"Once in a generation something comes along that completely changes society," executive director of the Garavan Institute in Australia, John Mattick, told news.au.com. "This is the equivalent of the introduction of vaccination in the twentieth century."

Genomic testing is coming to Australia and Mattick hopes the rest of the world catches up. For $1,000 U.S. dollars ($2,000 Australian), an individual could have their genome mapped out, to check for any predisposed diseases and to diagnose genetic diseases, according to news.au.com.

If more people get involved, Mattick told news.au.com that the price could plummet to just a few hundred dollars. Mattick is even submitting evidence of health care system savings for Medicare funding.

Cancer patients will be among the first to benefit. Cancer will no longer be defined by the type of organ it affects; instead, it will be described by the genetic mutation that causes cancer, according to news.au.com. "Around four per cent of pancreatic cancers are HER 2 positive and can be treated with treatments usually used on HER 2 positive breast cancers," news.au.com wrote. That difference could be lifesaving.

Sydney's Prince of Wales hospitals are trying genome testing to determine the cause of intellectual and developmental disabilities in children. Right now, 80 percent of those severe disabilities cannot be determined with traditional methods.

"We're spending thousands of dollars on unproductive diagnostic odysseys trying to find out what's wrong and many parents never get an answer," Mattick said.

Instead of hospitalization or heavy medication, all a child may need is an enzyme supplement, according to news.au.com. A better diagnosis would save millions of dollars and unnecessary stress on that child and his family.

There are some cons to this breakthrough.

Can people cope knowing they may have genetic problems or life threatening illnesses they weren't aware of before?

Could health insurance companies or even employers discriminate against a person knowing that they would need medical care and time off in the future? In Australia, everyone pays the same for health care, but American insurance is mostly private. And if your pancreatic cancer can be best treated with a drug approved for breast cancer, insurance most likely will not approve an unlisted use, according to news.au.com. The cost of having the best medical care would be very high and out of pocket.

If private insurance could discriminate, what about life insurance and income protection? Life insurance companies cannot force a genetic screening, but if you've had one, you must disclose it, according to news.au.com.