Editor's note: Local Tech Wire asked Grace Whi-Tze Ueng to discuss the proceedings at the Council for Entrepreneurial Development's recent biotech form. Ueng, founder and chief executive officer of Savvy Marketing Group, moderated the panel.
RESEARCH TRIANGLE PARK, N.C. - A record-breaking crowd of over 225 people kicked off CED's 2006-2007 Biotech Forum series by attending a discussion on "The Impact of Globalization in Healthcare" earlier this month.
A lengthy waiting list was accommodated through an overflow seating theatre validating the strong interest in the Triangle on this topic. The event was co-hosted by CED and the North Carolina Chinese Business Association (NCCBA) with corporate sponsorship from IBM.
Panelists included Victor Dzau, MD, Chancellor for Health Affairs, Duke University and president and chief executive officer of the Duke University Health System; Art Pappas, managing partner of Pappas Ventures; Dan Pelino, general manager of IBM Healthcare and Life Sciences Industry; and John Ratliff, executive vice president and chief financial officer of Quintiles Transnational.
These experts raised eight key points:
8. Who Is Investing In Healthcare/Biotech Startups In Emerging Markets? Assuming there is universal access to information enabling increased innovation in China, India and other emerging countries, venture groups within large multinational corporations and standalone western venture funds are now setting aside funds to invest in emerging market growth opportunities -- adding more risk/reward component to their stable of existing assets.
Venture funds in the Southeast are not directly investing in emerging markets mainly due to their size and geographic positioning. Startups must go to larger private equity and venture funds in larger cities that have set up China or other specifically earmarked emerging market funds -- are we missing an opportunity? Are we culturally insular or fixed by our location? Other options include multinational pharmaceutical and medical device companies that all have venture groups investing in emerging markets as well as high net worth angel investors residing in the regions themselves.
With all the talk about globalization, a flat world, medical tourism, internationally conducted trials, one still has to collect sufficient data to properly monitor and evaluate the quality and sustainability of the delivery or service. In some areas, it is simply too soon to have longitudinal data to verify the anticipated result. New and changing regulations, both in the U.S. and abroad, will also play a critical role in the development and approval processes. In a word, whether you are a scientist or an investor, be careful, inspect what you expect, and don't jump to conclusions.
From the record-breaking attendance at the forum, it is obvious that the Triangle is hungry for more information -- and opportunities.
The Triangle has potential to be engaged more globally--we have much to learn from other countries as well as much to offer. There are 4 billion people in the world who live in poverty and are unable to gain access, never mind afford, 21st century medical care. About 20 percent of our U.S. population is uninsured. We rank low among other developed nations among life expectancy. Healthcare innovation is taking place not only in our backyard, but also in emerging markets.
There is talk amongst leading entrepreneurial groups to host a Triangle Globalization Conference in 2007 -- there is so much here in RTP to discuss on a local level and then to band together, partner, and make wider reaching global contributions within our lifetime.
