Genomics has significantly transformed drug discovery and development, making it possible to identify new therapeutic targets, refine patient stratification, and advance precision medicine. This review explores the impact of key genomic technologies, including genome-wide association studies (GWAS), next-generation sequencing (NGS), and CRISPR-based functional genomics, on the pharmaceutical industry. It highlights major applications, such as biomarker-driven clinical trials, pharmacogenomics-guided therapy optimization, and the integration of multi-omics approaches for drug target identification. Artificial intelligence (AI) and machine learning are increasingly used for computational drug screening, while emerging technologies like quantum computing and blockchain are being explored for genomic data security. The review also examines the economic and regulatory landscape, emphasizing the importance of standardized guidelines, equitable access to precision medicine, and stronger clinical validation frameworks. Despite challenges such as data complexity, high research costs, and regulatory barriers, genomics continues to accelerate drug discovery by translating genetic insights into clinically actionable treatments. Future advancements in AI-driven drug development, single-cell multi-omics, and polygenic risk score (PRS)-based patient stratification are expected to further enhance precision medicine. Overall, genomics is playing a crucial role in shaping the future of drug development and improving patient outcomes.