Innovation: Strategy, Successes and Challenges
Total Page:16
File Type:pdf, Size:1020Kb
Innovation: Strategy, Successes and Challenges Presentation to Research Administrators Discussion Group April 14, 2016 Christopher Coburn Vice President, Innovation PHS Strategies to Enhance Revenues from Industry & Commercialization • Create an integrated “front door” for industry – Streamline contracting process, enhance efficiency – Expand IRB services: agreements with commercial IRBs, focus on improving turn-around-times • Launch a Clinical Trials Office – Establish clinical trials office, with close ties to CCI (BWH), CRP (MGH), McLean, and Spaulding • Leverage key Partners investments – eCare – Big Data Commons – creating commercialization opportunities w/Big Data initiatives and analytics (e.g., integrating siloed datasets: phenotyping, imaging, genetics/genomic, etc.) – PHS Biobank Innovation Confidential – do not copy or distribute 2 Operating Thesis • As largest academic research enterprise, PHS has unrivaled potential. If it: – better organizes its enormous capabilities, – actively leverages its strategic assets, – more effectively engages industry, – better exploits its prized Boston home, – increases its “innovation brand” and – runs Innovation like a business . • . it can derive significantly greater financial and patient benefits from the creativity of its clinical, research and administrative staff and its organizational standing Innovation Confidential – do not copy or distribute 3 Revenue Growth Revenue Growth $140 ($M) $120 $100 $80 $60 $40 $20 $0 FY13 FY14 FY15 FY16 FY17 FY18 Innovation Confidential – do not copy or distribute 4 Increased Potential Research ($B) Active IP Applications $2.0 800 $1.5 600 $1.0 400 $0.5 200 0 $0.0 2011 2012 2013 2014 2015 2007 2015 80 Innovation FTEs (budget) Investigators 4000 60 3000 40 2000 20 1000 0 0 2011 2012 2013 2014 2015 FY13 FY14 FY15 Innovation Confidential – do not copy or distribute 5 Market Sectors Cancer & Dermatology Anesthesia Neuroscience Radiology Cardiovascular Medicine & Surgery Orthopedics Business Venture Pathology & Plastics & Pulmonology Pediatrics Rheumatology Development Regen Medicine . Market Sector Pat Fortune, PhD Jon Behr, PhD Sepi Hashemi Leader Phil Trung Roger Licari Do Kitterman Carl Berke, PhD Director Dan Castro Jim Roberts Emy Chen, PhD Seema Basu, PhD Nancy Lugn Meredith Fisher PhD Jay Knowles Revenue Goal $13M $23M $2M $3M $3M $1M $6M $1M $33M $9M $5M $103M* Invention Goal 550 87 71 34 79 85 38 81 53 22 License Goal 31 16 10 53 22 8 47 13 12 212 Research Volume* $1.5B* $300M $60M $42M $266M $94M $102M $445M $75M $62M TRIALS $50M $3M $4M $41M $6M $20M $161M $1M $7M FTE Count 4 2 2 3 3 2 2 1 3 3 3 • Clinical “verticals” with senior industry executive leading each Sector • Unique strategy set in each • Deep domain knowledge; hospital leadership engaged by Department • Cohesive, tailored offerings to industry • Industry perspectives to faculty by Sector • Industry workflow expert leading operations Innovation Confidential – do not copy or distribute 6 Innovation Advisory Board Duke Collier Paul LaViolette Joe Cunningham, MD Neil Exter Jean-François Formela, MD Adele Gulfo IAB Chair IAB Vice Chair, Santé Ventures Third Rock Ventures Atlas Ventures EVP, Mylan SV Life Sciences Michael Greeley Steve Gullans, PhD Andy Hurd Ed Kania Keith Kerman, MD Barbara Lubash Flare Capital Partners Excel Ventures CEO, MedeAnalytics Flagship Ventures Riverside Company Versant Ventures Amir Nashat, PhD Steve Oesterle, MD Ben Pless Russ Richmond, MD, Sue Siegel Steve Weinstein Polaris Ventures NEA CEO, CEO, Advanced GE Ventures Novartis Ventures Autonomic Technologies Practice Strategies Innovation Confidential – do not copy or distribute 7 Working With Innovation: Cancer/Pathology Market Sector Cancer/Pathology Capabilities Invention/Discovery, IP Protection, Licensing, Industry Sponsored Research Patrick Fortune PhD Daniel Castro Senior Market Sector Leader Director, Business Strategy and Licensing 857-307-2473 857-307-2470 Innovation Confidential – do not copy or distribute 8 Working With Innovation: Cardiovascular Market Sector Cardiovascular Capabilities Invention/Discovery, IP Protection, Licensing, Industry Sponsored Research Sepideh Hashemi Jacob Pierson Market Sector Leader and EIR Licensing Manager 857-307-2444 857-307-2446 Innovation Confidential – do not copy or distribute 9 Individual Process Contact your Our team works We provide LM with you Unmet IP: Models for collaboration need/Problem you Is it novel, has are trying to solve utility non obvious? Patent strategy, filing and licensing What is the proposed Market: Agreements product/service? Is there interested partner to sponsor Facilitation with PIF research or develop Connection to Trial Office 1 week 4-8 weeks Depends on external