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BioMedShip

BioMedShip. Purdue University and Indiana School of Medicine Tim Folta, Ph.D. (Krannert School of Business) George Wodicka, Ph.D. (Weldon School of BME) Keith March, M.D. (Indiana School of Medicine) Alyssa Panitch, Ph.D. (Weldon School of BME). Basic Format for Class.

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BioMedShip

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  1. BioMedShip Purdue University and Indiana School of Medicine Tim Folta, Ph.D. (Krannert School of Business) George Wodicka, Ph.D. (Weldon School of BME) Keith March, M.D. (Indiana School of Medicine) Alyssa Panitch, Ph.D. (Weldon School of BME)

  2. Basic Format for Class • OneSemester: 3 hour lecture, 1 hour practicum • Student Composition • PhD or MS Biomedical Engineering • MBA Krannert School • Projects Identified by Industrial Advisory Board or Clinicians • Clinical Advisors (IUSOM) • Deliverables: Clinical Need Assessment, Technological and Business Solution, Provisional Patent, Business Plan

  3. Unique Features of Program • Industrial Advisory Board Identifies Clinical Needs • This provides and opening for students to communicate with industry • Provides clinical needs to large markets • 360º Feedback • Reimbursement/Regulatory consultant • Venture capital • Business development • Course directors

  4. Challenges and Solutions • Challenge: Identifying good clinical needs has been a challenge • It is easy to identify clinical needs, but often the market is 10-100 devices/per year. • Solution: Industrial advisory board identification of needs has been a huge help • Challenge: MBA student focus • Solution: Engage 1st year students

  5. Technologies • Clinical Need: Docking Station for continuous glucose monitoring • Team found market very crowed and team lacked some of the technical expertise • But, patients wanted a different solution for incidents of hypoglycemia • Team is commercializing a new device for self-treatment of hypoglycemia • Won elevator pitch competition • Finalist in Global Idea to Product Competition • Semi-Finalist in Purdue Life Science business plan competition

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