Progress in medical innovation stands as a catalyst for worldwide economic growth. Whether within pharmaceuticals, medical devices, biotechnology, information technology, or a fusion of these advancements, the potential advantages extend significantly to private businesses and societal well-being. However, due to long development times and rigorous regulations, these innovative concepts require a lot of financing to establish their presence in the market. Consequently, assessing the value of novel medical innovations remains crucial.
Intended Learning Outcomes
Upon completing this course, Ph.D. students should be able to:
- Concisely outline the core of innovative medical industry technologies or procedural designs to validate such innovations.
- Apply the diverse skill sets of young professionals from various disciplines to work interdisciplinary.
- Identify and learn the methodology of researching intellectual property rights associated with new medical technologies.
- Employ databases to gauge the potential scope of a market and perform a comprehensive written and verbal analysis.
Teaching and Learning Activities
The primary objective of this course is to empower researchers with the proficient capability to effectively assess the worth of emerging technologies or processes within the medical industry.
The learning will build on” real cases” from challenge providers from various Swedish organizations, encompassing scientists, physicians, and engineers who harbour fresh ideas for innovations or processes. Site visits to industry partners, MedTech’s, Biotech’s and Pharma companies to explore their innovation strategies, learn market insights and expand students’ professional network. Students will explore different presentation techniques and interdisciplinary communication strategies. A multifaceted evaluation process considers pivotal factors such as market size and potential, intellectual property dynamics, and the anticipated return on investment. Underlying this framework, student teams will actively participate in creating a comprehensive market assessment.
The teaching will be a unique combination of skills from the Karolinska Institute and the Carlson Management School, utilizing blended activities, workshops, and teaching material to highlight and contrast the similarities or differences between different geographical regions and regulatory bodies.
Through collaborative teamwork, Ph.D. students from Karolinska will embark on a dynamic journey with peers from Minnesota University to conduct a rapid yet comprehensive market analysis of promising medical technologies and services. By engaging in this process, students will gain valuable insights into a spectrum of domains, ranging from university-driven innovations to the intricate operations of venture firms and the creative minds of inventors. This hands-on experience will give them a holistic understanding of how innovation and entrepreneurship intersect in medical technology, fostering a keen awareness of the challenges and opportunities ahead in this dynamic industry.
Grades and Form of Assessment
Compulsory elements
Attendance is mandatory for all participants. Replacement activities can compensate for absence.
Examination
The grade will be determined by the assessments carried out within the framework of the course. Grading will be contingent upon faculty member evaluations and innovation provider feedback, collectively contributing 70% to the overall grade.
Furthermore, 30% of the grade will be determined on the group’s final written assignment, a report delivery, which includes the following:
- An executive summary
- A detailed product description
- A comprehensive market demand analysis
- A fundamental assessment of intellectual property
- A pro forma return on investment analysis
- A conclusive recommendation
Literature
Information and material presented at the mandatory sessions. Recommended extra reading material will also be presented.
