Precision medicine is a customized therapeutic strategy that enables more accurate diagnosis, individually targeted disease prevention and treatment strategies, and better health outcomes. Given its revolutionary technological capabilities, precision medicine holds enormous potential to make treatments both more clinically- and cost-effective. Although precision medicine is still in its infancy, significant efforts—such as the European Union’s Horizon 2020 Program and the White House Precision Medicine Initiative in the United States—have been made in the field and resulted in its rapid advancement over the last decade. Asia Pacific is now becoming the fastest growing precision medicine market in the world. Realizing the promise of precision medicine, the growing burden of genetic disorders and chronic disease, and the rising prevalence of cancer and aging populations, some countries in the Asia Pacific region, such as Japan, China, Singapore, and South Korea, are taking proactive steps to accelerate innovation by establishing their precision medicine initiatives. This session will bring together experts to explore opportunities and challenges precision medicine is bringing to health systems and discuss the role of HEOR in this field.