Class 1- The Life Sciences Industry from Research to Patient Course

By Rex Rumsey, MBA ’25 Candidate

Fall 2024 Life Sciences Industry, Life Science Companies, and the Life Sciences Value Chain Course

Class 1 Agenda– Definition and Distinguishing Characteristics of the Life Sciences Industry, Pricing and Payments, Quality Focus, Relationships with Customers and Patients, Regulatory Requirements, and Introduction to the course project.

IU students from health administration, management, business, engineering, biology, and various PhD programs had the privilege of learning from four exceptional leaders: Emily Elswick on corporate strategy, Derek Hicks on business development, and Isaiah “Izzy” Branam and Brandon Oberlin on start-ups and product development.

Emily, thank you for offering a comprehensive look into Medtronic’s strategies for enhancing performance, improving margins, and standardizing measurements. Your insights on prioritizing business objectives to drive growth, leverage scale, and boost cash flows were invaluable, all in service of Medtronic’s mission to alleviate pain, restore health, and extend life. The way you contextualized these strategies within your operating unit and the broader Medtronic organization was a great example of how large companies balance capital investments and R&D across OUs to meet demand and satisfy shareholders.

Derek, it was fascinating to delve into the future of large molecule therapies and Intellia Therapeutics, Inc.’s pioneering work on novel gene therapies. Your approach to strategically evaluating opportunities by weighing payoffs, costs, speed of development, and probabilities of success was incredibly insightful. The example of Bain Capital purchasing assets from Pfizer to form Cerevel, later acquired by AbbVie for $8.7B, vividly illustrated how strategic decisions to sell, purchase, or develop promising assets can be challenging but are crucial in shaping the trajectory of a company.

Izzy and Brandon, as a physical therapist, I’ve personally used virtual reality to support chronic pain patients, so your discussion on Relate XR innovative use of VR was especially inspiring. Your approach to using VR to help individuals visualize their future selves, make better long-term decisions, and engage in prosocial behavior for relapse prevention was brilliant. Your insights into digital mental health solutions and behavioral change reshaped my understanding of healthcare innovation, channel distribution, and reimbursement strategies for successful product launches.

Thank you all for sharing your time, wisdom, and encouragement. I look forward to collaborating with Relate XR and IU classmates as we continue pushing boundaries in healthcare!