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MIT Hacking Medicine Institute - Genomics Adventures 2.0

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Presentation for Rock Health corporate sponsors by Scott Packard and Zen Chu

Published in: Healthcare
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MIT Hacking Medicine Institute - Genomics Adventures 2.0

  1. 1. GENOMIC HEALTH ADVENTURES ROCK HEALTH GENOMICS REPORT 2016 ZEN CHU + SCOTT PACKARD PHD © HACKING MEDICINE INSTITUTE
  2. 2. GENOMIC ADVENTURES http://arep.med.harvard.edu
  3. 3. CRISPR GENE EDITING NEAR TERM GENOMIC THERAPEUTICS
  4. 4. WE ALL HAVE VARIANTS Rehm HL, et al, "ClinGen -- The Clinical Genome Resource", NEJM 372;23 June 2015 pp2235-2242. 15,000 subjects
  5. 5. Rehm HL, et al, "ClinGen -- The Clinical Genome Resource", NEJM 372;23 June 2015 pp2235-2242. 15,000 subjects
  6. 6. CRISPR GENE EDITING Evidence.PGP-HMS.org
  7. 7. FRAGMENTING INTO LONG TAIL OF RARE DISEASES LUNG CANCER
  8. 8. NGS CHALLENGES IS THE MARKET ACTUALLY READY? Pharma companies are struggling to analyze the world’s genomic data Scale Complexity Access Data are physically distributed and impossible to move because of regulatory, privacy, and competitive concerns 40 exabytes of genomic data by 2025 vs 
 2 exabytes of YouTube data 300M potential features for genomic data vs
 70k potential features for standard clinical data HUGE DATASETS BREAK ALL THE TOOLS… PROGRAMS MUST TRAVEL TO THE DATA
  9. 9. GENOMES @ SCALE DATA + PARTNER PROBLEMS Pharma, Biotech & CROs Commercial Data Aggregators Research Institutions Medical Centers & Hospitals Seamless experience for customers using data 3. Secure, distributed queries & management 2. Curated data stored with partners 1. Answers Money Questions MARKETPLACE COLLABORATIONS GIANT FEDERATED DATA STORES CUROVERSE.COM
  10. 10. DATA SHARING TENSION OPEN PROPRIETARYINSIGHT SHARING ? ? WHERE ARE THE NETWORK EFFECTS?
  11. 11. ACTIVATED ONLINE PATIENT COMMUNITIES PATIENT ACTIVATION MAP SYMPTOMATIC ASYMPTOMATIC ACUTE CHRONIC CATCH THE EPISODIC PATIENT SILENT KILLERS © HACKING MEDICINE INSTITUTE
  12. 12. CRISPR GENE EDITING
  13. 13. GENOMICS 2.0 FUNDING
  14. 14. 2nd WAVE OF GENOMICS FUNDING $100M $100M$313M$96M$226M $115M Series E $825M Market Cap Lost $90M in 2015 Alone HEAVY CAPITAL REQUIRED EACH HAVE UNIQUE NETWORK EFFECTS
  15. 15. GENOMICS EXPENSIVE… !!!
  16. 16. WILLINGNESS TO PAY?
