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Innovator’s Business Series

The Innovator's Business Series features talks and informal discussions with thought leaders from academia and industry focused on best practices in translational science. Speakers present the perspective of successful innovators in translating scientific advances into public value. The theme of the series centers on the need for integrating technological and business innovation in the fields of biotechnology, healthcare, high-tech and alternative energy.

 

 

 

 

 

UPCOMING EVENTS
PAST EVENTS

Reforming the Business of Pharmaceutical Innovation

March 16-18, 2021

The Center sponsored a series of five workshops on the topic of Reforming the Business of Pharmaceutical Innovation. The mission of the Center is to "advance the translation of scientific discoveries to create public value," and each workshop addressed temporal issues related to the value created by both public and private sector investments in pharmaceutical innovation. Each workshop was led by a member of our research team and featured the perspectives of expert discussants along with vigorous, open discussion among participants that generated new insights and identified areas of research necessary to inform for the forward path. More information about each workshop is provided below.

Watch Workshop 2   Watch Workshop 3

Workshop 1: Assessing the value created by pharmaceutical innovation

Leader: Dr. Matthew Jackson | March 16, 2021 | 9:00am - 10:30am EST
Discussants: Peter Neumann (Tufts Medical Center), Kathleen Miller (Food and Drug Administration), Jonathan Darrow (Bentley University/Harvard Medical School), Tahir Amin (I-MAK), Rena Conti (Boston University) and Frank Lichtenberg (Columbia University)

From 2010-2019, 356 New Molecular Entities were approved for therapeutic applications, the products of >$180 billion in public sector investment in basic research[1] as well as hundreds of billions of dollars of private sector investment in development. This workshop asks whether these products are innovative, whether they address burdens of disease, how to assess the public value resulting from this investment, including both health and economic benefits. 

The goal of this workshop is to identify approaches and parameters for assessing the health value created by public and private sector investments in biopharmaceutical innovation. Learn more in the Executive Summary.

 

[1] Government as the First Investor in Biopharmaceutical Innovation: Evidence From New Drug Approvals 2010–2019. This work was funded, in part, by a grant from the Institute for New Economic Thinking.

Workshop 2: After the Business Roundtable Proclamation; moving from shareholder primacy to benefiting all stakeholders

Leaders: Dr. Fred Ledley & Dr. Öner Tulum[1] | March 16, 2021 | 10:30am - 12:00pm EST
Discussants: Ed Freeman (University of Virginia), Cynthia Clark (Bentley University), Pascale Lehoux (University of Montreal, Dept. of Health Management, Evaluation & Policy), Rick Wartzman (The Drucker Institute), Dana Brown (Democracy Collaborative), Rick Alexander (Shareholder Commons) and Judy Samuelson (Aspen Institute)

In 2019, the Business Roundtable issued a "Statement on the Purpose of a Corporation" that rejected the previously held position "that corporations exist principally to serve shareholders" and committed to a position that the purpose of companies is to "benefit of all stakeholders - customers, employees, suppliers, communities and shareholders.[2]" What does this mean for the biopharmaceutical industry? This workshop will explore the consequences of maximizing shareholder value, the business practices that perpetuate this purpose, and the changes necessary to assure the availability and affordability of innovative medicines that reduce the burden of disease.

The goal of this workshop is to identify key research questions that may better inform the pharmaceutical industry to serve the needs of all stakeholders. Learn more in the Executive Summary.

 

[1] Öner Tulum is from the Institute for New Economic Thinking.
[2] Statement on the Purpose of a Corporation.

Workshop 3: What is reasonable drug pricing and how can it be achieved?

Leader: Dr. Ekaterina Galkina Cleary | March 17, 2021 | 9:00am - 10:30am EST
Discussants: Ameet Sarpatwari (PORTAL/Harvard Medical School), Rosie Collington (UCL Institute for Innovation and Public Purpose), Peter Arno (Political Economy Research Institute, University of Massachusetts Amherst) and Sarah Emond (ICER)

The Covid-19 pandemic has highlighted longstanding public concerns about drug prices that compromise the affordability and availability of essential medicines, particularly in light of the substantial public sector investments in basic and applied science that enable pharmaceutical innovation. This workshop will explore what is meant by “reasonable drug pricing,” both for COVID and other diseases, and strategies for ensuring that medicines created from publicly funded science are affordable and available to that public.

