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Dr. Lawton Burns

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  • Amgen Corporate Template

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  • 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