Medical entrepreneurship

MEDICAL ENTREPRENEURSHIP

Can doctors be entrepreneurs?

At a school of Medicine, students are trained to be MBA at the same time

At MBAH program of the same famous Graduate School,

Entrepreneurship is a desired elective

1. Running hospitals2. Starting clinics and diagnostic centers;3. Starting pharmas4. Research5. Running businesses unrelated to medical practice

Many doctors are engaged in business entrepreneurship:

Why are so many doctors entrepreneurs?

Built to be entrepreneurs

1.Sustained efforts (marathon duty, study, exams)

2.Focus3.Helping others

Traits developed in MD training:

Study of word algorithm: MEDICAL ENTREPRENEURSHIP

Entrepreneurship: “Creating something from virtually nothing “ (bootstrapping)

“Creating something of value with resources one does not have control of”

Are cures by MDs/meds miracles?

Activities related to entrepreneurship:

Weekly exercises at MBAH - What is new? NU 10

Imitation:

TREATMENT PROTOCOLS

Machines and medical equipment

Creativity involves:

Basic and Applied Research

Office Design

New cures and protocols

Innovation:Creating items/process of lower value to higher value:

1. industrial to commercial establishment

2. Ordinary room to ICU

3. Surgery to stem cell therapy

4. Surgery to laparoscopy

5. Radiation to monoclonal cancer

therapy

Invention:

1. RF Scalpels

2. RF instead of fat removal by surgery

3. Prosthesis

1. RF scalpels2. RF instead of fat removal by surgery3. Prosthesis4. Cheaper cautery equipment5. Cryosurgery6. Diagnosis of diabetes from eye implants

4. Cheaper cautery equipment

4. Cryosurgery

5. Diagnosis of diabetes from eye implants

What can be new?

Primary

Target

PTM

Bond

MAIN VALUE PROPOSITION

1. Key Activities2. Key Resources3. Key partners (often overlooked: pharma, suppliers, banks, Philhealth, HMOs)

FINANCIALS

What can be new:

INPUTS

What can be new:

OUTPUTS Level of Customer Service

Complaint reduction (mortality rate in hospital

Examples of new:

Foreign models of ENTREPRENEURSHIP

“Intelligence and capability are not enough. There must be the joy of doing something beautiful.”

– Dr. G. Venkataswamy

“Making a dent in global blindness”

Devi Prasad Shetty is an Indian philanthropist and a cardiac surgeon. He has leveraged economies of scale to provide affordable healthcare.

Both are from India

Vision – to the be McDo of cataract surgery in India

Does a $5.00 cataract hospital

Practices economies of scale, use of non nursing grads as nurse, cross subsidy

The Aravind Eye Care System – An Ophthalmic Mark of Excellence

- a philanthropist cardio thoracic surgeon

- his hospital does a $1,200 bypass operation, $10 hemodialysis

- Practices cross subsidy, economies of scale, and partnering with foundations to help the poor/indigent get operated on.

Devi Prasad Shetty

When you are admitted in Dr. Shetty’s hospital, the concern is the cure of the patient, not the money issue; money will come they say….

Connect with foundationOpening account to solicit funds

What should inspire you?

1. Your mission as an MD is to help others (oath as an MD)

2. Your greater purpose in life – to live in the loving presence of God. What will you say to God when you face Him

Examples of what is new?

Use of ordinary plastic bag for colostomy bag

Suka plastic bottle for thoracic drain

Prosthesis designed by artist

Portable cautery unitUse of ordinary ice cream container for cataract surgery

Other examples:1. No cash out for delivery using Philhealth2. P5t for cataract surgery (using in batch

enzymes) 3. Clinics and hospitals whose MVP is to

train residents, rather than profit.4. Obtaining equipment for government

hospital using Sumpaico formula

Others:1. Software for integrated hospital admin:

admission, billing, accounting, records2. Apps for lab results3. Software for lab results4. Partnering with suppliers for equipment5. Pharma on every floor6. Pharma serving the public7. Fast foods in hospital

The Makati Medical Center Case

MMC story – turn around from losses

1. Use of solar and wind turbines2. Use of banks to collect fees/admission3. Use of cooperatives to run Pharma to be vat

free and thus lower med costs, lower losses from pilferage

4. Mall within the hospital for added revenue5. Use of technology for admission and record

keeping

Research:1. Alzheimer Fund – resulted in decline

Alzheimer cases. 2. Michael Milken Prostate Foundation –

resulted in 25% decline in deaths from prostate cancer. Efficient, effective – 5 page paper and 90 days turn around

Basic and applied research being run as a VC, or enterprise - many

outputs, results, less inputs.

What will you love doing to help mend the broken our outdated health care system

MDs can and will be entrepreneurs; must in a medical school MD – MBA program

Thank you

Presentation by: Jorge U. Saguinsin

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