Guest Post by Wm. T. Oravecz
I recently attended a panel discussion on Advancing Health Care Innovation, hosted by the Bio-Life Sciences & Healthcare Alumni Group of the University of Chicago’s Pritzker School of Medicine and Graduate School of Biological Sciences.
The panelists included Marina Bozilenko, Head of Biotechnology and Pharma for William Blair & Company; Dr. John Edelson, Venture Partner at Ascent Biomedical Ventures & CEO/President at Anterios; Karen L Katen, Trustee for the University of Chicago & Senior Advisor at Essex Woodlands Health Ventures and Dr. Anne L Taylor, Vice Dean for Academic Affairs at Columbia College of Physicians and Surgeons.
It was discussed how in the past decade, there was a tremendous “free lunch” and now all the “low hanging fruit” in the pharma industry was finished, venture capital returns have not been good and “oh yeah” our current economy, hence a shrinking capital pool. Universities are feeling a new pressure to do translational rather than basic research. Is that what they should be doing? Sure, it pays! But are those appropriate academic pursuits?
Whether we’re talking about pharma/biotech, medical devices or healthcare IT the solutions are probably the same. Corporations and universities must enhance their collaborations. They must exercise more disciplined in their decision-making processes. They need to roll-up their sleeves and get closer to improving operations. Sounds like it’s time to “straighten up and fly right”.
Wm. T. Oravecz is Managing Partner of WTO Associates LLC. and a contributing expert to HITECH Answers. Mr. Oravecz has 26 years of experience, holding various senior management positions with major IT solutions and healthcare technology firms. He holds a MBA from University of Connecticut and a SM in Radiology from the Pritzker School of Medicine at the University of Chicago. Contact him at: woravecz@wto-associates.com