  17. 17. AGENCY PROBLEMS CONFLICTING INCENTIVES HARD TO FIND WIN-WINS
  18. 18. TENSION BETWEEN STAKEHOLDERS HENRIETTA LACKS
  19. 19. MASSIVE COST OF AWARENESS/ACTIVATON EITHER TARGETING PHYSICIANS OR PATIENTS
  20. 20. BIOS © HACKING MEDICINE INSTITUTE Scott D. Packard PhD, Principal, RNA Capital Advisors Scott specializes in the assessment of healthcare and life science companies, products, technologies, and opportunities via the dual lenses of financial and market analysis in the settings of sell-side fundraising, buy-side diligence and investment analysis, and internal strategic positioning and decision-making including clients in the precision medicine space. Dr. Packard has been working at the intersection of healthcare providers, payers, investors, scientists, engineers, and executive teams for 14 years following his scientific-medical training. He also serves as an advisor and mentor to MIT Hacking Medicine Prior to RNA, Dr. Packard was the Chief Operating Officer at MedPanel, a market research firm providing insights to help clients successfully develop, commercialize, and capitalize on biopharma, med-tech, diagnostic, and healthcare IT products. He has also held positions of Senior Consultant and Operations Director at The Advisory Board Company in Washington, DC, a healthcare focused global research, technology, and consulting firm where he ran consulting and research engagements and launched a technology assessment program called Technology Insights. Dr. Packard holds a PhD from the MIT-Harvard Division of Health Sciences & Technology in tumor biology and medical imaging performed at Massachusetts General Hospital following a B.A. in Physics from Cornell University. Zen Chu Managing Director, AccelMed Ventures Co-Founder of 4 med tech healthcare companies Faculty Director, MIT Healthcare Ventures & Hacking Medicine Institute Healthcare Entrepreneur + Investor
  21. 21. THANK YOU! ZEN CHU ZENVEN@MIT.EDU @ACCELMED © HACKING MEDICINE INSTITUTE SCOTT PACKARD PHD SCOTT.PACKARD@RNAADVISORS.COM
  22. 22. HEALTHCARE STAKEHOLDERS © HACKING MEDICINE INSTITUTE
  23. 23. PROCESS 1) IDENTIFY BIG PAINFULPROBLEMS 2) GO DEEP ON THE PROBLEMS TO INVALIDATE/VALIDATE 3) CHOOSE KEY CUSTOMER / USER 4) OPPORTUNITY = CUSTOMER + PROBLEM 5) VENTURE = OPPORTUNITY + BUSINESS MODEL © HACKING MEDICINE INSTITUTE
  24. 24. DISCIPLINEDENTREPRENEURSHIP.COM
  25. 25. PATIENT SYMPTOMS USER + JOURNEY MAP THE EXPERIENCE OF DIAGNOSING,TREATING, MONITORING PRIORITIZE FOCUSED HIGH-IMPACT SOLUTION AROUND ONE PLAYER MONITOR OR PREVENT EDUCATION + ACTIVATION DIAGNOSIS + TESTS SEGMENTS + TREATMENTS BIGGEST GAPS, COSTS OUTCOMES MONITORING + MANAGING PATIENT CAREGIVER NURSE IDEAL LOCATION: PCP PHYSICIAN PHARMACIST SPECIALIST CLINICAL PI PRIORITIZE ONE PLAYER: © HACKINGMEDICINE.MIT.EDU PICK A SPOT + GO DEEP
  26. 26. IMAGINE IF… IDENTIFY HIGH-PAIN PROBLEMS + TERRIBLE HEALTH EXPERIENCES ____________________________________________ (DISEASE, HOSPITAL, JOB…) WOULD BE AMAZING IF ____________________________________________ (USER, PATIENT, DOC…) COULD _________________________________. IMAGINE IF ________________________________ (DEVICE) COULD ______________________________________(JOB/ACTION). ____________________________________________ (DISEASE, HOSPITAL, REHABILITATION…) WOULD BE AMAZING IF ____________________________________________ (USER, PATIENT, DOC…) COULD _________________________________. ____________________________________________ (DISEASE, HOSPITAL, REHABILITATION…) WOULD BE AMAZING IF ____________________________________________ (USER, PATIENT, DOC…) COULD _________________________________. IMAGINE IF ________________________________ (USER) COULD ________________________________________(JOB/ACTION). IMAGINE IF ______DOCTORS______ (USER) COULD RAPIDLY CROWDSOURCE DIAGNOSIS OPINIONS (JOB/ACTION). IMAGINE IF ________________________________ (SERVICE) COULD _____________________________________(JOB/ACTION). © HACKING MEDICINE INSTITUTE
  27. 27. ELEVATOR PITCHTEMPLATE • I AM A _____________________ AND I CARE ABOUT ________________________________________ • MY GOAL IS TO IMPROVE • EXPERIENCE OF ______________________________ (ALS PATIENT, CAREGIVER, ER NURSE…) • QUALITY OF ______________________________ (CLINICAL METRIC, EXPERIENCE, PAIN…) • ACCESS TO _______________________________ (SERVICE, EXPERTISE, PROCEDURE, PRODUCT) • FREQUENCY/RATE OF ____________________________________ (TEST, BEHAVIOR, DX, SURG) • EFFICIENCY OF _______________________________________ (TEST, DX, EXPERIENCE, SURG…) • PROFITS OF _________________________________________ (PHARMACY, DOC, HOSP, FIELD…) • FIRST TARGET CUSTOMER IS ___________________________________ (DESCRIBE SINGLE USER TYPE) • THEY SUFFER FROM __________________________________________ (DISEASE, EXPERIENCE, PAIN…) • WE CAN IMPROVE THEIR EXPERIENCE/HEALTH BY __________________________________________ • TODAY THEY SOLVE THIS BY __________________ BUT THE PROBLEM IS ________________________ • OUR SOLUTION IS TO ATTACK __________________________________________________________ • STARTING WITH ___________________________________________ (FOCUSED POPULATION) • THEY WILL BE EARLY ADOPTERS BECAUSE __________________(PAIN, COST, RISK, FEAR, PAYER…) • WE WILL REACH THEM THROUGH _____________ (CHANNEL, SPECIALTY, RETAIL, PHARMACIES…) • IDEAL STRATEGIC PARTNERS _______________________________________________________ • BUT WE CAN ALSO ATTACK LARGER MARKET OF ________________________ (NEXT USER TYPE) • OUR PRODUCT/SERVICE WILL BE PAID FOR BY __________________________________________ • BECAUSE THEYVALUE ____________________________________________ (UNIQUE QUALITIES) © HACKINGMEDICINE.MIT.EDU
  28. 28. Market Adoption Risk Reimbursement + Consumer Drivers Physician & Patient Adoption Distribution Regulatory Risk Safety & Efficacy Management Risk Technology Risk PRIORITIZE UP FRONT © HACKINGMEDICINE.MIT.EDU Value Development Time PRIORITIZE + TEST MARKET RISK WILL CUSTOMERSVALUE + CHANGE BEHAVIOR?
  29. 29. HACKMED BIZ MODEL 10 STEPS TO DESCRIBE WHO USES, PRESCRIBES, PAYS, DISTRIBUTES 10) PITCH THE NEW EXPERIENCE: PRIMARY USER PRESCRIBER ECONOMIC BUYER INFLUENCER LOCATION + DISTRIBUTOR WHO PAYS? HOW MUCH? 1) WHO VALUES & PAYS? 2) HIGH VALUE SEGMENTS + ROI HIGH RISK SEGMENTS INCENTIVES TO PRESCRIBERS KEY METRICS 3) HOW EFFICIENTLY REACH ECONOMIC BUYER? WHERE DO LOW COST + HIGH ACTIVATION, JOURNEY INTERSECT? WHICH PARTNERS ALREADY OWN RELATIONSHIP WITH BUYER/PATIENT? ACTIVATION 4) WHAT ACTIVATES PRIMARY USER? WHEN IN JOURNEY? 5) WHERE IN JOURNEY TO INFLUENCERS + SPECIALISTS INTERVENE? 6) WHICH PARTNERS + THIRD PARTIES DELIVER NEW EXPERIENCE + CARE? RETENTION VALUE 7) WHAT BRINGS USER BACK? MONITORING OR SUBSCRIBER BIZ? ADD-ON REVENUES? 8) HOW TO CONTINUE TO ENGAGE INFLUENCERS + BENEFIT FUTURE CARE INTERACTIONS? 9) HOW CAN PARTNERS RE-ACTIVATE, CONTINUE TO ENGAGE USERS, RE-SELL CONSUMABLES, ADD ONS? HOW IS SOLUTION DISCOVERED? WHY WILL THEY CHANGE & ADOPT? PSYCHOLOGY AROUND BUYING ECONOMIC BUYER PRICE VERSUS VALUE ONE-TIME USE? CHRONIC SUBSCRIBER? LIFETIME VALUE VS COST OF REACHING IS A PRESCRIPTION REQUIRED? NON-TRADITIONAL INFLUENCER? KOL? EMPLOYER? DISCHARGE NURSE? WHERE IS THE BEST EXPERIENCE? NEW MODES/PLACES TO REACH RETAILER, HOME, APP STORE, ECOM… WHICH CHANNELS REACH USERS/DOCS?PATIENT, PCP, CAREGIVER, PARENT…. © HACKING MEDICINE INSTITUTE
