Our increasing understanding of the molecular pathology of disease, particularly through genomic studies, has created significant opportunities for the development of therapeutics that specifically target discrete molecular subclasses, but equally, has generated substantial challenges in how to develop and implement these strategies. Variously termed personalised, stratified, individualised or precision medicine, the approach is centered on delivering the optimal therapy for an individual based on specific clinical and molecular features of their disease. The development of new therapeutics that target molecular mechanisms has driven considerable change and innovation in clinical trial strategies. We have made progress through improved efficiency and changes in clinical trial design, yet continued innovation through the modification of existing core paradigms in oncology drug development and clinical care are required to fully realise the promise of precision medicine.