Medical Device Market Deployment & Management Overview

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En provenance du cours de University of Minnesota

Pharmaceutical and Medical Device Innovations

177 notes

University of Minnesota

Pharmaceutical and Medical Device Innovations

177 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 Module 4 an Overview of the Medical Device Industry.

I'm Bryana Mayer and joining me is professor Steve Parente.

>> Hello, my name is Steve Parente and Bryana and

I are going to be finishing up Module 4 together talking about Deployment and

Management in the Medical Device Industry.

So to kick off it's really important to talk about why Minnesota in particular is

really ground zero for medical device innovation.

The image that you're seeing in front of you is from the Saturday Evening Post that

came out in the 1950s.

And it really stretches back to the first portable pacemaker

that was developed by Earl Bakken and Dr. Lillehei as part of

the Medtronic origin story back in that day and what happened at

that time was that there was a power outage that occurred at Medtronic.

This is alluded to I think in our first class just to remind folks.

And that power outage actually led to basically deaths of children

in that facility in the hospital for

folks that were on basically bypass and were also being paced.

Now Dr. Lillehei was heartbroken.

The whole staff was obviously hugely heartbroken by this.

It was electrical storm that created the disturbance.

And so he turned to Earl Bakken who was his engineer and

lab technician working for

that times is there any way we can find a portable technology to make this work?

And what Earl did was he actually worked with, went back to his garage,

literally a garage business in North Minneapolis and created something using

model airplane parts that would basically become the first portable pacemaker.

What was really cool about this, a year ago was that when he gave it to Lillehei

and thought wow that'd be really great, let's try it out.

They tried it on an animal subject of a dog.

And paced the dog's heart to a certain level to see how the dog would

do for pacing.

The dog did really well and Earl would come in and

check in on the dog the day after and thought this is great.

I've really made a huge contribution.

Went home for the weekend, just absolutely thrilled beyond belief.

Came back on that Monday after the weekend.

Looked for the dog, dog wasn't around.

He felt absolutely horrible.

I told Dr. Lillehei, he said Earl, come over here I want to show you something,

and he showed essentially, basically this image here of

essentially a kid that now had the new technology originally intended for

a dog basically being used for him.

This is when people talk about medical devices as the cowboy era.

Clearly and indication but that sort of innovation

really led the path for these extraordinary devices going forward.

And then, Bryana's going to talk about the world as it is now in Minnesota.

>> This picture depicts Minnesota as really the center of the medical device

universe.

You can see here all of the major countries that play a role in

the medical device industry.

And here you see Medtronic, which Professor Parente was just eluding to,

which is headquartered in Minneapolis, Minnesota.

Along with many other top medical device companies, including St.

Jude Medical, Boston Scientific, Smiths Medical,

all headquartered right in the Minneapolis, Minnesota area.

>> So the universe goes quite wide, in terms of where medical device, and

all the touch points that come in to play.

So, we've talked about many of these folks before,

the issue about the different markets and

the medical device phase some of the funding that goes in to these areas.

We talked about the hospitals as being locations where some of these

devices are used.

Clearly the payers are critical in terms of getting things reimbursed.

Without the providers these technologies don't get deployed at all.

There is obviously a marketing component as well.

We know the regulatory aspect is there and

obviously without the patients, we really have no market what so ever.

What is exciting is that, because of health reform there have been new changes

that have been coming on line that could really change things,

even though there is essentially a device tax that's in play.

Though that's at least, while we're doing this conversion right now,

been pushed off for a few years.

Health IT initiatives are actually creating new opportunities,

as alluded to in the first Course with vision 2010

originally from Medtronic now I guess effectively becoming vision 2020.

And then if we think about a lot of these sales models, we are having the situation

now that the positions are getting less autonomy as hospitals are buying their

practices and looking for risk sharing across a broader continuum of services.

>> So on behalf of.

>> Bryana Mayer >> And Steve Perenti we welcome you to

enjoy our final module on medical devices and market deployment.

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