List of figures; List of contributors; 1. The business of healthcare innovation in the Wharton School curriculum Lawton R. Burns; 2. The pharmaceutical industry: re-booted and re-invigorated Jonathan P. Northrup with Marina Tarasova and Lee Kalowski; 3. Pharmaceutical strategy and the evolving role of mergers and acquisitions (M&A) Lawton R. Burns, Sean Nicholson and Joanna P. Wolkowski; 4. The biotechnology sector - therapeutics Cary G. Pfeffer; 5. Biotechnology business and revenue models: implications for strategic alliances and capitalization Stephen M. Sammut; 6. The medical device sector Kurt H. Kruger and Max A. Kruger; 7. The healthcare information technology sector Adam C. Powell and Jeff C. Goldsmith; 8. Healthcare innovation across sectors: convergences and divergences Lawton R. Burns, David M. Lawrence and Stephen M. Sammut; Index.
Second edition of a wide-ranging analysis of business trends in the manufacturing segment of the healthcare industry.
Lawton Robert Burns, Ph.D., MBA is the James Joo-Jin Kim Professor, Professor and Chair of Health Care Management and Director of the Center for Health Management and Economics at the Wharton School, University of Pennsylvania.
'Burns has produced an exceptional successor to [the first edition
of The] Business of Healthcare Innovation with this new edition.
The original made an important contribution to those of us who work
and invest in the life sciences. The updated and expanded chapters
on challenges and possibilities for the pharmaceutical and
biotechnology industries, the new insights into the potential of
digital health, and the overall theme of convergence of
technologies into an innovative model of modern medicine, make
[this] a timely and valuable volume.' G. Steven Burrill, CEO,
Burrill and Company
'Innovation is the answer to the cost and quality challenges in
health care today. Despite its importance, few scholars have
offered a comprehensive assessment of innovation in medicine - what
it is, how it arises in specific sectors, and what are the barriers
to achieving transformation of health care. This ambitious work
makes a substantial contribution to our understanding of this key
concept in health care.' Kevin A. Schulman, Professor of Medicine
and Gregory Mario and Jeremy Mario Professor of Business
Administration, Duke University
'Every entrepreneur, no matter whether they be inexperienced or
experienced, biotech or device, scientist or business person, needs
to read [The] Business of Healthcare Innovation. It is not enough
today to have a great idea; successful startups require knowledge
of the past, present and future of the … industry if they want a
real shot at making a difference.' Mark Levin, Partner and
Co-Founder, Third Rock Ventures
'Since the first edition of The Business of Healthcare Innovation,
the workings of the industry have become even more complex,
intertwined, and tricky to navigate. The industry's evolution is
effectively captured in this successor edition which includes
important updates relevant to traditional and newer, 'maverick'
innovators who will find the insights and frameworks described to
be invaluable.' Peter A. Tollman, Senior Partner and Managing
Director, The Boston Consulting Group
'For an industry that serves the needs of patients with innovative
medicines, there are few scholarly books that analyze the
underlying business of the life sciences. The Business of
Healthcare Innovation addresses this important need with a
thoughtful and engaging analysis of the pharmaceutical and
biotechnology sectors. I particularly enjoyed the discussion on
biotech, including discussions on the range of business models and
on the symbiotic relationship of biotech companies with pharma. If
you're interested in the 'business of science', this is really
worth a read!' John Maraganore, CEO, Alnylam
'This book is the authoritative text on the medical device
industry. The authors combine extensive research with intimate
insights to distil a complex topic to its essential ingredients.'
Dan Starks, Chairman and CEO, St Jude Medical
'Several significant efforts by government and the private sector
are underway to transform health care. These efforts center on
diverse performance-based reimbursement mechanisms that bind those
who provide care with those who purchase care. As Burns astutely
notes, these efforts appear to view those organizations that
provide products and services to the industry as incidental to the
transformation of care. This view is a mistake. Companies that
deliver innovative advances in the life sciences, medical devices
and health information technology can be and are significant
contributors to our collective efforts to improve care. Vaccines,
medical imaging, pacemakers and electronic health records are
examples of these contributions. The Business of Healthcare
Innovation does an exceptional job of describing the nature,
challenges and contributions of the companies that produce these
products and services. This understanding is essential …' John
Glaser, CEO, Siemens Health Services
'This book does an excellent job of breaking down [a] complicated
subject into its unique elements and analyzing each in a clear,
direct style that illuminates the key issues facing this rapidly
changing industry. The discussion of the sources of, and
impediments to, device innovation are particularly welcome. I
recommend this astute analysis to healthcare executives,
policy-makers, investors, innovators and anyone else who wants to
understand the critical importance and future direction of the
medical device industry and medical device innovation.' Michael A.
Mussallem, Chairman and CEO, Edwards Lifesciences Corporation
'Health care looms as the central issue for the swarm of baby
boomers seeking the goal of wellness in this decade. This primer by
Robert Burns and his colleagues nicely summarizes the challenges of
developing new technologies that will be relevant and affordable.
How will health care reform influence the health care industry to
innovate and invest in new technologies? What will new regulatory
approaches do to early stage investment in new therapies? How will
the United States remain a net exporter of medical device and
pharmaceuticals that is the envy of the rest of the world? Can
uncommon profitability in the device sector be perpetuated? How are
the processes of research and development, collaboration, mergers
and acquisitions different in the pharmaceutical, biotechnology and
medical device industries? The answers can be found in this
articulate and well referenced text.' Stephen Oesterle, Senior
Vice-President, Medtronic
'Lawton Burns provides an excellent overview of the competitive
dynamics of the medical technology sector which has had
increasingly [significant] effects on health service costs and
outcomes. Understanding the dynamics of this sector is important
for all future health care leaders and this comprehensive and
accessible book provides first-rate coverage of the subject.'
Regina Herzlinger, Harvard Business School
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