Upload
gitano
View
24
Download
0
Embed Size (px)
DESCRIPTION
University Perspectives on Innovation: September 28, 2005 BMES-IDEA meeting. William R. Brody President, The Johns Hopkins University. Subtitle: Bill Brody’s Recipe for Successful Entrepreneurship – Top 10 Do’s and Don’ts. Disclaimer. Caution: - PowerPoint PPT Presentation
Citation preview
Johns Hopkins University
William R. BrodyWilliam R. Brody
President, The Johns Hopkins UniversityPresident, The Johns Hopkins University
University Perspectives on University Perspectives on Innovation:Innovation:
September 28, 2005September 28, 2005BMES-IDEA meetingBMES-IDEA meeting
Johns Hopkins University
Subtitle: Bill Brody’s Recipe for Subtitle: Bill Brody’s Recipe for Successful Entrepreneurship –Successful Entrepreneurship –
Top 10 Do’s and Don’tsTop 10 Do’s and Don’ts
DisclaimerDisclaimer
Caution: Caution:
The views expressed in this presentation represent those of William R. Brody and should not be construed to represent the official position of The Johns Hopkins University, which, in any event, doesn’t have an official position, because no one can really speak for the entire university
Achtung!Achtung!
The material presented herein, other than that The material presented herein, other than that stolen (or borrowed) by the author is the subject stolen (or borrowed) by the author is the subject of a pending patent application by the author. of a pending patent application by the author. Any use, reproduction, quotation, or other use of Any use, reproduction, quotation, or other use of this material without first obtaining a license (or this material without first obtaining a license (or material transfer agreement) from William R. material transfer agreement) from William R. Brody and The Johns Hopkins University Office Brody and The Johns Hopkins University Office of Technology Licensing is expressly verboten. of Technology Licensing is expressly verboten. Such license negotiations shall not take longer Such license negotiations shall not take longer than 36 months to complete.than 36 months to complete.
Technology Transfer:Technology Transfer: Started in 1884 Started in 1884
1876 Johns Hopkins University Founded
In 1879 Johns Hopkins chemistry professor Ira Remsen discovers saccharin.
In 1884 assistant Constantin Fahlberg patents it.
Early Approach to PatentingEarly Approach to Patenting While at U. Chicago in 1942, While at U. Chicago in 1942,
Russell Morgan invents the x-ray Russell Morgan invents the x-ray phototimerphototimer
The University sells the patent for The University sells the patent for $1 to GE$1 to GE
Morgan moves to Johns HopkinsMorgan moves to Johns Hopkins
U of C solicits Mrs. Morgan for U of C solicits Mrs. Morgan for donationdonation
The “Mertonian Tradition” --The “Mertonian Tradition” --Open ScienceOpen Science
In 1970 Nobelists Dan In 1970 Nobelists Dan Nathans and Hamilton Nathans and Hamilton Smith publish discovery Smith publish discovery of restriction enzymesof restriction enzymes
““It never even occurred It never even occurred to us” to seek a patentto us” to seek a patent
The Bayh-Dole Act of The Bayh-Dole Act of 19801980
Intended to promote the commercialization Intended to promote the commercialization of government-sponsored researchof government-sponsored research
Prompted by low rate of licensing patents Prompted by low rate of licensing patents from government research (many of which from government research (many of which were defense-related)were defense-related)
Intent was Intent was notnot to create a new revenue to create a new revenue stream for universities (though that effect stream for universities (though that effect was seen as a possible benefit)was seen as a possible benefit)
