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The last fifty years have been the “golden era” of biomedical research and innovation. Major discoveries in genetics, genomics and various fields of “Omics”, together with the technology revolution, has created unlimited opportunities for the development, and improvements in the way the healthcare is delivered. Not a single day goes by, without an announcement of a new sensor, new app, or a new and novel technology, that can be integrated with the wealth of knowledge in biomedical research and applications. To the extent, one of the largest insurance provider, John Hancock announced, that they no longer offer policies, that do not include digital tracking. They will sell only “interactive” policies that collect health data through wearable devices, such as smart watch. The breakthroughs in biomedicine, and advances in technologies, have been miraculous. This is especially true in the USA, which is the envy of other nations, when it comes to innovations in research and technology. The fact that all of these innovations are “news makers” creates great expectations from the care receivers. Having said that, patients, clinicians, and healthcare providers feel at times a letdown, or question the slow pace of advance, escalating cost, sometimes dubious clinical values and inappropriate exploitations. Policy makers and economists are debating, about the cost-effectiveness and the return on the investment in biomedical research, as it relates to improvements in health care. Researchers worldwide are debating about the availability of “Precision Medicine” and “Personalized Medicine.” Despite the developments in biomedical research and emerging technologies, which have raised our expectations and created infinite opportunities, there seems to be some limitations in their applications. In this mini review, we will briefly discuss some of the developments in biomedical research and innovation. We will also express our views on the opportunities available and explain limitations.