BU Professor Explores Consumer Choice Accuracy
Boston University’s Questrom School of Business recently looked into a new study published in the Journal of Health Economics that explores how standardized health insurance plans affect consumer choice.
Friday Morning News & Notes: MBA Leadership, Tristan Walker and More
Good morning and happy Friday!
Here are a few stories you may have missed from the week that was …
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Want To Be A Hospital Administrator? An MBA Can Help.
The idea of a hospital may be especially foreboding for some, but for many others it represents endless opportunity, along with a true chance to help those in need. And while a hospital typically is seen as a home to medical personnel such as doctors and nurses, such facilities simply couldn’t run without the help of someone with the skills to organize, manage and efficiently operate such a complex and interdisciplinary workplace.
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St. Thomas Is Transforming Healthcare Business Education With The MCTM
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At first glance, a career in medicine—whether in a laboratory, clinic, or hospital—and a career in business appear to have little in common. However, that’s not the case. According to the most recent 2016 mba.com Prospective Students Survey completed by the Graduate Management Admission Council, 8 percent of MBAs ended up with a job in Healthcare/Pharmaceuticals.
There’s just one problem with that. An MBA is a large commitment, and the cost can be too high for many potential candidates who have already gone through years of schooling to earn their MD or Ph.D. For others, the potential ROI of an MBA isn’t worth the time required to be spent outside of work.
The good news is there’s another option available from the University of St. Thomas Cameron School of Business: a Master’s in Clinical Translation Management (MCTM).
Master in Clinical Translation Management (MCTM)
“The MCTM program offered at the University of St. Thomas is truly one-of-a-kind,” said Dr. Beena George, Dean of the University of St. Thomas’ Cameron School of Business. “It is a technology commercialization program focused on the life sciences and is managed by a business school. Students get deep exposure to all facets of the clinical translation process because of our close collaboration with Houston Methodist Research Institute.”
What Is Clinical Translation Management?
So, what exactly is a Master’s in Clinical Translation Management? First, you need to understand clinical translation, which is the process of turning basic discoveries that occur in laboratories into usable drugs, medical devices, or clinical processes.
“This commercialization process is highly regulated and capital-intensive, and requires business expertise to achieve the desired goals,” explained Dr. George. “As an example, drug development can cost upwards of one billion dollars and take over ten years to reach the market, representing staggering investments in capital and human resources. Many of these development projects fail along the way, and pharmaceutical companies are raising the price tags in return for taking on higher risks. To avoid such failures and bring therapies and products to clinical use faster, a combination of scientific knowledge and business expertise is necessary.”
It’s a quickly growing field that requires a deep knowledge of biotechnology as well as business and regulatory savviness, all necessary to assess a product’s commercial potential and to navigate the pathway of clinical translation. “The MCTM program endows students with a solid understanding of the unmet needs of the biotech sector,” said Dr. George.
Where do Clinical Translation Manager’s Work?
There are many different types of organizations looking for people to fill their clinical translation needs. Examples include:
- Pharmaceutical and biomedical device firms such as GE Healthcare, Johnson & Johnson Innovation, and Medtronic, Inc.
- Technology transfer offices at research organizations
- Life sciences management consulting firms
As for the reason behind the program’s existence, “It responds to a global need to make the translational process faster and more efficient,” explained Dr. George. “It also addresses a regional need. Much research in the life sciences area is done at and near the Texas Medical Center and in Houston. The business/commercialization talent required to support the development of a life sciences industry in this region would contribute positively to the economy.”
Who Should Apply for the MCTM Program?
The MCTM Program is ideal for anyone currently working in a medical, research, or science position. “It’s for the individual who is committed to bringing therapies and products to markets faster and passionate about addressing the inefficiencies in the process,” Dr. George said.
And while undergraduate students aren’t barred from attending, admissions decisions are based on your work history, meaning that those who would receive the greatest benefit are those who already have professional experience. In particular, the MCTM Program would be highly beneficial to individuals who already have a post-doctorate degree—either an MD or Ph.D.
If you’re in healthcare and looking to expand your business acumen, then this is the program for you. “It allows students to bridge the worlds of science and healthcare in a way that is innovative and creative, allowing graduates to explore a range of careers spanning the management of clinical trials to various business roles,” Dr. George explained.
MCTM Program Outline
One of the greatest benefits of the MCTM Program is the fact that it’s completely online with the exception of 4 weeks of residency.
“Technology today enables educators to develop and deliver interactive and adaptive learning programs that maximize the learning outcomes for each student,” described Dr. George. “At the same time, it allows a level of convenience and flexibility that maximizes access for students anywhere.”
And the residency complements the online coursework, allowing students to reap the benefits of exposure to experts and technology in Houston and locations in Europe.
As for the coursework, it’s divided into easily digestible categories:
- Clinical Translation Process
- Marketing & Management
- Financial Management
- Ethical & Regulatory Issues
And at the end of the program, every student completes a capstone project that requires a completed business plan to shepherd research discoveries from the lab to clinical care. Some of these capstone projects have included: liver transplant assessment makers, wearable brain stimulators, and a bone regeneration device.
“Working under the guidance of faculty advisors with regulatory and business expertise, students will work on translational projects to develop the regulatory and commercialization strategies for the projects,” said Dr. George. “The program brings together coursework, practical experience, and opportunities to connect with the right networks to offer a learning experience that few programs would be able to match.”
MCTM Medical Partnerships
Many of the unique learning experiences available from MCTM are because of the Program’s partnerships with the Houston Methodist Research Institute as well as healthcare and biotech organizations in Europe. It’s through these partnerships that students have the opportunity to:
- Access a global and collaborative network of faculty who are experts in their fields.
- Attend seminars and didactic programs in areas of clinical and translational research.
- Explore translational research strategies and infrastructure that move medical research from concept to cure.
“Our partnership with the Houston Methodist Research Institute gives our students the opportunity to hear from the most respected experts in the field,” explained Dr. George. “It also gives our students access to networks and resources that deepen their understanding of the field and helps build their knowledge and skills to enter this area of business. We also offer students exposure to the European life sciences industry by leveraging out connections with an exchange partner in France.”
Apply Now
If you’re interested in the exciting and growing field of Clinical Translation Management, the Cameron Business School is now accepting applications for their fall class. You can find the basic admission requirements are on the University of St. Thomas website. Your application will be evaluated as whole, with an interview allowing the school to judge your interest and commitment.
UCLA Anderson To Add Business Analytics Degree This Fall
Next fall, the UCLA Anderson School of Management will add a Master of Science in Business Analytics (MSBA) degree program as a possible track for business graduate students.
Sloan Conference Addresses How Data Will Eliminate Human Error from Healthcare
MIT Sloan recently took a look at last month’s Sloan Healthcare and Bioinnovations Conference, in which health care professionals of all stripes discussed new digital tools that could use data insights from patients’ day-to-day lives to more accurately assess and make critical healthcare decisions while removing human error.