Technology Transfer Technology Transfer Revenue GrowthRevenue Growth
0200400600800
10001200
FY1991FY1992FY1993FY1994FY1995FY1996FY1997FY1998FY1999FY2000
Revenue in $ millions
Source: AUTM Licensing Survey FY2000
U.S. Universities Gross Licensing Revenue – FY1991 to FY2000
Universities Vary Widely in Universities Vary Widely in Generating Licensing IncomeGenerating Licensing Income
InstitutionInstitution
Licenses Licenses ActiveActive
Income in Income in FY2000FY2000
Av. Av. Income Income per per LicenseLicense
ColumbiaColumbia143143 $138,562,0$138,562,0
0000$ 969,000$ 969,000
U. PennU. Penn 4545 $ $ 26,493,00026,493,000
$ 589,000$ 589,000
U. Ca. SystemU. Ca. System 781781 $261,522,0$261,522,00000
$ 335,000$ 335,000
EmoryEmory 4646 $ $ 10,672,00010,672,000
$ 232,000$ 232,000
Johns HopkinsJohns Hopkins 166166 $ $ 14,376,00014,376,000
$ 87,000$ 87,000
BaylorBaylor 115115 $ $ 9,415,0009,415,000
$ 82,000$ 82,000
U. WashingtonU. Washington 385385 $ $ 30,213,00030,213,000
$ 78,000$ 78,000
HarvardHarvard 163163 $ $ 12,195,00012,195,000
$ 75,000$ 75,000
U. PittsburghU. Pittsburgh 4747 $ $ 3,259,0003,259,000
$ 69,000$ 69,000
Washington U.Washington U. 255255 $ $ 8,396,0008,396,000
$ 33,000$ 33,000
Source: AUTM Licensing Survey FY2000
Why is this?Why is this?
Success in patent licensing requires one ‘big hit’ -- akin Success in patent licensing requires one ‘big hit’ -- akin to winning the jackpot at Las Vegasto winning the jackpot at Las Vegas
One big hit makes the licensing portolio profitable – this One big hit makes the licensing portolio profitable – this drives tech transfer offices to focus on the potential home drives tech transfer offices to focus on the potential home runrun
Must identify the one potential big hit from a sea of Must identify the one potential big hit from a sea of possible invention disclosurespossible invention disclosures
Picking Winners -- how good are we?Picking Winners -- how good are we?
John SimpsonJohn Simpson
Julio Palmaz Julio Palmaz
Paul BottomleyPaul Bottomley
Cardiac Surgery as a model Cardiac Surgery as a model for innovationfor innovation
Development of Valve Development of Valve Replacement SurgeryReplacement Surgery
Dr. Charles P. Bailey – First successful mitral valve Dr. Charles P. Bailey – First successful mitral valve commissurotomy, June 10, 1949 -commissurotomy, June 10, 1949 -no companyno company
Dr. C. Walton Lillehei – VSD closure using cross-Dr. C. Walton Lillehei – VSD closure using cross-circulation (1954) -circulation (1954) -MedtronicMedtronic
Dr. Richard DeWall – Heart Lung Machine using Bubble Dr. Richard DeWall – Heart Lung Machine using Bubble Oxygenator (1955) -Oxygenator (1955) -Bentley LabsBentley Labs
Dr. Albert Starr – First successful mitral valve Dr. Albert Starr – First successful mitral valve replacement with Starr-Edwards ball-valve prosthesis, replacement with Starr-Edwards ball-valve prosthesis, August 25, 1960. -August 25, 1960. -Edwards LaboratoriesEdwards Laboratories
Cardiac Surgery as a model Cardiac Surgery as a model for innovationfor innovation: : Many Companies Many Companies
SpawnedSpawned Edwards LaboratoriesEdwards Laboratories Shiley LaboratoriesShiley Laboratories
Bentley Laboratories Pacesetter (Siemens)Bentley Laboratories Pacesetter (Siemens)
Medtronic Medtronic Hancock Labs Hancock Labs
Advanced Cardiovascular Systems (Guidant)Advanced Cardiovascular Systems (Guidant)
Boston ScientificBoston Scientific Cordis (J&J)Cordis (J&J)
St. Jude Medical St. Jude Medical VentritexVentritex
So you want to start a So you want to start a company?company?