The goal of this workshop is to conceptualize policies that recognize both the public and private sector investments in pharmaceutical innovation in ensuring reasonable drug prices. Learn more in the Executive Summary

Workshop 4: Modeling the impact of drug pricing policy on the pipeline of new drug approvals

Leaders: Dr. Gregory Vaughan & Sean Dickson[1] | March 17, 2021 | 10:30am - 12:00pm EST
Discussants: Mark Namchuk (Harvard Medical School), Bernard Munos (FasterCures, a center for the Milken Institute), Lawrence Stein (formerly Genetics Institute; Celgene; Wyeth), Richard Frank (Harvard Medical School) and Craig Wheeler (Headwaters Biotech Advisors)

In 2018, the global biopharmaceutical industry invested over $180 billion in R&D.[2] R&D spending represented ~16% of the $1.2 trillion in global pharmaceutical sales,[3] 40% of which from the United States, where drug prices are 3.7x higher than in comparator regions.[4] This workshop asks how proposed policies designed to lower drug prices[5] may impact pharmaceutical R&D spending and the pipeline of new therapeutics in the future.

The goal of this workshop is to identify factors ways to model the relationship between pharmaceutical revenue, R&D spending and the rate of new drug approvals in the future. Learn more in the Executive Summary.

 

[1] Sean Dickson is from the West Health Policy Center.
[2] The 2019 EU Industrial R&D Investment Scoreboard.
[3] Of other companies, only China contributed >10% of sales
[4] A Painful Pill to Swallow: U.S. vs. International Prescription Drug Prices. Prepared by Ways and Means Committee Staff, September 2019.
[5] For example, H.R.3 - Elijah E. Cummings Lower Drug Costs Now Act, 116th Congress.

Workshop 5: Beyond Bayh Dole - policy reforms to maximize the return of public value from federally funded science

Leader: Dr. Fred Ledley | March 18, 2021 | 9:00am - 10:30am EST
Discussants: Lita Nelsen (formerly MIT), Bhaven Sampat (Columbia University), Mark Edwards (BioScience Advisors), Lori Pressman (Independent Consultant), Jim Glasheen (formerly University of Massachusetts Medical School; Technology Partners Venture Capital) and Joe Allen (Joseph Allen & Associates)

The Bayh-Dole Act institutionalized the transfer of federally funded scientific advances from the public sector to industry where commercial development was expected to capture the public value embodied in innovative products, economic growth, and US-based jobs. The Bayh-Dole Act, however, may only apply to a small fraction of federally funded research that generates a “subject invention,” and may not capture the value of basic science.[1] This workshop will explore how the Bayh-Dole model may be reformed to advance the public return from federal investments in science.

The goal of this workshop is to suggest legislative approaches for ensuring an appropriate public return on public sector investments in basic and applied science. Learn more in the Executive Summary.

 

[1] US Tax Dollars Funded Every New Pharmaceutical in the Last Decade.

Book List

We would like to thank our discussants for their participation in our event. Due to the virtual nature of the meeting, we were unable to conduct book signings as we ordinarily do during our in-person events. However, we would still like to promote our discussants' work. Click here to view a list of books authored by some of our discussants.

Leading Innovation in a Time of Healthcare Change: Dana-Farber Cancer Institute

November 18, 2019

Dr. Edward J. Benz, Jr., MD, CEO and President Emeritus of Dana-Farber Cancer Institute spoke about Dana-Farber’s role in healthcare innovation and how this large institute interfaces with the advances and boundaries in science, public policy, philanthropy and industry. Dr. Benz explored the impediments to the effective translation of scientific advances for the public and how organizations can both successfully traverse these boundaries and exploit their synergies.

Watch Video

Dr Edward Benz
Dr William Lazonick

Innovation and Financialization in Pharmaceuticals

November 12, 2019

A fireside chat on the financialization of the pharmaceutical industry and its effects on drugs by Economist Dr. William Lazonick. The event is organized by the Center for Integration of Science and Industry and the Health Thought Leadership Network. Dr. Lazonick’s influential work on the financialization of American industry and the impact of stock buybacks on innovation include his 2014 article in Harvard Business Review titled “Profits Without Prosperity," which won the McKinsey Award for outstanding article in HBR in 2014. His views were recently featured in an article in New Yorker Magazine, "The Economist Who Put Stock Buybacks in Washington's Crosshairs."

Watch Video

Frugal Innovation Creating a Path to a Healthier Society

February 20, 2019

Businesses have the power to democratize innovation. However, the incentives of the business model are key to its outcomes. This fireside chat with Dr. Gary Nabel centered on frugal innovation and how economic incentives can align with good public health outcomes to de-risk the business of saving lives.

