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05 May 2008

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wow... very nice work thanks!

Interesting post... thanks!!!
I really like it

This presentation is really helpful for medical devices, pharma and biotech. I wish it addressed innovation of medical services like hospital outpatient and home nursing innovations.

A reader sent along a tip about an excellent presentation given at Harvard Medical School by Zen Chu, a venture capitalist and medical device entrepreneur. You can download the presentation from the Center for Integration of Medicine & Innovative Technology (CIMIT) blog. It’s well worth having a look.

Here are some tidbits I picked up from the document:
Innovation without impact is worthless: Unmet clinical needs is a cliche, translational medicine must strive to become Standard of Care
A very high share of med-tech innovations originate with physicians, and those inventions have a higher impact on average
MDs look at value creation differently from investors, who attach more value to later stages of development than do the inventors. “Innovation is spark, development drives value.”
Incremental innovations are very useful, but creating a whole company based on one may doom the product
“Time is Life” –and there are a variety of accelerants and deccelerants to be aware of

Some techniques to identify opportunities include:

“Productize” a procedure: turn a service into a repeatable product, e.g., from stomach stapling to lap-band
Remove treatment ambiguity to anticipate or create the standard of care
Eliminate a provider or facility to reduce costs and provide an opportunity for profit
Import solutions from other countries

The presentation ends with a call for a Commercialization Grand Rounds.
I’m sorry I missed the live presentation, but glad to have at least had a look at the document.

I have emailed Zen - He will either post a response here or let me know and answer and I will post it for him. Or email me [email protected]

Mike

This is a fantastic overview of the "D" in R&D. Comprehensive and eye opening for a clinician in need of an MBA. Are there any good books on this subject of medical innovation?

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