mit hacking medicine institute - genomics adventures 2.0

GENOMIC HEALTH ADVENTURES

ROCK HEALTH GENOMICS REPORT 2016

ZEN CHU + SCOTT PACKARD PHD

© HACKING MEDICINE INSTITUTE

GENOMIC ADVENTUREShttp://arep.med.harvard.edu

CRISPR GENE EDITING NEAR TERM GENOMIC THERAPEUTICS

WE ALL HAVE VARIANTS

Rehm HL, et al, "ClinGen -- The Clinical Genome Resource", NEJM 372;23 June 2015 pp2235-2242. 15,000 subjects

Rehm HL, et al, "ClinGen -- The Clinical Genome Resource", NEJM 372;23 June 2015 pp2235-2242. 15,000 subjects

CRISPR GENE EDITINGEvidence.PGP-HMS.org

FRAGMENTING INTO LONG TAIL OF RARE DISEASES

LUNG CANCER

NGS CHALLENGES IS THE MARKET ACTUALLY READY?

Pharma companies are struggling to analyze the world’s genomic data

Scale

Complexity

Access Data are physically distributed and impossible to move because of regulatory, privacy, and competitive concerns

40 exabytes of genomic data by 2025 vs 2 exabytes of YouTube data

300M potential features for genomic data vs70k potential features for standard clinical data

HUGE DATASETS BREAK ALL THE TOOLS… PROGRAMS MUST TRAVEL TO THE DATA

GENOMES @ SCALE DATA + PARTNER PROBLEMS

Pharma, Biotech & CROs

Commercial Data Aggregators

Research Institutions

Medical Centers & Hospitals

Seamless experience for customers using data

3.Secure, distributed

queries & management

2.Curated data stored

with partners

1.

Answers

Money

Questions

MARKETPLACE COLLABORATIONS GIANT FEDERATED DATA STORES

CUROVERSE.COM

DATA SHARING TENSION

OPEN PROPRIETARY INSIGHT SHARING

? ?

WHERE ARE THE NETWORK EFFECTS?

ACTIVATED ONLINE PATIENT

COMMUNITIES

PATIENT ACTIVATION MAPSYMPTOMATIC

ASYMPTOMATIC

ACU

TE

CH

RON

IC

CATCH THE

EPISODIC PATIENT

SILENT KILLERS


CRISPR GENE EDITING

GENOMICS 2.0 FUNDING

2nd WAVE OF GENOMICS FUNDING

$100M $100M$313M$96M$226M$115M Series E $825M Market Cap

Lost $90M in 2015 Alone

HEAVY CAPITAL REQUIRED EACH HAVE UNIQUE NETWORK EFFECTS

GENOMICS EXPENSIVE…

!!!

WILLINGNESS TO PAY?

AGENCY PROBLEMS CONFLICTING INCENTIVES

HARD TO FIND WIN-WINS

TENSION BETWEEN STAKEHOLDERS

HENRIETTA LACKS

MASSIVE COST OF AWARENESS/ACTIVATON

EITHER TARGETING PHYSICIANS OR PATIENTS

BIOS


Scott D. Packard PhD, Principal, RNA Capital Advisors

Scott specializes in the assessment of healthcare and life science companies, products, technologies, and opportunities via the dual lenses of financial and market analysis in the settings of sell-side fundraising, buy-side diligence and investment analysis, and internal strategic positioning and decision-making including clients in the precision medicine space. Dr. Packard has been working at the intersection of healthcare providers, payers, investors, scientists, engineers, and executive teams for 14 years following his scientific-medical training. He also serves as an advisor and mentor to MIT Hacking Medicine

Prior to RNA, Dr. Packard was the Chief Operating Officer at MedPanel, a market research firm providing insights to help clients successfully develop, commercialize, and capitalize on biopharma, med-tech, diagnostic, and healthcare IT products. He has also held positions of Senior Consultant and Operations Director at The Advisory Board Company in Washington, DC, a healthcare focused global research, technology, and consulting firm where he ran consulting and research engagements and launched a technology assessment program called Technology Insights.

Dr. Packard holds a PhD from the MIT-Harvard Division of Health Sciences & Technology in tumor biology and medical imaging performed at Massachusetts General Hospital following a B.A. in Physics from Cornell University.

Zen Chu

Managing Director, AccelMed Ventures

Co-Founder of 4 med tech healthcare companies

Faculty Director, MIT Healthcare Ventures & Hacking Medicine Institute

Healthcare Entrepreneur + Investor

THANK YOU!

