Getting ideas to patients can be a difficult, expensive, time consuming and frustrating experience. It takes many skills and personality traits to be successful and, certainly, a lot of luck.
For anyone interested, the curriculum of the Life Science Innovation Roadmapconstantly changes and is updated due to the rapid pace of change in biomedical and health innovation and entrepreneurship. However, the core curriculum stays reasonably the same from year to year. Here’s a general overview of the subject matter that should be familiar to aspiring bioentrepreneurs:
1. The changing healthcare landscape and opportunities
2. Fundamentals of bioentrepreneurship and bioentrepreneurs
- Entrepreneurial traits, habits and mindset
- Definitions
3. Planning and strategy
4. The steps of the Life Science Innovation Roadmap
5. Ideation and generating new ideas, inventions and innovations
6. How to assess potential opportunities
7. Industry, competive and market analysis
8. Protecting Intellectual Property
9. Regulatory Affairs and Quality Systems
10. Reimbursement
11. Building and validating your business model
12. Building the team and executing the model
- Human resource management
- Advisory boards and Boards of Directors
13. Intrapreneurship
14. Commercialization Strategies
15. Selling you ideas
- Articulating your value proposition
- Creating an executive summary
- Using social media
- Creating an investor pitch
- Creating a Newco website
16. How to finance your venture
- Raising money from family and friends
- Bootstrapping
- Angel investors and networks
- Later stage funding strategies
- Crowdfunding
- SBIR/STTR grants
- Other funding strategies
17. Exit strategies
18. Drug Discovery and Development
19. Medical Device Design and Development
20. Digital Health Design and Development
- EMRs
- Data analytics
- Telemedicine
- Social media
- Remote sensing and wearables
- Patient portals
- Pharmaceutical digital health solutions
- Business process innovation solutions
- Patient experience improvements
- Information and educational solutions
- Public health applications
21. Care delivery innovation models
- Retail based clinics
- Telemedicine
- Urgent care centers
- Concierge medicine
- Medical travel/tourism
- Digical care models
22. Business process innovation
23. International bioentrepreneurship
24. Human subject clinical trials
25. Ethics, professionalism and conflct of interest.
26. Social bioentrepreneurship
27. Due diligence and biomedical investing
28. The anatomy and physiology of innovation
- Organizational innovation
- Cluster theory
- How to define and determine user value
29. Alternative career planning and development
30. Legal aspects
- Securities law
- Entity formation and management
- Biotechnology law
- Food and Drug Administrative Law
- Contracts
- Business law
Bioentrepreneurship is the pursuit of opportunity with scarce resources. The goal is to create and harvest user defined value through the deployment of biomedical and health innovation. Doing so requires a lot of arrows in your quiver and the ability to deal with failure until you hit the bull’s eye.
Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org