1.1. IdeaIdea
2.2. Intellectual property Intellectual property
3.3. Investment CapitalInvestment Capital
4.4. Management TeamManagement Team
5.5. Define your personal objectivesDefine your personal objectives
1.1. Make money?Make money?
2.2. Get your idea into clinical practiceGet your idea into clinical practice
3.3. Win a Nobel PrizeWin a Nobel Prize
4.4. Stay at the university & get tenureStay at the university & get tenure
5.5. Move into the commercial sectorMove into the commercial sector
How to Avoid Making MistakesHow to Avoid Making Mistakes
Recipe for SuccessRecipe for SuccessMedical StartupsMedical Startups
Top 10 ListTop 10 List1.1. 510 K rather than PMA510 K rather than PMA
2.2. Recurring revenue stream Recurring revenue stream
3.3. Significant barrier to entrySignificant barrier to entry
4.4. Low development costLow development cost
5.5. Cost effective/less invasive/safer/better = must Cost effective/less invasive/safer/better = must be clearly evidentbe clearly evident
Recipe for SuccessRecipe for SuccessMedical StartupsMedical Startups
Top 10 ListTop 10 List6.6. New or rapidly emerging market with no New or rapidly emerging market with no
dominant competitordominant competitor
7.7. Avoid Inventor’s ParanoiaAvoid Inventor’s Paranoia
8.8. Don’t serve two masters (conflict of Don’t serve two masters (conflict of commitment)commitment)
9.9. Minimize Conflict of InterestMinimize Conflict of Interest
10.10. Be LuckyBe Lucky
Louis Pasteur:Louis Pasteur:
““Chance favors the prepared mind.”Chance favors the prepared mind.”
Advice to the entrepreneur:Advice to the entrepreneur:
When you have become successful, When you have become successful, give generously back to your universitygive generously back to your university
(and if you didn’t go to a university in (and if you didn’t go to a university in the United States, please donate to the United States, please donate to
Johns Hopkins University)Johns Hopkins University)
The EndThe End
ReferencesReferences
On the TakeOn the Take, Jerome P. Kassirer, M.D. (2005, Oxford , Jerome P. Kassirer, M.D. (2005, Oxford University Press)University Press)
Universities in the MarketplaceUniversities in the Marketplace, Derek Bok (2003, , Derek Bok (2003, Princeton University Press)Princeton University Press)
Los Angeles Times:Los Angeles Times: articles on conflict of interest articles on conflict of interest among NIH senior scientists by David Willman, among NIH senior scientists by David Willman, December 7, 2003 and December 22, 2004 December 7, 2003 and December 22, 2004
COI Dilemma (as stated by COI Dilemma (as stated by Kassirer)Kassirer)
““Where does the line exist between advancing Where does the line exist between advancing the cause of science and the betterment of the cause of science and the betterment of patient care on the one hand, and the pecuniary patient care on the one hand, and the pecuniary interests of the physicians collaborating with interests of the physicians collaborating with industry to produce these advances on the industry to produce these advances on the other?”other?”
““I cannot be bought”I cannot be bought”
““Thre is little doubt that substantial sums of Thre is little doubt that substantial sums of money induce physicians to drift across the line, money induce physicians to drift across the line, and as they do, financial conflicts of interest can and as they do, financial conflicts of interest can cause great damage.” – J.P. Kassirercause great damage.” – J.P. Kassirer
Effects of Funding Source Effects of Funding Source on Study Outcome on Study Outcome
Study on thromboembolic complications of 3Study on thromboembolic complications of 3 rdrd generation contraceptive agents by Richard generation contraceptive agents by Richard Smith in British Medical JournalSmith in British Medical Journal Funded by public money (e.g., NIH): showed Funded by public money (e.g., NIH): showed
thromboembolic complications occurred with thromboembolic complications occurred with 33rdrd generation contraceptive agents generation contraceptive agents
Funded by pharma: No complications Funded by pharma: No complications recordedrecorded
BlankBlank
BlankBlank
BlankBlank
BlankBlank