ZEN CHU

[email protected]@ACCELMED


SCOTT PACKARD PHD

[email protected]

HEALTHCARE STAKEHOLDERS


PROCESS

1) IDENTIFY BIG PAINFUL PROBLEMS 2) GO DEEP ON THE PROBLEMS TO INVALIDATE/VALIDATE 3) CHOOSE KEY CUSTOMER / USER 4) OPPORTUNITY = CUSTOMER + PROBLEM 5) VENTURE = OPPORTUNITY + BUSINESS MODEL


DISCIPLINEDENTREPRENEURSHIP.COM

PATIENT SYMPTOMS

USER + JOURNEYMAP THE EXPERIENCE OF DIAGNOSING, TREATING, MONITORINGPRIORITIZE FOCUSED HIGH-IMPACT SOLUTION AROUND ONE PLAYER

MONITOROR

PREVENT

EDUCATION+

ACTIVATION

DIAGNOSIS+

TESTS

SEGMENTS+

TREATMENTS

BIGGEST GAPS, COSTSOUTCOMES

MONITORING+

MANAGING

PATIENT

CAREGIVER

NURSE

IDEAL LOCATION:

PCP PHYSICIAN

PHARMACIST

SPECIALIST

CLINICAL PI

PRIORITIZE ONE PLAYER:

© HACKINGMEDICINE.MIT.EDUPICK A SPOT + GO DEEP

IMAGINE IF…IDENTIFY HIGH-PAIN PROBLEMS +TERRIBLE HEALTH EXPERIENCES

____________________________________________ (DISEASE, HOSPITAL, JOB…) WOULD BE AMAZING IF

____________________________________________ (USER, PATIENT, DOC…) COULD _________________________________.

IMAGINE IF ________________________________ (DEVICE) COULD ______________________________________(JOB/ACTION).

____________________________________________ (DISEASE, HOSPITAL, REHABILITATION…) WOULD BE AMAZING IF


____________________________________________ (DISEASE, HOSPITAL, REHABILITATION…) WOULD BE AMAZING IF


IMAGINE IF ________________________________ (USER) COULD ________________________________________(JOB/ACTION).

IMAGINE IF ______DOCTORS______ (USER) COULD RAPIDLY CROWDSOURCE DIAGNOSIS OPINIONS (JOB/ACTION).

IMAGINE IF ________________________________ (SERVICE) COULD _____________________________________(JOB/ACTION).


ELEVATOR PITCH TEMPLATE• I AM A _____________________ AND I CARE ABOUT ________________________________________

• MY GOAL IS TO IMPROVE

• EXPERIENCE OF ______________________________ (ALS PATIENT, CAREGIVER, ER NURSE…)

• QUALITY OF ______________________________ (CLINICAL METRIC, EXPERIENCE, PAIN…)

• ACCESS TO _______________________________ (SERVICE, EXPERTISE, PROCEDURE, PRODUCT)

• FREQUENCY/RATE OF ____________________________________ (TEST, BEHAVIOR, DX, SURG)

• EFFICIENCY OF _______________________________________ (TEST, DX, EXPERIENCE, SURG…)

• PROFITS OF _________________________________________ (PHARMACY, DOC, HOSP, FIELD…)

• FIRST TARGET CUSTOMER IS ___________________________________ (DESCRIBE SINGLE USER TYPE)

• THEY SUFFER FROM __________________________________________ (DISEASE, EXPERIENCE, PAIN…)

• WE CAN IMPROVE THEIR EXPERIENCE/HEALTH BY __________________________________________

• TODAY THEY SOLVE THIS BY __________________ BUT THE PROBLEM IS ________________________

• OUR SOLUTION IS TO ATTACK __________________________________________________________

• STARTING WITH ___________________________________________ (FOCUSED POPULATION)

• THEY WILL BE EARLY ADOPTERS BECAUSE __________________(PAIN, COST, RISK, FEAR, PAYER…)

• WE WILL REACH THEM THROUGH _____________ (CHANNEL, SPECIALTY, RETAIL, PHARMACIES…)

• IDEAL STRATEGIC PARTNERS _______________________________________________________

• BUT WE CAN ALSO ATTACK LARGER MARKET OF ________________________ (NEXT USER TYPE)

• OUR PRODUCT/SERVICE WILL BE PAID FOR BY __________________________________________

• BECAUSE THEY VALUE ____________________________________________ (UNIQUE QUALITIES)

© HACKINGMEDICINE.MIT.EDU

Market Adoption Risk Reimbursement + Consumer Drivers

Physician & Patient Adoption Distribution

Regulatory Risk Safety & Efficacy

Management Risk

Technology Risk

PRIORITIZE UP FRONT


Valu

e

Development Time

PRIORITIZE + TEST MARKET RISKWILL CUSTOMERS VALUE + CHANGE BEHAVIOR?

HACKMED BIZ MODEL10 STEPS TO DESCRIBE WHO USES, PRESCRIBES, PAYS, DISTRIBUTES

10) PITCH THE NEW EXPERIENCE: PRIMARY USER

PRESCRIBER ECONOMIC BUYER

INFLUENCER

LOCATION + DISTRIBUTOR

WHO PAYS? HOW MUCH?

