MIT Digital Healthcare Conference
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Transcript of MIT Digital Healthcare Conference
DIGITAL HEALTHENTREPRENEURSHIP
DIGITAL HEALTH CONFERENCEMIT INDUSTRIAL LIAISON PROGRAM
SEPT 17, 2015
@ACCELMED
NOBLE CHALLENGES OF EARLY STAGE MEDICAL VENTURES
TRUTH IMPACT VALUE…
HEALTHCARE RE-DESIGN
HACKING MEDICINE
PHILOSOPHY
MODEL EARLY STAGE INVESTIGATIONSTHIS COURSE DOES NOT TEACH…
• BASIC SCIENCE
• BASIC ENTREPRENEURSHIP
• GENERAL STARTUP, PATENTS + VC FUNDING
• HOW TO COMMERCIALIZE TECH FROM THE LABS
• FDA REGS + REIMBURSEMENT
• PHARMA DEVELOPMENT, CLINICAL TRIALS PROCESS
IMPOSSIBLE TO COMPRESS THIS INTO A CLASS… WE TEACH A DIFFERENT PHILOSOPHY…
ACTIVE LEARNING LABWITH EARLY CLASS SUCCESSES >$90 MILLION RAISEDFOR WHICH HCV DESERVES NO CREDIT!
PILLPACK.COM TODAY
FROM HACKATHON TO $64M FROM ACCELPITCH TO LIVE IN 45 STATES IN 2 YEARS
HACKMED ECOSYSTEM
HACKATHONS ACCELERATE PROBLEM VALIDATION + TEAM BUILDINGSEPT 25-26 MGH SPAULDING REHAB HACKATHON
HACKINGMEDICINE.MIT.EDU
CARE RE-DESIGN + CO-CREATION PARTNERSHIP WITH
MGH HEALTH TRANSFORMATION LAB
TAKE MIT TEAMS DEEP INTODISEASE TREATMENT WORKFLOWS
HOSPITAL OPERATIONS
www.cocreate.hctransformationlab.org
A TASTE OF
HEALTHCARE TRANSFORMATION
AND ITS COMPLEXITY
HEALTHCARE’S TECTONIC SHIFTSAGILE STARTUPS ADAPT FASTER
USA HEALTHCARE SPENDINGMAPS TO MAJOR PLAYERS… FOLLOW THE MONEY
… NOW PATIENTS AS CONSUMERS
IMPROVING PATIENT EXPERIENCE
SURPRISINGLY LOW EXPECTATIONS!
HEALTHCARE IS MORE COMPLEX
WHO BUYS?
WHO BENEFITS?
WHO PRESCRIBES?
CLASS JOURNEY: NAVIGATE COMPLEXITY
WHO COMPETES?
VALU
E
TIMECRITICAL MILESTONES
Acquisition/IPO Exit Reimbursement Published clinical results Market Introduction
Salesforce hired Europe & Japan distribution
FDA Approval
Manufacturing ramp Human pivotal study Corporate partnership First human data
First Hiccup & Danger of Momentum Loss CEO hired Pilot manufacturing Patent grant First FDA meeting Regulatory opinionsMoney raised & team hired
Animal testing Clinician feedback Patent disclosure Prototype/Reduction to Practice Market AnalysisIdea
TRADITIONAL MEDICAL VENTURESLONG DEVELOPMENT PROCESS
“… MVP is that product which has just those features (and no more) that
allows you to ship a product that resonates with early adopters; some of whom will
pay you money or give you feedback.”
“The MVP is often an ad on Google. Or a PowerPoint slide. Or a dialog box. Or a landing page.
You can often build it in a day or a week.”
— Eric Ries
MINIMUM VIABLE PRODUCT
PILLPACK’S 24 HR PROTOTYPE
OBSERVE
PITCHDESIGN
TEST +
LEARN
PITCH to TEST NEEDS GATHER FEEDBACK DIVERSE CUSTOMERS SUSTAINABLE BIZ MODEL
NEEDS = VALIDATED PROBLEMS = JOBS TO BE DONE= BIG + PAINFUL
MVP DESIGN PROCESS
VALU
E
TIMECRITICAL MILESTONES
Acquisition/IPO Exit Reimbursement Published clinical results Market Introduction
Salesforce hired Europe & Japan distribution
FDA Approval
Manufacturing ramp Human pivotal study Corporate partnership First human data
First Hiccup & Danger of Momentum Loss CEO hired Pilot manufacturing Patent grant First FDA meeting Regulatory opinionsMoney raised & team hired
Animal testing Clinician feedback Patent disclosure Prototype/Reduction to Practice Market AnalysisIdea
FRONT-LOAD USER FEEDBACK BEFORE FUNDING + LAUNCHING A 10 YEAR JOURNEY
FOCUS MVP PRIORITIZE RISKS FASTER LAUNCH, ROI
DE-RISKING VENTURESHOW BEST VC INVESTORS PRIORITIZE RISK
VALU
E
TIME
Market Adoption Risk Reimbursement + Consumer Drivers
Physician & Patient Adoption Distribution
Regulatory Risk Safety & Efficacy
Management RiskTechnology Risk
PRIORITIZE UP FRONT
TECHNIQUES + TECH FOR SCALING MEDICINE
•DE-SKILL COMPLEX DIAGNOSIS + TREATMENT
•CREATE NEW EXPERIENCE + PROCESS
•CREATE NEW PLACE or NEW SERVICE
•FIND NEW PROVIDER + EXTRA CAPACITY
•PATIENT ENGAGEMENT + SELF-SERVICE
•NEW TECH ENABLES SCALABILITY + ACCESS
… START WITH A GIANT PAINFUL PROBLEM
HIGH GROWTH VENTURES SMALL FOCUSED COMPANY IN A LARGE ADDRESSABLE MARKET
TOTAL MARKET
STARTUP
ADAPT BEST PRACTICES TO HEALTHCARE COMPLEXITY
MARKET = PRODUCT * CUSTOMERS
VENTURE = MARKET*ADOPTION*SHARE
PRODUCT = NEED * VALUE PROPOSITION
DIGITAL TRANSFORMATIONESTIMATED TO SAVE BILLIONS + DISRUPT MULTIPLE MARKETS
ELECTROCARDIOGRAM (ECG)NOW IN YOUR POCKET!
FUNDING STRONG
Source: RockHealth.com Source: CBInsights.com
HOT CATEGORIES
… BUT HYPE DRIVES COMPETITION
Source: RockHealth.com
DIGITAL TRANSFORMATION
Source: CBInsights.com
HOW HIGH IS THE TIGHTROPE FOR YOU?
ENTREPRENEUR MINDSET
NOT FOR EVERYONEAPPRECIATE CHALLENGESVENTURE CAPITAL ANALYSISEVALUATE HEALTHCARE VENTURES