The Rutgers Mini-MBA™: BioPharma Innovation features focused learning experiences and case studies on vital subject areas in today’s rapidly changing industry environment. Ten sessions are delivered in three-hour modules. Topics may include:
Modeling the Return on Investment in Research and Development (R&D)
Pharmaceutical firms make critical high-risk investment decisions on R&D in an environment where most products will fail and any financial returns may be 10 to 15 years into the future. In this module, participants will learn how those decisions are made in practice. The module begins with standard capital budgeting techniques, but then delves into the complexity of real-life decision making, covering common forecasting biases rooted in human psychology and techniques for modeling uncertain cash flows.
Key Takeaways:
- Learn capital budgeting models, including Net Present Value (NPV), Internal Rate of
Return (IRR), and Payback Period. - Learn behavioral elements of decision making that often result in suboptimal
decisions. - Learn common forecasting techniques, including scenario and regression
analyses.
Innovating Forward with Emerging Technologies
This module introduces the concepts of big data and artificial intelligence and their impact on biopharmaceutical innovation. Examples are presented that explore the adoption of AI throughout healthcare, as well as applications in drug discovery. Also explored are the current limitations of AI and the need to think critically about the extent to which the technology can impact the biopharmaceutical industry.
Key Takeaways:
- AI is already imbedded throughout industry, including biopharmaceuticals.
- The efficiencies brought about by AI will eliminate some jobs, while creating others.
- Innovating with AI requires both humans and computers working cooperatively together.
Innovation in the Biopharmaceutical Industry
This module introduces the types of innovation and business concepts for successfully managing innovation. The importance of people, culture, and teamwork to successful innovation is discussed. Also presented are key issues for optimizing an organization's innovative resources and capabilities. Challenges facing stakeholders in the healthcare industry are explored.
Key Takeaways:
- Successful innovation requires vision, organization, and tenacity.
- Together, people and corporate culture can either drive or block innovation.
- Being able to communicate your ideas clearly and concisely is a key to success.
Intellectual Property
This module introduces the key concepts of intellectual property and how they relate to the Biopharmaceutical Industry. In addition to an overview of copyright law, the module focuses on trademarks, patents and trade secrets as applied specifically to the Biopharm Industry.
Key Takeaways:
- Intellectual Property is an invaluable asset to a biopharm company Albeit an intangible one.
- Choosing trademarks requires approval of multiple government agencies, USPTO and FDA that increase complexity.
- Hatch-Waxman Act adds complexity to life-cycle management for biopharm patent holders and generic competitors.
Pharmaceutical Strategic Alliances
The goal of this module is to provide students with a working knowledge of the four key aspects of strategic alliances. The first aspect is determining what the firm wants to access from the outside world. The second aspect is finding it in an efficient way. The third aspect is negotiating a contract. The final aspect is managing the alliance to success.
Key Takeaways:
- This module will provide the students with tools, metrics and management techniques to succeed in each of the four aspects.
- Alliances allow the firm to access leading edge technology from small and medium size companies
- Successfully utilizing the tools positions the firm as the "Pharmaceutical Partner of Choice"
Ethics and Strategy and Life Sciences
This module will help participants understand the role that ethical choices play in determining a life sciences firm's business strategy. We will discuss what a business strategy is, and why making difficult choices is key to creating competitive advantage. We will then explore why ethics plays a prominent role in a firm's business strategy through a case discussion of a recent pricing decision for a life saving drug. Finally, a framework for aligning one's business strategy with ethics strategy will be reviewed to help participants make sense of their company's positioning.
Key Takeaways:
- Life sciences companies face unique ethical challenges due to the nature of the product and business model
- Strategy is about making difficult choices so that the firm can create differentiation from competitors
- Corporate social responsibility (CSR) is about shaping the external environment to be favorable to the business
Market Access
Payer customers look to reduce costs and increase quality by balancing innovation with cost to deliver affordable drug options. Demonstrating value is becoming increasingly important for pharmaceutical manufacturers to obtain favorable access for their branded drugs. This presentation explores the effectiveness of pricing strategy, prescription drug reimbursement, and contracting principles in the evolving healthcare market.
Key Takeaways:
- Pressure on pharmaceutical industry
- Impact of payer consolidations
- Value determination used in pricing and contracting
Working with Your Legal and Regulatory Teams
The goal of this module is to provide students tools to be sophisticated and effective consumers of legal and regulatory advice in a life sciences business. We will explore the legal framework that structures the development of and competition with corporate intellectual property as well as the legal aspects of business operations in an industry regulated by the FDA. Throughout, we will explore the roles of the corporate legal team and strategies for soliciting meaningful advice and turning it into positive business results.
Key Takeaways:
- Prepare the students to identify key areas of risk managed by their corporate legal team.
- Develop an understanding of the legal framework for competition in an industry driven by development of intellectual property.
- Gain specific insight into the FDA’s role in regulating life sciences companies, including enforcement tools and hot topics of recent regulatory focus.
Emerging from Disruption
This module explores the ever-changing ecosystem in the US. With change being a constant healthcare leader in the pharmaceutical industry need to understand and develop strategies that address current market drivers and prepare for an evolving and sometimes uncertain future. The “Emerging from Disruption” presentation explores foundation Aim of US healthcare initiated by the Affordable Care Act and the transformational trends changing how healthcare is bought, sold, and delivered.
Key Takeaways:
- Impact of the legislation on the pharmaceutical industry and our stakeholders (patients, providers, and payers)
- Trends driving change across functional stakeholders creating additional complexities
- Set the stage for what we can expect moving forward into the next decade.
Understanding the Supply Chain and What Makes It Work
An introduction and overview of supply chain operations specific to the Pharmaceutical Industry covering from the foundational supply chain practices to the current advanced practices in Biopharmaceuticals and Gene/Cell Therapies. The goal of the course is to establish a basic understanding of the supply chain and current practices specific to the pharmaceutical industry. We will cover the fundamental functions and key processes that make the supply chain work from the raw material supplier to the end user.
Key Takeaways:
- Establish a basic understanding of how the supply chain works from planning to execution to final delivery.
- Give the students a basic understanding of the functional responsibilities associated with supply chain management.
- Gain insights to critical processes and practices unique to the pharmaceutical supply chain.
Biotechnology Commercialization
The process of developing and launching a new therapy, device or drug is complex and involves many steps. This module will explore the entire process, highlighting milestones in R&D, regulatory processes, market development, and post-marketing requirements. We will also cover establishing readiness to launch a new product in terms of medical, salesforce, payers, and patient services.
Key Takeaways:
- Complexities in developing innovation and how to overcome them
- The importance of regulatory relationships in the life cycle of a new drug, device or therapy
- How life science companies prepare to launch a new product, drawing on resources across the organization
- Critical success factors by functional areas
Program Overview
For an overview of our Mini-MBA: BioPharma Innovation program plus program benefits and outcomes, please click here.