the right patient, at the right time. With the advancements in the field of precision medicine, the U.S. Food and Drug Administration (FDA) has approved a number of new treatments which take into account the genetic makeup and genetic profile of an individual’s tumor to tailor the treatment for patients accordingly.