5.3.3 Who Owns the Technology? Is it Safe?

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From the course by University of Minnesota

Healthcare Marketplace

313 ratings

University of Minnesota

Healthcare Marketplace

313 ratings

Course 1 of 5 in the Specialization Healthcare Marketplace

In this course in the Healthcare Marketplace specialization you will identify, define, and describe potential business and public policy solutions to the challenges facing society’s growing demand for health services. Students will master a body of knowledge on the health care sectors major components through reading and reflection. Healthcare has many different cultural components that will be discussed as historic trends as well as future demographic challenges. You will understand diverse philosophies and cultures within and across societies as they relate to healthcare. This outcome is particularly critical because of the tradeoffs needed to be assessed as medical technology advances faster than budgets and perhaps cultures are sometimes willing to tolerate. At the end of the day, you will gain an appreciation for the role of creativity, innovation, discovery, and expression across disciplines in the development of new medical care solutions through and examination of the physician, medical technology and financing sub-sectors of the health economy.

From the lesson

GLOBAL MEDICAL INNOVATION

In this module you will learn about the global market trends. You will also learn the key components of medical technology valuation. The take-away messages from this module are that health economy continues to expand and there are many behavior challenges that are problems as well as opportunities. The module concludes showing a promising technology that is novel, needed, cost-effective and will deliver return – rare qualities when all are checked-off. The skills gained from this module are targeting global health market trends ripe for opportunity as well as knowledge of the checklist of key areas to be covered for the capstone project’s assessment of a promising new innovation.

5.3.1 Key Questions for an Innovation Valuation3:21

5.3.2 What is the Technology?2:02

5.3.3 Who Owns the Technology? Is it Safe?3:06

5.3.4 Will the Technology Return Investment?4:24

5.3.5 Final Summary and Next Steps4:42

Meet the Instructors

Stephen T Parente
Professor
Carlson School of Management, Department of Finance

This is the Healthcare Marketplace Specialization,

Healthcare Marketplace Overview.

My name is Steve Parente, and we're at Module 5.3.3 Who Owns the Technology?

Is it Safe?

This is part of our Medical Valuation Overview Segment.

So, when we get to this notion of user valuation,

there's the thought of going to Physicians and asking them what they would like

about this technology fo Mitral valve surgery repair.

The advantages are that there's no need for open heart surgery.

That's great.

Physicians and patients can intervene earlier.

Reduced surgery time, less recovery time, and

thus much reduced healthcare expenditures give you value back.

The disadvantage is that you are not able to perform annuloplasty, which is

something that can maybe be able to give you more flexibility for later procedures.

Surgical bail-out is very difficult, you may have to do open heart surgery anyway.

If they do contend that the adoption of new procedure and

also the overpenetration of potentially patients who are asymptomatic,

and they may not necessarily need this.

So, the current market actually does have other technologies that are in place.

A lot of major firms, evalve, Viacor Myocor's turned into

Edwards Lifesciences and so, it's not exactly the case that you have

a complete clear pathway here in terms of deploying technology.

If we do a SWOT analysis for this

what we find first of all under strengths is that it's less invasive than surgery.

Is there's real-time feedback, it's for early intervention, it could be a pretty

good technology, it can lead [INAUDIBLE] disease progression, it can basically get

the volume of valve surgeries increased in the US, which would be helpful.

The market and repair surgery is increasing, versus replacement.

Opportunities are global market, cardiac fissures are all over the place.

Growing incidence of MR and interventions.

There's an aging population that could be using this as well,

it could really improve functionality for certain folks.

Possible target for acquisition.

More cost effective than most alternatives.

And it can complement other technologies.

Weaknesses, it's not really intended for ischemic or functional

mitral valve problems, Physicians are not really trained to use device,

may be more complicated than the current procedure, actually,

and we can't perform the annuloplasty.

Threats, of course, there's competition out there, substitutions,

some clinical trial concerns and just getting into market.

Market size is actually pretty substantial.

Folks that have this sort of medical condition cardiac wise,

we're talking 70 million worldwide.

If we actually reduce it down to folks in the developed world that wouldn't have

access to such a technology, it'd be about 60% and those that are candidates for

the procedure where it would make less sense with the right procedures,

it turns out to about an 84,000 person market, very substantial market.

This concludes our segment on sizing and the safety of the technology at hand.

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