Medical Device Market Deployment & Management Overview

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En provenance du cours de University of Minnesota

Pharmaceutical and Medical Device Innovations

225 notes

University of Minnesota

Pharmaceutical and Medical Device Innovations

225 notes

Cours 3 sur 5 dans Specialization Healthcare Marketplace

This course in the Healthcare Marketplace specialization gives the learner an in-depth view of the intellectual property creation that is vital to creating breakthrough technologies. Included is an understanding of the strategy deployed for pricing drugs and new technologies as well as the market sizing exercise to identify where future research and development investments should be made.

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Medical Device Market Deployment & Management

In this module you will learn about how the medical device industry takes a product that has cleared the bench and sells it in the market. Selling a new medical device in a highly competitive global market space with a patent clock ticking is a constant tactical game particularly in the crowed medical device Class 1 and Class 2 space. The take-away messages from this module are the medical device market requires constant innovation with product updates required at a far quicker rate than the pharmaceutical market. Manufacturers must also be nimble to adjust to different government reimbursement policies that put great financial risk or previously risk free core customers. The skills gained from this module are an understanding of the competitive landscape analysis as well as threat assessment analysis required to complete the capstone medical innovation project.

Medical Device Market Deployment & Management Overview3:47

4.1.1 Medical Device Industry: Market Space6:17

4.1.2 Medical Device Industry: Innovation Pipeline & Valuation6:15

4.1.3 Medical Device Industry: Global Partnerships6:28

Rencontrer les enseignants

Bryana Mayer
Lecturer
Carlson School of Management, Medical Industry Leadership Institute
Stephen T Parente
Professor
Carlson School of Management, Department of Finance

This is the module for overview for

medical device industry for medical device market employment, and management.

So, what's really exciting about doing

this from the perspective of University Minnesota is

that Minnesota really has been ground zero for

a tremendous amount of medical device innovation.

So, this is actually a photo of one of the first ever portable pacemakers

developed at the University of Minnesota in combination with

a young startup engineer by

name of Earl Bakken then they went on to create a company known as Medtronic.

Dr. Louie High was one of the pioneering cardiothoracic surgeons that worked with

Earl Bakken and really lead the way to make these innovations possible.

Great collaboration between academic

and industry in spawning a whole new area of research.

Minnesota is known as Medical Alley.

As a result of that,

this is an older picture but it actually shows a little bit of

some of the places that are still in place.

A lot of the North Central Laboratory said

sort of evolve into a whole network of other firms,

Medtronic being one of the major firms are in place.

Duluth has a space in this as well.

There's a medical park that's still actually many medical partners exists.

Somewhere down here where you find the Mayo clinic as well,

and now we also have Boston Scientific.

That's a major player,

a basic requiring guidance which is Minnesota created St. Jude Medical which then got

created and then moved into one of the portfolio companies above it and then other areas.

So, it's interesting to actually look at why these countries here.

Well, you can argue that Minnesota has very strong ties to Scandinavia,

but there actually is a lot of innovation that cross-fertilizes between

Sweden and Norway in particular and the twin cities.

France and Germany are major areas as well,

and Japan's a major destination for medical device innovation as well.

So, we think about this space about what can

happen and all the touch points that go into medical device company.

Many of these things we've talked about previously, talking about pharmaceuticals.

But a lot of it really is

a very virtuous cycle whether or

not we first we'll start with just the patients having various needs.

The physicians took device ideas and things that can make those patients lives better,

the providers, excuse me,

the insurance companies they can reimburse those things.

So, that it's not just a cash-based price economy.

Much more involved.

The hospitals that can actually provide

the facilities to do the much more advanced procedures.

The sales and marketing cycles that actually need to go into these components as well.

Venture capital basically receiving new innovation to make things go.

Then ultimately making this thing go back again through the FDA for approval,

and ultimately to distribute back to the patients.

This concludes this opening module.

Looking at the medical device space from here,

we're going to be going into some of the more specific details

of medical device innovation.

It is different than pharmaceuticals and then it's a little bit more of

a wild west type of space and we've got to think about it.

While pharmaceuticals are metabolized in the body,

putting something in the body and it stays there for a long time.

In some cases the rest of your life making critical difference in

your physiology is really just amazing development over the last century or so.

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