Solving complex global health challenges calls for innovation in the many domains that shape current thinking about the field: medicine, economic development, public health, product engineering, anthropology, design thinking, and the emerging science of healthcare delivery. But what’s often missing in the mix is entrepreneurship.
A new breed of entrepreneurs is making headway in global health. Some are challenging the status quo by launching new ventures while others work with public, private and non-profit organisations. By developing novel applications of technology and analytics, improving processes and starting businesses, these innovators are developing brand new solutions to global health challenges. Creating clinically effective offerings that people choose over existing alternatives requires a deep understanding of relationships, dynamics and context. Doing this with an eye to improving the quality, sustainability and reach of healthcare in emerging markets calls for innovators who are ready to tackle the complexities of global health.
It’s important to provide education and training for this new breed of entrepreneurs because the wrong kind of failure comes at too high a cost. Too much pivoting, and public trust is eroded. A misstep may even harm patients. Innovators need to be creative and agile, but they also need to invest in the groundwork, a combination of imperatives that can be difficult to follow when building a business.
Building Sustainable Healthcare Systems through Innovation and Entrepreneurship, MIT-King’s College of London Summit, May 22, 2019
What role can innovators and entrepreneurs play in overcoming global health challenges, creating a safer and healthier world, and driving global prosperity?
Join us for an #Innovate4Health Twitter chat on Wednesday, May 15 at 9 a.m. Boston / 2 p.m. London time.
The featured experts are Georgina Flatter (@GeorgieMIT), Research Scientist at the Legatum Center for Development and Entrepreneurship at MIT, and Prashant Jha (@drpjha), Head of Affordable Medical Technologies at the School of Biomedical Engineering & Imaging Sciences at King’s College London. Suranga Chandratillake (@surangac) of Balderton Capital, will be leading the discussion as host. Together, they will discuss how innovators and entrepreneurs around the world are challenging what is possible in healthcare and driving global progress.
Watch Andrew Lo, the economist, hedge fund manager, and finance professor at MIT Sloan, discuss his idea to bring Wall Street-style financial engineering to solving one of the most pressing medical problems of our time: curing cancer and rare diseases. Professor Lo’s proposal—the creation of a “megafund” that invests in early-stage biomedical research and drug development —holds promise for new treatments and medicine to fight cancer and other diseases. Robert Langer, the noted entrepreneur, scientist, and Institute Professor at MIT, also appears on the program to talk about bringing investors on board..
Andrew W. Lo is the Charles E. and Susan T. Harris Professor at the MIT Sloan School of Management and director of the MIT Laboratory for Financial Engineering.
There is a growing consensus that the “bench-to-bedside” process of translating biomedical research into effective therapeutics is broken. A confluence of factors explains such pessimism but among the most widespread is the sense that the current the drug development business model is flawed. The development of new therapeutics is an expensive, lengthy, and risky process that challenges traditional funding vehicles, which are limited in size, Read More »