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Working and Investing in Healthcare

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  • 1. Welcome to the Evisors Webinar Visit us online at www.evisors.com Working and Investing in Healthcare: Careers in Healthcare featuring James Joun Hosted by: Career Advisors on Demand..com/webinars
  • 2. Agenda About Me Industry Overview How to get a job Q&A Hosted by: Career Advisors on Demand..com/webinars
  • 3. My Background - Taught me how to think Dartmouth College (B.A. Government) Monitor Group (Consulting) Genentech (Product Manager) Harvard Business School - Taught me how to think in the context of business - Taught me how to think + do - Network - Time to transition Essex Woodlands - Teaching me how to invest Hosted by: Career Advisors on Demand..com/webinars
  • 4. Thoughts on my background Monitor Group Genentech (Roche) Harvard Business School - Endless diversity of projects - Steep learning curve - Good intro to business Essex Woodlands + - - No follow through - Work/life balance - Doing stuff - Best practices and processes - Culture and teamwork - Small cog in a giant machine - Hierarchical - Bell-curve phenomenon - Networking - Repositioning myself - Culture - Opportunity cost - Tempered expectations - Endless exposure - C-level access - Working with really, really smart people - Lone wolf - Unclear career path Hosted by: Career Advisors on Demand..com/webinars
  • 5. Essex Woodlands Background - Technically, largest healthcare-only venture capital firm - Currently investing out of our 8th fund of $900M; $2.4B under management - 5 offices, 30 investment professionals, - $20-60M checks - Looking for Growth Equity deals Biopharma Medical DeviceSpec Pharma Services and IT How we organize our practice: I spend 90% of time here. Hosted by: Career Advisors on Demand..com/webinars
  • 6. What do I do at Essex? Due Diligence Sourcing Portfolio Company Support - Get smart on deals - Variety of diligence: scientific, technical, regulatory, tax, accounting, management etc. - Various „balls‟ in the air - Searching for the elusive „proprietary deal‟ - Maintain relationships with brokers, bankers, companies and fellow VCers - Attend conferences and trade shows - Board observation - M&A and business development support - Fire-fighting Hosted by:See the rest at evisors.com/webinars/webinar/50
  • 7. What did I do at Genentech as Product Manager? Strategy Advertising and Promotion Medical Marketing - Strategic Planning (1 year, 3 year, LCP) - Competitive Intelligence / Market Research - Clinical trial design - Launch readiness - Budget tracking - Work with sales force to generate collateral - Campaign/brand development - Sales and Marketing meetings - Training - Publication planning - KOL development - Conferences • People are rotated every 12-18 months, across brands and through various functions • Some companies require you to do a field/sales rotation Hosted by:See the rest at evisors.com/webinars/webinar/50
  • 8. Thoughts on the Industry Biopharma Medical Device Services and IT - Slowing growth - Blockbuster model is broken; move towards orphan diseases - Large companies provide good training - Genentech (Roche), Merck, Pfizer etc. Venture Capital - Slowing growth - Unclear FDA environment - Payor / pricing pressure - Large companies provide good training - Medtronic, Stryker, Intuitive Surgical - HOT, HOT, HOT - Maybe a bit “too hot” - Great time to be an entrepreneur, exciting/scary time to be an investor - Tough times for healthcare VC in general - Angel groups and larger growth equity funds are still active - Zombie funds Hosted by:See the rest at evisors.com/webinars/webinar/50
  • 9. Thoughts on Job Hunting / Career Switching VC/PE - Hard to switch into, but not impossible =) - Need to craft a story and find a firm that would value your background - If you‟re a consultant, try to find a company with partners who have consulting experience - VCs tend to like operational experience. I can now see why. - Networking: jobs are rarely posted (PE is exception) - Pay close attention to the fundraising cycle. New Fund = Job Opportunity - Internships can be helpful - Start thinking about those investment ideas… - Think about corporate BD or corporate venture as a stepping stone - PE groups within consulting firms could help Hosted by:See the rest at evisors.com/webinars/webinar/50
  • 10. Thoughts on Job Hunting / Career Switching - Best way is to get into a management rotation program - You may have to start in sales - Prior experience is a plus, but I know plenty of people who had ZERO experience. - Good athletes will succeed. - Genentech looked for „fit‟. Required you to interview with 20+ people, across different functions. Some had „case‟ interviews, others had resume walks. - Network: Don‟t apply through a job-posting or listing – it won‟t get read - Try the Backdoor: consultants often get hired to work in-house Industry (Product Management, Operations) Hosted by:See the rest at evisors.com/webinars/webinar/50
  • 11. Thanks for Joining & Good Luck! Book your session with James at http://www.evisors.com/expert/151 Hosted by:See the rest at evisors.com/webinars/webinar/50