Watch Video

Frugal Innovation Event
From Basic Science to Biogen and Beyond

From Basic Science to Biogen and Beyond

November 1, 2018

Dr. Sharp explored the dynamic intersections of science with business and public policy, and how these interactions advance the public interest. Phillip A. Sharp is an Institute Professor (highest academic rank) at the Massachusetts Institute of Technology and member of the Department of Biology and the Koch Institute for Integrative Cancer Research.

Read the feature piece: Why Business and Science Need Each Other

Watch Video

From Basic Science to Better Medicines: A Conversation with Congresswoman Katherine Clark

April 23, 2018

The Congresswoman visited Bentley University for an important discussion about innovation in the biopharmaceutical industry with members of Bentley's faculty and local biopharmaceutical executives. It was a great opportunity to participate in a discussion of the government’s contribution to the basic science that leads to new medicines, and how the industry translates this science into innovative products and successful companies.

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From Basic Science to Better Medicines: A Conversation with Congresswoman Katherine Clark
Bringing New Medicines to Market: Translating Science into Commercial Success

Bringing New Medicines to Market: Translating Science into Commercial Success

April 3, 2018

In 2017, Biogen launched Spinraza, an innovative medicine for the treatment of Spinal Muscular Atrophy (SMA), a fatal disease of children. Spinraza was the first of a revolutionary class of drugs termed antisense therapeutics. In 2018, Spinraza is expected to generate over $1.5 billion in revenues for Biogen and their partner, Ionis Pharmaceuticals. Bentley alumnus Lance Colwell ’92, former Vice President for the U.S. Rare Disease Group at Biogen, and Wildon Farwell, Senior Medical Director of Clinical Development at Biogen, discussed the commercial launch of the revolutionary new product, Spinraza.

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Delivering on the Promise of Gene Therapy

February 6, 2018

After 25 years of anticipation, the first gene therapy product was approved in 2017. This is an amazing time in gene therapy and uniQure is a leader in the field. uniQure’s Chief Executive Officer, Matt Kapusta, will talk about creating transformative therapies for patients with rare diseases and the process of bringing innovative cures to market.

Watch Video

Delivering on the Promise of Gene Therapy
Innovation and Its Enemies: Why People Resist New Technologies

Innovation and Its Enemies: Why People Resist New Technologies

October 3, 2017

Professor Calestous Juma of the Harvard Kennedy School, joined us to discuss his recently published book, Innovation and Its Enemies: Why People Resist New Technologies, as part of our Innovator's Business Series.

Read the feature piece: Here's Why People Resist New Technologies

Watch Video

How the World's Most Successful Medicine was Developed: The Fusion of Science, Business, & Policy

September 21, 2016

Bentley University’s Center for the Integration of Science and Industry continued its lecture series “The Innovator’s Business,” hosting a panel discussion about the development of the world’s most successful medicine (Humira) in Worcester which exemplifies the power of effectively integrating science, business, and policy to develop therapies that change lives. Three critical contributors to this fusion discussed this landmark success of translational science: Governor Dukakis, Dr. Robert Kamen, and Mr. Robert Anderson. Robert Coughlin summarized the implications for today's biopharmaceutical industry.

Watch Video

How the World's Most Successful Medicine was Developed: The Fusion of Science, Business, & Policy
Innovation is 21st Century Healthcare; The Boston Children's Hospital Experience

Innovation is 21st Century Healthcare; The Boston Children's Hospital Experience

March 26, 2016

Bentley University’s Center for the Integration of Science and Industry continued its lecture series “The Innovator’s Business,” hosting speaker Sandra Fenwick who spoke about Innovation in 21st Century Healthcare; The Boston Children's Hospital Experience.

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The Business of Healthcare Reform

 October 19, 2015

Bentley University’s Center for the Integration of Science and Industry continued its lecture series “The Innovator’s Business,” hosting speaker Dr. Donald Berwick who spoke about The Business of Healthcare Reform: What it looks like and what we should do.

Learn More About Dr. Berwick

The Business of Healthcare Reform
Innovation for a Sustainable Sea Symposium

Innovation for a Sustainable Sea Symposium

April 22, 2015

Bentley University’s Center for the Integration of Science and Industry continued its lecture series “The Innovator’s Business,” hosting speakers Nigella Hillgarth, Brian Helmuth, Ronald Stotish, Michael Jay Walsh, and Joshua Boger who spoke about the potential and challenges of new technologies in protecting oceans, coral reefs and fisheries while providing food and energy for a growing population. 

Dr. Hillgarth’s Presentation  Dr. Helmuth’s Presentation Discussion with Drs. Hillgarth & Helmuth Dr. Stotish’s Presentation  Dr. Walsh’s Presentation Dr. Boger’s Presentation  Watch Panel Discussion

The Inside Story of Vertex Pharmaceuticals: From Billion Dollar Dream to $25 Billion Dollar Company

November 19, 2014

A fireside chat with Barry Werth, Author of The Billion Dollar Molecule and The Antidote. Moderated by Aaron Nurick, author of The Good Enough Manager.

