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GENOMIC HEALTH ADVENTURES
ROCK HEALTH GENOMICS REPORT 2016
ZEN CHU + SCOTT PACKARD PHD
© HACKING MEDICINE INSTITUTE
WE ALL HAVE VARIANTS
Rehm HL, et al, "ClinGen -- The Clinical Genome Resource", NEJM 372;23 June 2015 pp2235-2242. 15,000 subjects
Rehm HL, et al, "ClinGen -- The Clinical Genome Resource", NEJM 372;23 June 2015 pp2235-2242. 15,000 subjects
NGS CHALLENGES IS THE MARKET ACTUALLY READY?
Pharma companies are struggling to analyze the world’s genomic data
Scale
Complexity
Access Data are physically distributed and impossible to move because of regulatory, privacy, and competitive concerns
40 exabytes of genomic data by 2025 vs 2 exabytes of YouTube data
300M potential features for genomic data vs70k potential features for standard clinical data
HUGE DATASETS BREAK ALL THE TOOLS… PROGRAMS MUST TRAVEL TO THE DATA
GENOMES @ SCALE DATA + PARTNER PROBLEMS
Pharma, Biotech & CROs
Commercial Data Aggregators
Research Institutions
Medical Centers & Hospitals
Seamless experience for customers using data
3.Secure, distributed
queries & management
2.Curated data stored
with partners
1.
Answers
Money
Questions
MARKETPLACE COLLABORATIONS GIANT FEDERATED DATA STORES
CUROVERSE.COM
ACTIVATED ONLINE PATIENT
COMMUNITIES
PATIENT ACTIVATION MAPSYMPTOMATIC
ASYMPTOMATIC
ACU
TE
CH
RON
IC
CATCH THE
EPISODIC PATIENT
SILENT KILLERS
© HACKING MEDICINE INSTITUTE
2nd WAVE OF GENOMICS FUNDING
$100M $100M$313M$96M$226M$115M Series E $825M Market Cap
Lost $90M in 2015 Alone
HEAVY CAPITAL REQUIRED EACH HAVE UNIQUE NETWORK EFFECTS
BIOS
© HACKING MEDICINE INSTITUTE
Scott D. Packard PhD, Principal, RNA Capital Advisors
Scott specializes in the assessment of healthcare and life science companies, products, technologies, and opportunities via the dual lenses of financial and market analysis in the settings of sell-side fundraising, buy-side diligence and investment analysis, and internal strategic positioning and decision-making including clients in the precision medicine space. Dr. Packard has been working at the intersection of healthcare providers, payers, investors, scientists, engineers, and executive teams for 14 years following his scientific-medical training. He also serves as an advisor and mentor to MIT Hacking Medicine
Prior to RNA, Dr. Packard was the Chief Operating Officer at MedPanel, a market research firm providing insights to help clients successfully develop, commercialize, and capitalize on biopharma, med-tech, diagnostic, and healthcare IT products. He has also held positions of Senior Consultant and Operations Director at The Advisory Board Company in Washington, DC, a healthcare focused global research, technology, and consulting firm where he ran consulting and research engagements and launched a technology assessment program called Technology Insights.
Dr. Packard holds a PhD from the MIT-Harvard Division of Health Sciences & Technology in tumor biology and medical imaging performed at Massachusetts General Hospital following a B.A. in Physics from Cornell University.
Zen Chu
Managing Director, AccelMed Ventures
Co-Founder of 4 med tech healthcare companies
Faculty Director, MIT Healthcare Ventures & Hacking Medicine Institute
Healthcare Entrepreneur + Investor
THANK YOU!
ZEN CHU
ZENVEN@MIT.EDU@ACCELMED
© HACKING MEDICINE INSTITUTE
SCOTT PACKARD PHD
SCOTT.PACKARD@RNAADVISORS.COM
PROCESS
1) IDENTIFY BIG PAINFUL PROBLEMS 2) GO DEEP ON THE PROBLEMS TO INVALIDATE/VALIDATE 3) CHOOSE KEY CUSTOMER / USER 4) OPPORTUNITY = CUSTOMER + PROBLEM 5) VENTURE = OPPORTUNITY + BUSINESS MODEL
© HACKING MEDICINE INSTITUTE
PATIENT SYMPTOMS
USER + JOURNEYMAP THE EXPERIENCE OF DIAGNOSING, TREATING, MONITORINGPRIORITIZE FOCUSED HIGH-IMPACT SOLUTION AROUND ONE PLAYER
MONITOROR
PREVENT
EDUCATION+
ACTIVATION
DIAGNOSIS+
TESTS
SEGMENTS+
TREATMENTS
BIGGEST GAPS, COSTSOUTCOMES
MONITORING+
MANAGING
PATIENT
CAREGIVER
NURSE
IDEAL LOCATION:
PCP PHYSICIAN
PHARMACIST
SPECIALIST
CLINICAL PI
PRIORITIZE ONE PLAYER:
