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Dispatches from Silicon Valley ... Opening Keynote: Larta 15th Annual Life Science Forum
Colleagues,
MedTech-IQ member Rohit Shukla's 15th Annual Life Science Forum opened at the scenic Fairmont Hotel in San Jose, California with a standing room only keynote presentation by Richard N. Foster, Managing Partner, Millbrook Management Group LLC. Mr. Foster a former Director and Senior Partner of McKinsey & Company, founded and lead McKinsey’s technology and healthcare sectors. Mr. Foster is currently a Director of Trust Company of the West, Athena Healthcare, the Council for Aid to Education, Cardax Pharmaceuticals, the Memorial Sloan Kettering Institute and the Council on Foreign Relations.
Mr. Foster noted we are currently experiencing a "market failure" in medical technology commercialization, and that we need to rethink the relationship between academia, industry and government to optimize the massive medical R&D investment embodied in the federal "Stimulus" program. After noting the seminal contribution that the Bayh Dole Act has made to technology transfer, Mr. Foster suggested that we need to collectively consider a number of initiatives to markedly improve our national capacity to translate medical innovation from academia to marketplace. They included:
- Establishment of an accelerator system in which academic institutions bundle intellectual property, and efficiently leverage government funding, specialized management talent, entrepreneurs and venture capitalists to spin out multiple start-ups. This sounds to me a lot like what Leroy Hood, founder Amgen and Applied Biosystems, is pursuing in Seattle with the Accelerator Corp.
- Establishment of a DARPA-H (Health). DARPA has blazed a trail of market shifting innovations for DOD over a period of multiple decades, including funding the predicates for the Internet, GPS and UAVs. Mr. Foster suggests that a DARPA-H could have a similar impact on high risk, high payoff medical innovation.
- In-Q-Tel: The U.S. intelligence Community has successfully formed a quasi-governmental venture capital firm to accelerate the development of technologies relevant to their various missions. The Department of Health and Human Services could potentially form a similar group to accelerate high priority medical technology.
- Tax Credits. Aggressive capital gains related tax relief can be provided to medical innovations brought to market.
All in all, a thought provoking and stimulating start to the 2009 Larta Life Science Venture Forum.
ENJOY!
CC
MedTech-IQ member Rohit Shukla's 15th Annual Life Science Forum opened at the scenic Fairmont Hotel in San Jose, California with a standing room only keynote presentation by Richard N. Foster, Managing Partner, Millbrook Management Group LLC. Mr. Foster a former Director and Senior Partner of McKinsey & Company, founded and lead McKinsey’s technology and healthcare sectors. Mr. Foster is currently a Director of Trust Company of the West, Athena Healthcare, the Council for Aid to Education, Cardax Pharmaceuticals, the Memorial Sloan Kettering Institute and the Council on Foreign Relations.
Mr. Foster noted we are currently experiencing a "market failure" in medical technology commercialization, and that we need to rethink the relationship between academia, industry and government to optimize the massive medical R&D investment embodied in the federal "Stimulus" program. After noting the seminal contribution that the Bayh Dole Act has made to technology transfer, Mr. Foster suggested that we need to collectively consider a number of initiatives to markedly improve our national capacity to translate medical innovation from academia to marketplace. They included:
- Establishment of an accelerator system in which academic institutions bundle intellectual property, and efficiently leverage government funding, specialized management talent, entrepreneurs and venture capitalists to spin out multiple start-ups. This sounds to me a lot like what Leroy Hood, founder Amgen and Applied Biosystems, is pursuing in Seattle with the Accelerator Corp.
- Establishment of a DARPA-H (Health). DARPA has blazed a trail of market shifting innovations for DOD over a period of multiple decades, including funding the predicates for the Internet, GPS and UAVs. Mr. Foster suggests that a DARPA-H could have a similar impact on high risk, high payoff medical innovation.
- In-Q-Tel: The U.S. intelligence Community has successfully formed a quasi-governmental venture capital firm to accelerate the development of technologies relevant to their various missions. The Department of Health and Human Services could potentially form a similar group to accelerate high priority medical technology.
- Tax Credits. Aggressive capital gains related tax relief can be provided to medical innovations brought to market.
All in all, a thought provoking and stimulating start to the 2009 Larta Life Science Venture Forum.
ENJOY!
CC
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