For two decades, acclaimed author, journalist, and historian Barry Werth had unprecedented access to the inner workings of Vertex Pharmaceuticals. Werth described Vertex’ founding as a venture-based start-up company in his book The Billion-Dollar Molecule, a celebrated classic of science and business journalism. Now in The Antidote, he returns to tell the riveting story of Vertex’s two decade quest to discover and develop breakthrough medicines and the company’s stunning success. More real than any case studies, Werth’s books capture the broad scope of what it really takes to build a 25-billion dollar company.

Watch Video

The Inside Story of Vertex Pharmaceuticals: From Billion Dollar Dream to $25 Billion Dollar Company
Innovator's Business Series: Insights

Innovator's Business Series: Insights

May 8, 2014

The Center for Integration of Science and Industry at Bentley University focuses on understanding, and accelerating the translation of scientific discoveries for public value.  Researchers from the Center described insights from the Center’s first two years, including measures of the value provided by translational science, use of a novel TIMETM metric to assess technological readiness for innovation, as well as strategies to improve the value created by advances in biomedicine and energy research. Speakers included Fred D. Ledley, MD, Laura McNamee, PhD, and Michael J. Walsh, PhD. Nancy Hsiung, PhD, served as rapporteur and discussed how the Center’s work can impact industry.

 

Josh Boger Speaks About Managing in Balance

February 25, 2014

Bentley University’s Center for the Integration of Science and Industry continued its lecture series “The Innovator’s Business,” hosting key-note speaker Josh Boger who spoke about "Managing in Balance" and the underlying business principles to manage businesses in a sustainable and socially responsible manner. Examples discussed included Vertex Pharmaceuticals and Wesleyan University. 

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Josh Boger Speaks About "Managing in Balance"
Nick Donofrio Speaks on 21st Century Innovation

Nick Donofrio Speaks on 21st Century Innovation

November 14, 2013

The Center for Integration of Science and Industry co-hosted key-note speaker Nick Donofrio, Executive Vice-President for Technology and Innovation, IBM (retired) as part of the Innovator's Business Series. Nick Donofrio is a 44-year IBM veteran who lead IBM's technology and innovation strategies from 1997 until his retirement in 2008. To learn more about 21st Century Innovation and view a video of the talk, click the link below.  

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Deborah Dunsire Speaks at Innovator's Business Series

November 5, 2013

Bentley University’s Center for the Integration of Science and Industry, Center for Women and Business, and WEST continued the fall lecture series, "The Innovator's Business" with Dr. Deborah Dunsire, President and CEO Envivo Pharmaceuticals. Deborah Dunsire, MD, is an industry leader with 25 years of scientific, clinical, operational and commercial experience, and proven leadership in the bio-pharmaceutical industry. 

Read the Boston Business Journal article “Pharma CEO Deborah Dunsire shares career advice at Bentley” 

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Deborah Dunsire Speaks at Innovator's Business Series
Susan Windham-Bannister kicks off Fall Innovator's Business Series

Susan Windham-Bannister kicks off Fall Innovator's Business Series

October 17, 2013

Bentley University’s Center for the Integration of Science and Industry, kicked off its fall lecture series, “The Innovator’s Business” with key-note speaker Susan Windham-Bannister, PhD, President and CEO of Massachusetts Life Sciences Center on October 17, 2013. 

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Succeeding at the Inventor’s Business

February 27, 2013

Three inventors of groundbreaking technologies that have created multi-billion dollar markets, talked about the path from invention to product success. Speakers included:

  • Dr. Michael Boss, whose method for producing monoclonal antibodies enabled a new class of drugs that has revolutionized the treatment of cancer and other diseases, and currently represent a >$20 billion market.

  • Dr. David Fischell, whose invention of drug coated stents revolutionized the treatment of heart disease and created a >$4.5 billion market.

  • Dr. Frank Szoka, whose invention of liposome nanoparticles enabled improved targeting of cancer cells and created a >$2 billion market.

They were joined by experienced entrepreneurs and business executives Dr. Allan Green and Mr. Bruce Leicher, Esq., who spoke and lead a discussion of strategies for creating successful products and businesses from scientific invention.

Mr. Leicher’s Presentation  Dr. Boss’s Presentation  Dr. Fischell’s  Presentation  Dr. Szoka’s PresentationWatch Panel Discussion

Succeeding at the Inventor’s Business