© HACKINGMEDICINE.MIT.EDUPICK A SPOT + GO DEEP
IMAGINE IF…IDENTIFY HIGH-PAIN PROBLEMS +TERRIBLE HEALTH EXPERIENCES
____________________________________________ (DISEASE, HOSPITAL, JOB…) WOULD BE AMAZING IF
____________________________________________ (USER, PATIENT, DOC…) COULD _________________________________.
IMAGINE IF ________________________________ (DEVICE) COULD ______________________________________(JOB/ACTION).
____________________________________________ (DISEASE, HOSPITAL, REHABILITATION…) WOULD BE AMAZING IF
____________________________________________ (USER, PATIENT, DOC…) COULD _________________________________.
____________________________________________ (DISEASE, HOSPITAL, REHABILITATION…) WOULD BE AMAZING IF
____________________________________________ (USER, PATIENT, DOC…) COULD _________________________________.
IMAGINE IF ________________________________ (USER) COULD ________________________________________(JOB/ACTION).
IMAGINE IF ______DOCTORS______ (USER) COULD RAPIDLY CROWDSOURCE DIAGNOSIS OPINIONS (JOB/ACTION).
IMAGINE IF ________________________________ (SERVICE) COULD _____________________________________(JOB/ACTION).
© HACKING MEDICINE INSTITUTE
ELEVATOR PITCH TEMPLATE• I AM A _____________________ AND I CARE ABOUT ________________________________________
• MY GOAL IS TO IMPROVE
• EXPERIENCE OF ______________________________ (ALS PATIENT, CAREGIVER, ER NURSE…)
• QUALITY OF ______________________________ (CLINICAL METRIC, EXPERIENCE, PAIN…)
• ACCESS TO _______________________________ (SERVICE, EXPERTISE, PROCEDURE, PRODUCT)
• FREQUENCY/RATE OF ____________________________________ (TEST, BEHAVIOR, DX, SURG)
• EFFICIENCY OF _______________________________________ (TEST, DX, EXPERIENCE, SURG…)
• PROFITS OF _________________________________________ (PHARMACY, DOC, HOSP, FIELD…)
• FIRST TARGET CUSTOMER IS ___________________________________ (DESCRIBE SINGLE USER TYPE)
• THEY SUFFER FROM __________________________________________ (DISEASE, EXPERIENCE, PAIN…)
• WE CAN IMPROVE THEIR EXPERIENCE/HEALTH BY __________________________________________
• TODAY THEY SOLVE THIS BY __________________ BUT THE PROBLEM IS ________________________
• OUR SOLUTION IS TO ATTACK __________________________________________________________
• STARTING WITH ___________________________________________ (FOCUSED POPULATION)
• THEY WILL BE EARLY ADOPTERS BECAUSE __________________(PAIN, COST, RISK, FEAR, PAYER…)
• WE WILL REACH THEM THROUGH _____________ (CHANNEL, SPECIALTY, RETAIL, PHARMACIES…)
• IDEAL STRATEGIC PARTNERS _______________________________________________________
• BUT WE CAN ALSO ATTACK LARGER MARKET OF ________________________ (NEXT USER TYPE)
• OUR PRODUCT/SERVICE WILL BE PAID FOR BY __________________________________________
• BECAUSE THEY VALUE ____________________________________________ (UNIQUE QUALITIES)
© HACKINGMEDICINE.MIT.EDU
Market Adoption Risk Reimbursement + Consumer Drivers
Physician & Patient Adoption Distribution
Regulatory Risk Safety & Efficacy
Management Risk
Technology Risk
PRIORITIZE UP FRONT
© HACKINGMEDICINE.MIT.EDU
Valu
e
Development Time
PRIORITIZE + TEST MARKET RISKWILL CUSTOMERS VALUE + CHANGE BEHAVIOR?
HACKMED BIZ MODEL10 STEPS TO DESCRIBE WHO USES, PRESCRIBES, PAYS, DISTRIBUTES
10) PITCH THE NEW EXPERIENCE: PRIMARY USER
PRESCRIBER ECONOMIC BUYER
INFLUENCER
LOCATION + DISTRIBUTOR
WHO PAYS? HOW MUCH?
