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MIT Digital Healthcare Conference

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Tectonic Shifts in Digital Health Transformation

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MIT Digital Healthcare Conference

  1. 1. DIGITAL HEALTH ENTREPRENEURSHIP DIGITAL HEALTH CONFERENCE MIT INDUSTRIAL LIAISON PROGRAM SEPT 17, 2015 ZEN CHU ZENVEN@MIT.EDU @ACCELMED
  2. 2. NOBLE CHALLENGES OF EARLY STAGE MEDICALVENTURES TRUTH IMPACT VALUE…
  3. 3. HEALTHCARE RE-DESIGN HACKING MEDICINE PHILOSOPHY
  4. 4. MODEL EARLY STAGE INVESTIGATIONS THIS COURSE DOES NOT TEACH… • BASIC SCIENCE • BASIC ENTREPRENEURSHIP • GENERAL STARTUP, PATENTS +VC FUNDING • HOWTO COMMERCIALIZETECH FROMTHE LABS • FDA REGS + REIMBURSEMENT • PHARMA DEVELOPMENT, CLINICALTRIALS PROCESS IMPOSSIBLETO COMPRESSTHIS INTO A CLASS… WE TEACH A DIFFERENT PHILOSOPHY…
  5. 5. ACTIVE LEARNING LAB WITH EARLY CLASS SUCCESSES >$90 MILLION RAISED FOR WHICH HCV DESERVES NO CREDIT!
  6. 6. PILLPACK.COM TODAY FROM HACKATHONTO $64M FROM ACCEL PITCHTO LIVE IN 45 STATES IN 2YEARS
  7. 7. HACKMED ECOSYSTEM HACKATHONS ACCELERATE PROBLEMVALIDATION +TEAM BUILDING SEPT 25-26 MGH SPAULDING REHAB HACKATHON HACKINGMEDICINE.MIT.EDU
  8. 8. CARE RE-DESIGN + CO-CREATION PARTNERSHIP WITH MGH HEALTHTRANSFORMATION LAB TAKE MIT TEAMS DEEP INTO DISEASETREATMENT WORKFLOWS HOSPITAL OPERATIONS www.cocreate.hctransformationlab.org
  9. 9. ATASTE OF HEALTHCARE TRANSFORMATION AND ITS COMPLEXITY
  10. 10. HEALTHCARE’STECTONIC SHIFTS AGILE STARTUPS ADAPT FASTER
  11. 11. USA HEALTHCARE SPENDING MAPSTO MAJOR PLAYERS… FOLLOWTHE MONEY … NOW PATIENTS AS CONSUMERS
  12. 12. IMPROVING PATIENT EXPERIENCE SURPRISINGLY LOW EXPECTATIONS!
  13. 13. HEALTHCARE IS MORE COMPLEX WHO BUYS? WHO BENEFITS? WHO PRESCRIBES? CLASS JOURNEY: NAVIGATE COMPLEXITY WHO COMPETES?
  14. 14. VALUE TIMECRITICAL MILESTONES Acquisition/IPO Exit Reimbursement Published clinical results Market Introduction Salesforce hired Europe & Japan distribution FDA Approval Manufacturing ramp Human pivotal study Corporate partnership First human data First Hiccup & Danger of Momentum Loss CEO hired Pilot manufacturing Patent grant First FDA meeting Regulatory opinions Money raised & team hired Animal testing Clinician feedback Patent disclosure Prototype/Reduction to Practice Market Analysis Idea TRADITIONAL MEDICALVENTURES LONG DEVELOPMENT PROCESS
  15. 15. “… MVP is that product which has just those features (and no more) that allows you to ship a product that resonates with early adopters; some of whom will pay you money or give you feedback.” “The MVP is often an ad on Google. Or a PowerPoint slide. Or a dialog box. Or a landing page. You can often build it in a day or a week.” — Eric Ries MINIMUMVIABLE PRODUCT PILLPACK’S 24 HR PROTOTYPE
  16. 16. OBSERVE PITCHDESIGN TEST + LEARN PITCH toTEST NEEDS GATHER FEEDBACK DIVERSE CUSTOMERS SUSTAINABLE BIZ MODEL NEEDS = VALIDATED PROBLEMS = JOBSTO BE DONE = BIG + PAINFUL MVP DESIGN PROCESS
  17. 17. VALUE TIMECRITICAL MILESTONES Acquisition/IPO Exit Reimbursement Published clinical results Market Introduction Salesforce hired Europe & Japan distribution FDA Approval Manufacturing ramp Human pivotal study Corporate partnership First human data First Hiccup & Danger of Momentum Loss CEO hired Pilot manufacturing Patent grant First FDA meeting Regulatory opinions Money raised & team hired Animal testing Clinician feedback Patent disclosure Prototype/Reduction to Practice Market Analysis Idea FRONT-LOAD USER FEEDBACK BEFORE FUNDING + LAUNCHING A 10YEAR JOURNEY FOCUS MVP PRIORITIZE RISKS FASTER LAUNCH, ROI
  18. 18. DE-RISKINGVENTURES HOW BESTVC INVESTORS PRIORITIZE RISK VALUE TIME Market Adoption Risk Reimbursement + Consumer Drivers Physician & Patient Adoption Distribution Regulatory Risk Safety & Efficacy Management Risk Technology Risk PRIORITIZE UP FRONT
  19. 19. TECHNIQUES +TECH FOR SCALING MEDICINE •DE-SKILL COMPLEX DIAGNOSIS +TREATMENT •CREATE NEW EXPERIENCE + PROCESS •CREATE NEW PLACE or NEW SERVICE •FIND NEW PROVIDER + EXTRA CAPACITY •PATIENT ENGAGEMENT + SELF-SERVICE •NEWTECH ENABLES SCALABILITY + ACCESS … START WITH A GIANT PAINFUL PROBLEM
  20. 20. HIGH GROWTH VENTURES SMALL FOCUSED COMPANY IN A LARGE ADDRESSABLE MARKET TOTAL MARKET STARTUP
  21. 21. ADAPT BEST PRACTICESTO HEALTHCARE COMPLEXITY MARKET = PRODUCT * CUSTOMERS VENTURE = MARKET*ADOPTION*SHARE PRODUCT = NEED *VALUE PROPOSITION
  22. 22. DIGITALTRANSFORMATION ESTIMATEDTO SAVE BILLIONS + DISRUPT MULTIPLE MARKETS
  23. 23. ELECTROCARDIOGRAM (ECG) NOW INYOUR POCKET!
  24. 24. FUNDING STRONG Source: RockHealth.com Source: CBInsights.com
  25. 25. HOT CATEGORIES
  26. 26. … BUT HYPE DRIVES COMPETITION Source: RockHealth.com
  27. 27. DIGITALTRANSFORMATION Source: CBInsights.com
  28. 28. HOW HIGH IS THE TIGHTROPE FORYOU? ENTREPRENEUR MINDSET NOT FOR EVERYONE APPRECIATE CHALLENGES VENTURE CAPITAL ANALYSIS EVALUATE HEALTHCARE VENTURES

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