What is the Medical Industry Valuation Laboratory?
The Medical Industry Valuation Laboratory is a 2-credit, graduate level elective that uses an interdisciplinary and intercollegiate approach to provide a rapid production market analysis of promising medical technologies and services that have the potential to benefit and expand Minnesota economic development.
THis Laboratory provides students the opportunity to work on an interdisciplinary team with students from Carlson School of Management, College of Liberal Arts, College of Science and Engineering,the Academic Health Center and the Law School to develop "first look" 10-page market analysis white paper for clients with a promising new technology in a rapid production model (3-4 week turnaround). Working with students from various disciplines, the teams will analyze market size, evaluate technical, business, preliminary intellectual property, and regulatory challenges, as well as develop a 'go or no go' recommendation for continuing product development or market feasibility.
Who can take this elective?
This course is open to Part-Time MBA students, first and second year Full-Time MBA students, and to students enrolled in any other graduate programs across the university.
Are there pre-requisites for the Medical Industry Valuation Laboratory?
No, there are no course pre-requisites, but you must be enrolled in a graduate program at the university to register for this course. Students would benefit from having taken a previous course focused on some aspect of the medical industry. The best overview class to prepare students is MILI 6990 - The Healthcare Marketplace.
I notice the Medical Industry Valuation Laboratory is only two credits. Can I take this course more than once?
Part-Time MBA students can take this course up to three times for a total of six credits. Since projects and interdisciplinary teams will bary from semester to semester, taking it more than once will provide you the opportunity to experience a variety of clients internal and external to the University, and to have leadership positions on the interdisciplinary teams.
Since Full-Time MBA students have access to the other Carlson Enterprises, they will only be able to take this course one time and earn a maximum of two credits.
Note: There is an opportunity for a Full-Time MBA students to take a 10-credit version of the course as their Enterprise requirement. Interested students should contact Jessica Haupt (email@example.com) for more information and special application instructions for this opportunity. Note that Full-Time MBA students selected for the 10-credit version of the Valuation Laboratory will not be able to enroll for additional credits in MILI 6995 beyond the 10 credits.
For other Carlson Enterprises, there is an application and selection process. Do I apply for this Valuation Laboratory?
At this time, you just need to register online for the two credit Laboratory as you would any other elective course.
I am a Full-Time MBA student. Can I take on of the other Carlson Enterprises or other experiential courses like New Product and Business Development in the same semester I take the Medical Industry Valuation Laboratory?
Yes you can, but you will only be able to take the 2-credit Medical Industry Valuation Laboratory course once.
How will class times and team meeting times be determined? Will there be meetings with clients during the day that I need to attend?
Classes are held on Thursday evenings. There is a mandatory daylong "bootcamp" on the first Saturday of each semester. This daylong session provides detailed information and presentations of previous course reports, as well as by experts on intellectual property issues, regulatory issues, and technology commercialization. Teams will be assigned and project information distributed.
Meeting days/times for project teams will be flexible and determined by the team members and course faculty. Meetings could be held on weekdays or on Saturdays. Note: the Laboratory space is available to registered students via UCard access whenever the school is open.
Meetings with clients will be schedule on an as needed basis. These meetings are likely to be during the day and students will be required to be available for the final group presentation to the client.
Who are the instructors for the Medical Industry Valuation Laboratory?
The Laboratory is staffed by a full-time faculty and adjunct faculty drawn from the business community and other collegiate units at the University. Key faculty include:
- Stephen Parente, Ph.D., MILI Director, Professor and Minnesota Insurance Industry Chair of Health Finance, Department of Finance. Professor Parente is a health economist and expert in health care finance and technology assessment. He consults with local and national health insurers, medical technology firms and government agencies.
- Randall Nelson, Principal, Evergreen Medical Technologies LLC. Nelson is an experienced engineer and entrepreneur with over 20 years of medical industry experience including several years at Medtronic.
- Mike Finch, Ph.D., Principal, Finch and King. Finch directs a health consultancy focusing on program evaluation. He has consulted for UnitedHealth Group and different medical specialty societies as well as technology companies. He retains his rank as a tenured faculty member of the University of Minnesota and actively collaborates with colleagues in the Academic Health Center and the Carlson School.
How will the make-up of the teams be decided?
Interdisciplinary project teams will be assigned by the MILI director and faculty in consultation with other collegiate academic advisors as necessary. Teams will be identified in the daylong boot camp.
How does this Valuation Laboratory differ from other Enterprises?
The Laboratory provides students with a unique opportunity to experience first-hand the multidisciplinary view of the different professionals who are involved in evaluations of new medical industry innovations.
The New Product Design and Business Development course provides opportunities to work on interdisciplinary teams too. How is this course different?
The Laboratory will complement the New Product Design and Business Development course by providing a triaging service for project selection. It will also provide support and triaging analysis for the University's Office of Technology Commercialization (see:http://www.research.umn.edu/techcomm/). Ideally, the Medical Industry Valuation Laboratory will identify projects that would benefit from the more intense development activity resulting from the New Product course.
How do students outside of Carlson register for this class?
Each collegiate unit will determine their own course designator for registration through their program. If a non-Carlson students wants to register for the course through the Carlson School, they will need to complete the Non-MBA Graduate Student Registration form. This form can be found on the Master of Business Administration, Course Petition Form Web Page.
How will I be evaluated?
Student's grades will be determined from three sources. First, the majority of the grade will be based on the instructor's assessment of your work. Second, the client's response to your work will be considered. Finally, the student's initiative and effort working on teams will be assessed by the instructors. 'A' work in the course will be based on active participation in report and presentation development, active posting on the secure course website as appropriate, and client's responses to the project work.