collaborator Innovation Confidential – do not copy or distribute 10 1 Operating Model Care Path Novel Unmet Needs Disease Insights Integration/ Intervention Optimization Market Sectors: Market Pull with Technology Push Triage Well Value Catalyze Unmet Need Proposition/ • Manage Assets & Idea Generation Translation Connect to • Relationships Potential/Leverage Funding Deliver Tangible Value Engage with Other Areas • Relationship Division IP Protection • Diverse/current/broad • – Investigators • Leaders Outlook Set IP Patent Portfolio • – Industry Cultivate – FDA approval Strategy Compelling SRA • – Investors • Connections – Adoption Strategic Alliances IP/FTO • Identify/ – Reimbursement • Thriving Spin-offs • Innovation Team and • nurture Partnership • Digitally-Enabled Care • Tactical Program • prolific Potential Effective Management innovators – Industry Development – Investors – Foundations Innovation Confidential – do not copy or distribute 11 The Full Package The problem that you are trying to solve The solution and benefits (ex: reduce x/improve y, both clinical and economic) The offering (What is the product, platform or service?) Proof points (Data that is already available that validates the hypothesis, results presented (?) and publication in progress (?),physician affiliations (institutions) interested in early involvement, animal models that are highly relevant Stage of IP (Pending application covering XXX, IP portfolio overview) Management team (Names, years of cumulative healthcare, clinical and start-up experience); envisioned teams for regulatory, IP support. Market opportunity worldwide (Scale of problem, immediate market , market expansion, envisioned risks to market development and physician adoption) Market opportunity US Possible other related projects for the company Competition/Competitive landscape: Are there other companies working to develop such a device, compound, diagnostic or service? Any even addressing the problem, what are they, advantages and disadvantages of existing therapies. What is the competitive advantage that this solution will offer? Healthcare Economics: Understanding of opportunities and barriers to adoption Regulatory If you are aware of current FDA guidelines Development plan with Timeline Phases to develop, Key milestones, Time to market Exit plan Aiming for $X: Acquisition by a strategic partner What is the ask XX dollars to fund ABC Innovation Confidential – do not copy or distribute 12 Partners Innovation Fund - $100M Fund I $35M (2007), 25 companies -> $100M (2016) Portfolio enterprise value >$2.2B 5 exits, 26%IRR, $23M returned Adheron Anti-Cad-11 antibodies for treatment of RA, NASH, other indications Acquired by Roche in October 2015 for $580 million Annovation Safer anesthetic agent Acquired by Medicines Company February 2015 CoStim Pharmaceuticals Cancer immunotherapeutics around TIM-3 Acquired by Novartis in February 2014 Editas Company IPO in 2016 8.5x return; Market Cap >$1B QPID Health Acquired by eviCore February 2016 Fund II raises total to $100M Innovation Confidential – do not copy or distribute 13 113 PHS Spin-offs in MA (203 WW) Licensed Technology Alchimist Cambridge Devices, Inc. Alito Scientific Inc. Canthera Therapeutics Alopexx Pharmaceuticals Cerebrotec Alopexx Vaccines Chylack Incorporated Amasa Technologies Inc Colonary Concepts American Xeno, Inc. Commissure Inc. Annovation Biopharma CoStim ARGIL Imaging Cytocure LLC Avekshan LLC Deltix AviTx Inc. Descartes Therapeutics AZ Therapies Diacrin, Inc. BIND Therapeutics Empathetics, LLC BioEngine EndoLumina Solutions Biomodels, LLC eNOS Pharmaceuticals BioTransplant Inc. Epix Pharmaceuticals, Inc. Bixzen Therapeutics Functional Pharmaceuticals Gamete Technology, Inc. Ra Pharmaceuticals, Inc. General Fluidics RaNA Therapeutics, Inc. GI Company Raze Therapeutics HanGenix Renalworks Medical Harmonie Group, Inc. Riparian Pharmaceuticals Health Image, LLC RSTAR Inanovate, Inc. Sentien Biotechnologies, Inc. Investors Bio-Tech, Ltd. ShiftWork Systems, Inc. Lysosomal Therapeutics Sirtris Pharmaceuticals, Inc. MegaCell Therapeutics Solace Pharmaceuticals, Inc. Mercury Therapeutics, Inc. Spero Therapeutics MiRTLE Medical, LLC Synostics Inc. Equity Ownership Molecular Insight Syntonix Pharmaceuticals ArcherDx Hepregen Provasculon MoMelan T2 Biosystems, Inc. Ascelegen Therapeutics ImmuneXcite QPID Health Neuroptix Tal Medical Blend Therapeutics KDAC Therapeutics Quartet Medicine NinePoint Medical Teleos Pharmaceuticals Combinent BioMedical Life Image Rodin Therapeutics NitroMed, Inc. Tensha Therapeutics Cytrellis Biosystems Link Medicine Selecta Biosciences Nyx Devices Transkaryotic Therapies, Inc Daktari Diagnostics Nanopharma Spero Therapeutics On-Q-ity Vactex, Inc. DecImmune Therapeutics Newton Labs Symbiotix Biotherapies Orthopedic Technology Verinata