The Life Science Innovation Roadmap

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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

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