  30. 30. USER +VENUE SEGMENTS © HACKINGMEDICINE.MIT.EDU
  31. 31. OBSERVE PITCHDESIGN TEST + LEARN PITCH to efficiently communicate gather external feedback (in)validate problems/solutions and recruit team NEEDS = validated problems = jobs to be done big, painful clear biz model DESIGN PROCESS NEEDS>PITCH>FEEDBACK>TEST>DATA © HACKING MEDICINE INSTITUTE
  32. 32. EXPERIMENTAL PLAN KEY METRICS, CLEAR HYPOTHESIS, QUICK DATA CHEAPLY IF METRIC DOES NOT CHANGE BEHAVIOR, IT IS A BAD METRIC © HACKINGMEDICINE.MIT.EDU DESCRIBE THE PROBLEM: ________________________________________________________________________________________________________ DESCRIBE MIN VIABLE PRODUCT: ________________________________________________________________________________________________________ EXPERIMENT HYPOTHESIS: ________________________________________________________________________________________________________ EXPECTED OUTCOME: ________________________________________________________________________________ SUCCESS CRITERIA: ________________________________________________________________________________ KEY PARTNERS FOR EXPERIMENT ________________________________________________________________________________________________________ VARIABLES TO TEST: ________________________________________________________________________________________________________ CLINICAL METRICS (i.e. OUTCOMES, PAIN SCALE, DIAGNOSIS RATE, COMPLICATION RATE, READMISSION RATE) TECHNOLOGY METRICS (i.e. PERFORMANCE, SPECIFICITY, SELECTIVITY, FAILURE RATE, COST PER TEST) CUSTOMER METRICS ( i.e. SATISFACTION, RETURN VISITS, REPLY/CALL-BACK RATE) BUSINESS METRICS (i.e. USER ADOPTION, COST, BUYING DECISIONS, TIME REQUIRED, EFFICIENCY HOW LOWER BARRIERS TO DATA GENERATION? ____________________________________________________________ WHO/HOW MEASURES? ______________________________________________________________________(INCENTIVE OR AGENCY PROBLEMS?) WHAT ARE YOU DE-RISKING? ______________(USER ADOPTION RISK, SAFETY RISK, TECHNOLOGY RISK, MANUFACTURING RISK, SALES RISK, ETC) TARGET POPULATION ________________________________________________________________________________________________________ SUB-SEGMENT POPULATIONS & COMORBIDITIES ____________________________________________________________ IS THERE A CONTROL GROUP?____________________________________________________________________________ SELECTION BIASES?_____________________________________________________________________________________ EXPERIMENT SAFETY ISSUES ________________________________________________________________________________________________________ HOW DOES THIS MAXIMIZE LEARNING? ________________________________________________________________________________________________________ WHAT CAN YOU TEST FAST + CHEAP? ________________________________________________________________________________________________________

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