Your SlideShare is downloading. ×
  • Like
  • Save
Dr. Lawton Burns
Upcoming SlideShare
Loading in...5

Thanks for flagging this SlideShare!

Oops! An error has occurred.


Now you can save presentations on your phone or tablet

Available for both IPhone and Android

Text the download link to your phone

Standard text messaging rates apply

Dr. Lawton Burns



  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads


Total Views
On SlideShare
From Embeds
Number of Embeds



Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

    No notes for slide
  • Amgen Corporate Template


  • 1. What Early-Stage Device Medical Firms Need to Succeed? Lawton Robert Burns, Ph.D., MBA The James Joo-Jin Kim Professor Director – Wharton Center for Health Management & Economics Department of Health Care Management The Wharton School University of Pennsylvania 215-898-3711 [email_address] Presentation to Medical Technology Innovation London (Ontario) – June 2011
  • 2. Start-Up Measures of Success
    • Entry
    • Idea that addresses unmet clinical need
    • Successful collaboration between clinician and engineer
    • Triumvirate including business acumen
    • Continued financing
    • Growth and sales
    • Successful exit - IPO
    • Successful exit - Acquisition
  • 3. Multiple Levels of Analysis
    • Entrepreneur characteristics
    • Firm characteristics
    • Firm’s technology sector conditions
    • Adjacent technology sector conditions
    • Regulatory / Payer environment in US and ROW
  • 4.  
  • 5. Predictors of Successful Exit
    • Firm age and size
    • Moderate number of executives
    • Smaller board
    • Access to capital via more VC financing rounds
    • Amount of capital raised during these rounds
    • VC firms ’ experience with investing in these companies
    • Firm ’ s track record in acquiring other firms
    • Firm ’ s cumulative history of good exits
    • Specific industry (VEIC) firm participates in
    • Level of entry within VEIC
    • Number of competitors within VEIC
  • 6. New Case from Stanford GSB
  • 7. Physicians play crucial roles in several aspects of medical device innovation “ Physicians when they are really involved in this (medical device innovation) process are involved all the way through the end. - Tim Fischell interview “ Physician involvement is a necessary part of maturing the technology so that it can be applicable to patients” – Peter Fitzgerald, SU, Sep 2005 “ The industry cannot do anything without physicians and physicians could do very, very little without industry” – Tom Fogarty interview (Wharton) Key stages of medical device innovation involving physicians
  • 8. Strategy & Execution Issues
    • Produce differentiation / franchise value
    • Market scope / Niche selection
    • Clinician marketing & distribution strategy
    • Understanding of the economic customer
    • Execution of: manufacturing, supply chain, marketing, sales
    • Capitalization
  • 9.
    • Thank you for listening