The document discusses high-impact medical innovation, including the importance of clinical efficacy, aligning opportunities with funding and teams, and following best practices in development. It provides tips for physician innovators and entrepreneurs such as anticipating regulatory and reimbursement requirements, building effective teams, and overcoming cultural barriers in medical innovation.
12. “ Physicians and engineers often have no sense of the requirements to create a company…In a start up environment, more is not always better. Hiring the appropriate people at the right time can determine success or failure.” - Thomas Fogarty, MD – Founder & investor in over 30 medical companies Professor of Surgery, Stanford University [email_address]
Important to decide where you want to innovate, how markets view that innovation Market size is addressable subsegment of larger market, FOCUS KEY Often, initial products or R&D morphs into larger opportunity, but tough to anticipate
Important to decide where you want to innovate, how markets view that innovation Market size is addressable subsegment of larger market, FOCUS KEY Often, initial products or R&D morphs into larger opportunity, but tough to anticipate
Incremental doesn’t mean low value, but often does - Cardiac surgery and interventional cardiology, plenty of examples of wonderfully valuable products improving on prior ideas One can apply these same metrics to PRODUCT TYPES: IMPLANTABLES, DISPOSABLES, CAPITAL EQUIPMENT
Another view of investor perspective includes cash burn and eventual cashflow
Great map of care value chains and cycles Michael porter Opportunities at each point, but as we all know often healthcare system is rewarded for interventions Fundamental misalignments in the system, but entrepreneurs and clinicians must work within this system, imperfect as it is
Intend where you want to work in the innovation landscape Ensures alignment toward common goal Gating factor for Boston Medical Innovation is training MD/Vcs to accelerate high impact innovation