Generative AI (GenAI) and Large Language Models (LLMs) have rapidly evolved and showcased transformational capabilities in precision medicine and predictive healthcare. By harnessing enormous volumes of healthcare data, these technologies can add value to the clinical decision-making process and help in treatment optimization and patient outcome improvement. This article discusses how GenAI & LLMs are being integrated into healthcare systems to offer personalized medical interventions & predict future critical events with high accuracy. The algorithms used and the various applications in drug discovery, patient monitoring, diagnostic imaging, and health risk assessment. As well as in-depth challenges, such as data privacy, model interpretability and ethical considerations. Through studying existing technologies, Also provide a glimpse into the future potential of AI-empowered precision medicine, promising to advance healthcare and overcome current industry challenges. It can help inform healthcare providers about new, advanced, and innovative methods to enhance their capabilities through GenAI and LLMs by enabling a timely personalized and predictive approach to patient care.