Assessing the Actuarial Implications of Gene Therapy and Personalized Medicine in Nigeria: A Case Study of Cancer Treatment

This study investigates the actuarial implications of gene therapy and personalized medicine in cancer treatment in Anambra State, Nigeria. The research design was a descriptive survey, with 60 patients diagnosed with cancer from 20 general hospitals in Anambra State selected using purposive sampling. The questionnaire, titled “Questionnaire on Actuarial Implications of Gene Therapy and Personalized Medicine for Cancer Treatment†(QAIGPMCT), was structured and validated. The Cronbach Alpha Method was used to determine internal consistency and descriptive statistics of mean were used to answer the research questions posed. The findings revealed that patients in Anambra State, Nigeria, agreed on the cost-effectiveness of implementing personalized medicine and gene therapy for cancer treatment. They also noted that these treatments positively impacted financial outcomes for both patients and healthcare providers. Insurance policies and actuarial risk assessments were also influenced by these treatments. The study suggests that actuaries should assess financial risks associated with personalized medicine and gene therapy, considering factors like treatment effectiveness uncertainty, cost fluctuations, and reimbursement policy changes.