Personalized medicine has inspired a great deal of controversy since the successful mapping of the human genome in 2003 offered the first glimpse of a future that could include the diagnosis and treatment of individuals based on their genetic makeup. Detractors question whether the current health care system is too entrenched toward a “one cure fits all” mentally to embrace an individualized approach. Biotech evangelists, on the other hand, believe it will dramatically and inexorably change the health care landscape.

One certainty is that the faith of the investment community is a critical component to bringing personalized medicine to the marketplace. Some forward thinkers are betting that the promise of personalized medicine will reap huge returns.

There is no denying that we are on the verge of unprecented discovery and innovation in science and technology that in my opinion will completely change how illnesses and diseases are diagnosed and treated. There will be tremendous opportunity for emerging companies that lead the way in the development of diagnostics and therapeutics based on patients’ individual genetic profiles.

According to the Personalized Medicine Coalition, a profile of a patient’s genetic variation could guide physicians in making the most effective clinical decisions for that patient, including selecting drugs or treatment options that would minimize harmful side effects or ensure a more successful outcome. A patient’s potential susceptibility to certain diseases may also be revealed, allowing the physician and patient to set out a plan for monitoring and prevention.

“We’re not very good at selecting therapies for individual patients,” Dr. Rick Hockett, the chief medical officer of genetic analysis company Affymetrix recently told a conference on personalized medicine. “Targeted therapy can improve the benefit-risk ratio for patients.”

According to MayoClinic.com, people inherit variations in their genes. And even slight variations can affect how your body responds to certain medications. Pharmacogenomics, which is the science that studies how individuals react to medications, may help pharmaceutical companies better focus their drug testing. If a company knows that certain people have a genetic variation that will cause a bad reaction to a drug or that will make the drug ineffective, those people can be excluded from a clinical trial. This may speed up the clinical trial process and better target people who can be helped by a certain medication. Pharmacogenomics may also help doctors accurately access and prescribe suitable doses of medications for individual patients, rather than prescribing the same recommended dose for everyone.

“With the incredible advancements in genomics, computational power and miniaturization, we are arguably entering into a golden age of innovation in life sciences,” Jeff Bussgang, a general partner with the venture firm Flybridge Capital Partners recently wrote in his blog. Among the companies Flybridge Capital is backing is Predictive Biosciences, a startup developing tests designed to facilitate individualized treatment of cancer.

Personally I believe personalized medicine will be a hotbed for investment, but like other emerging technologies and sectors, investing in this area requires vision as well as patience.