1) WHO VALUES & PAYS? 2) HIGH VALUE SEGMENTS + ROI HIGH RISK SEGMENTS INCENTIVES TO PRESCRIBERS KEY METRICS

3) HOW EFFICIENTLY REACH ECONOMIC BUYER? WHERE DO LOW COST + HIGH ACTIVATION, JOURNEY INTERSECT? WHICH PARTNERS ALREADY OWN RELATIONSHIP WITH BUYER/PATIENT?

ACTIVATION 4) WHAT ACTIVATES PRIMARY USER? WHEN IN JOURNEY?

5) WHERE IN JOURNEY TO INFLUENCERS + SPECIALISTS INTERVENE?

6) WHICH PARTNERS + THIRD PARTIES DELIVER NEW EXPERIENCE + CARE?

RETENTION VALUE

7) WHAT BRINGS USER BACK? MONITORING OR SUBSCRIBER BIZ? ADD-ON REVENUES?

8) HOW TO CONTINUE TO ENGAGE INFLUENCERS + BENEFIT FUTURE CARE INTERACTIONS?

9) HOW CAN PARTNERS RE-ACTIVATE, CONTINUE TO ENGAGE USERS, RE-SELL CONSUMABLES, ADD ONS?

HOW IS SOLUTION DISCOVERED? WHY WILL THEY CHANGE & ADOPT? PSYCHOLOGY AROUND BUYING

ECONOMIC BUYER PRICE VERSUS VALUE

ONE-TIME USE? CHRONIC SUBSCRIBER? LIFETIME VALUE VS COST OF REACHING

IS A PRESCRIPTION REQUIRED? NON-TRADITIONAL INFLUENCER? KOL? EMPLOYER? DISCHARGE NURSE?

WHERE IS THE BEST EXPERIENCE? NEW MODES/PLACES TO REACH RETAILER, HOME, APP STORE, ECOM… WHICH CHANNELS REACH USERS/DOCS?PATIENT, PCP, CAREGIVER, PARENT….


USER + VENUE SEGMENTS


OBSERVE

PITCHDESIGN

TEST +

LEARN

PITCH to efficiently communicategather external feedback(in)validate problems/solutionsand recruit team

NEEDS = validated problems = jobs to be donebig, painfulclear biz model

DESIGN PROCESSNEEDS>PITCH>FEEDBACK>TEST>DATA


EXPERIMENTAL PLANKEY METRICS, CLEAR HYPOTHESIS, QUICK DATA CHEAPLYIF METRIC DOES NOT CHANGE BEHAVIOR, IT IS A BAD METRIC


DESCRIBE THE PROBLEM: ________________________________________________________________________________________________________

DESCRIBE MIN VIABLE PRODUCT: ________________________________________________________________________________________________________

EXPERIMENT HYPOTHESIS: ________________________________________________________________________________________________________

EXPECTED OUTCOME: ________________________________________________________________________________

SUCCESS CRITERIA: ________________________________________________________________________________

KEY PARTNERS FOR EXPERIMENT ________________________________________________________________________________________________________

VARIABLES TO TEST: ________________________________________________________________________________________________________

CLINICAL METRICS (i.e. OUTCOMES, PAIN SCALE, DIAGNOSIS RATE, COMPLICATION RATE, READMISSION RATE) TECHNOLOGY METRICS (i.e. PERFORMANCE, SPECIFICITY, SELECTIVITY, FAILURE RATE, COST PER TEST) CUSTOMER METRICS ( i.e. SATISFACTION, RETURN VISITS, REPLY/CALL-BACK RATE) BUSINESS METRICS (i.e. USER ADOPTION, COST, BUYING DECISIONS, TIME REQUIRED, EFFICIENCY

HOW LOWER BARRIERS TO DATA GENERATION? ____________________________________________________________

WHO/HOW MEASURES? ______________________________________________________________________(INCENTIVE OR AGENCY PROBLEMS?)

WHAT ARE YOU DE-RISKING? ______________(USER ADOPTION RISK, SAFETY RISK, TECHNOLOGY RISK, MANUFACTURING RISK, SALES RISK, ETC)

TARGET POPULATION ________________________________________________________________________________________________________

SUB-SEGMENT POPULATIONS & COMORBIDITIES ____________________________________________________________

IS THERE A CONTROL GROUP?____________________________________________________________________________

SELECTION BIASES?_____________________________________________________________________________________

EXPERIMENT SAFETY ISSUES ________________________________________________________________________________________________________

HOW DOES THIS MAXIMIZE LEARNING? ________________________________________________________________________________________________________

WHAT CAN YOU TEST FAST + CHEAP? ________________________________________________________________________________________________________