1) WHO VALUES & PAYS? 2) HIGH VALUE SEGMENTS + ROI HIGH RISK SEGMENTS INCENTIVES TO PRESCRIBERS KEY METRICS
3) HOW EFFICIENTLY REACH ECONOMIC BUYER? WHERE DO LOW COST + HIGH ACTIVATION, JOURNEY INTERSECT? WHICH PARTNERS ALREADY OWN RELATIONSHIP WITH BUYER/PATIENT?
ACTIVATION 4) WHAT ACTIVATES PRIMARY USER? WHEN IN JOURNEY?
5) WHERE IN JOURNEY TO INFLUENCERS + SPECIALISTS INTERVENE?
6) WHICH PARTNERS + THIRD PARTIES DELIVER NEW EXPERIENCE + CARE?
RETENTION VALUE
7) WHAT BRINGS USER BACK? MONITORING OR SUBSCRIBER BIZ? ADD-ON REVENUES?
8) HOW TO CONTINUE TO ENGAGE INFLUENCERS + BENEFIT FUTURE CARE INTERACTIONS?
9) HOW CAN PARTNERS RE-ACTIVATE, CONTINUE TO ENGAGE USERS, RE-SELL CONSUMABLES, ADD ONS?
HOW IS SOLUTION DISCOVERED? WHY WILL THEY CHANGE & ADOPT? PSYCHOLOGY AROUND BUYING
ECONOMIC BUYER PRICE VERSUS VALUE
ONE-TIME USE? CHRONIC SUBSCRIBER? LIFETIME VALUE VS COST OF REACHING
IS A PRESCRIPTION REQUIRED? NON-TRADITIONAL INFLUENCER? KOL? EMPLOYER? DISCHARGE NURSE?
WHERE IS THE BEST EXPERIENCE? NEW MODES/PLACES TO REACH RETAILER, HOME, APP STORE, ECOM… WHICH CHANNELS REACH USERS/DOCS?PATIENT, PCP, CAREGIVER, PARENT….
© HACKING MEDICINE INSTITUTE
OBSERVE
PITCHDESIGN
TEST +
LEARN
PITCH to efficiently communicategather external feedback(in)validate problems/solutionsand recruit team
NEEDS = validated problems = jobs to be donebig, painfulclear biz model
DESIGN PROCESSNEEDS>PITCH>FEEDBACK>TEST>DATA
© HACKING MEDICINE INSTITUTE
EXPERIMENTAL PLANKEY METRICS, CLEAR HYPOTHESIS, QUICK DATA CHEAPLYIF METRIC DOES NOT CHANGE BEHAVIOR, IT IS A BAD METRIC
© HACKINGMEDICINE.MIT.EDU
DESCRIBE THE PROBLEM: ________________________________________________________________________________________________________
DESCRIBE MIN VIABLE PRODUCT: ________________________________________________________________________________________________________
EXPERIMENT HYPOTHESIS: ________________________________________________________________________________________________________
EXPECTED OUTCOME: ________________________________________________________________________________
SUCCESS CRITERIA: ________________________________________________________________________________
KEY PARTNERS FOR EXPERIMENT ________________________________________________________________________________________________________
VARIABLES TO TEST: ________________________________________________________________________________________________________
CLINICAL METRICS (i.e. OUTCOMES, PAIN SCALE, DIAGNOSIS RATE, COMPLICATION RATE, READMISSION RATE) TECHNOLOGY METRICS (i.e. PERFORMANCE, SPECIFICITY, SELECTIVITY, FAILURE RATE, COST PER TEST) CUSTOMER METRICS ( i.e. SATISFACTION, RETURN VISITS, REPLY/CALL-BACK RATE) BUSINESS METRICS (i.e. USER ADOPTION, COST, BUYING DECISIONS, TIME REQUIRED, EFFICIENCY
HOW LOWER BARRIERS TO DATA GENERATION? ____________________________________________________________
WHO/HOW MEASURES? ______________________________________________________________________(INCENTIVE OR AGENCY PROBLEMS?)
WHAT ARE YOU DE-RISKING? ______________(USER ADOPTION RISK, SAFETY RISK, TECHNOLOGY RISK, MANUFACTURING RISK, SALES RISK, ETC)
TARGET POPULATION ________________________________________________________________________________________________________
SUB-SEGMENT POPULATIONS & COMORBIDITIES ____________________________________________________________
IS THERE A CONTROL GROUP?____________________________________________________________________________
SELECTION BIASES?_____________________________________________________________________________________
EXPERIMENT SAFETY ISSUES ________________________________________________________________________________________________________
HOW DOES THIS MAXIMIZE LEARNING? ________________________________________________________________________________________________________
WHAT CAN YOU TEST FAST + CHEAP? ________________________________________________________________________________________________________
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