Drug repurposing is a powerful tool for future medicine, through the process of discovering new uses for existing drugs. Drug repurposing drastically cuts the time and expense involved in developing new medications by utilizing safety profiles and efficacy data that are currently available. In a diverse population of humans, people have unique sets of inherited or non-inherited genetic abnormalities that result in certain individuals responding less or not to all general treatments or drugs. Medicines that have been approved may not be suitable for a person because of the deficiency of a specific target. This situation leads to the requirement of personalized medicines. Reduced lack of efficacy drug repurposing approach has a significant role, which results in best medicine accompanied by low toxicity and high efficacy. This is achieved together with the advancement of next-generation sequencing technologies and personalized genomic studies can be conducted with an affirmative approach. Prospects include advancements in artificial intelligence, big data analytics and other technologies, focusing on rare diseases, combining repurposed drugs with other medications or novel drugs, and in the development of personalized medicines. Drug repurposing is exciting and fast-developing and possesses the potential to completely change the pharmaceutical industry's approach to the development of medications.