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.May 16, 2008