The Princess Margaret Hospital Foundation has announced an ambitious campaign to raise $1 billion for personalized medicine for cancer patients.

Personalized cancer medicine uses a patient's genetic information to diagnose the disease more precisely, according to a hospital foundation press release.

The "Believe it -- A billion dollar challenge" campaign aims to raise the $1 billion over five years.

The hospital will use personalized cancer medicine to create a "new gold standard of health care," according to Dr. Robert Bell, president and CEO of the University Health Network.

Hospital patient Robert Kidd was on a clinical trial for personalized cancer medicine, and said his tumours have since shrunk 47 per cent.

"My life was turned around. I feel great," he said.

"I was part of a clinical trial that absolutely saved my life."

The hospital foundation will try to raise $500 million from donors, and researchers will try to secure the remaining $500 million through grants, according to the release.

"Health is a human right and we hope that elimination of cancer as a leading cause of death will improve life and economy," said Dr. Mary Gospodarowicz, medical director of the cancer program at Princess Margaret Hospital.

With a report from CTV Toronto's Pauline Chan