Coming soon:

Feb 16: Stephen Messer, co-founder, LinkShare
Mar 1: Dylan Steeg, director, Intel Capital
Mar 15: Dave McClure, founding partner, 500 Startups
Mar 19: Dr. Milena Adamian, director, Life Science Angel Network
Mar 26: David Wells, partner, Kleiner Perkins Caufield & Byer
Mar 26: Alexandra Wilson, co-founder & CMO, Gilt Group
Apr 26: Barry Silbert, founder & CEO, SecondMarket
Apr 30: James McCollough, co-founder & CEO, Exosome Diagnostics

For more information, go to: http://nyuentrepreneur.org/speaker-series/

2011 Holiday Party at 1986 Wine Bar (43 West 32nd St)

You are cordially invited to the annual Fundamentals of the Bioscience Industry alumni holiday party at 1986 Wine Bar. The event will begin at 7:30PM on Thursday, December 8, 2011. 1986 Wine Bar is located at 43 West 32nd St. (between 5th Ave & Broadway)  and is walking distance from Penn Station (for all the Long Island peoples!). Please RSVP using the link below. If you have an questions, please contact Mr. Patrick Finigan, VP of Alumni Affairs at patrickfinigan7@gmail.com.

2011-2012 Alumni Executive Committee

The FOBIP Alumni Network Executive Committee, New York State Center for Biotechnology, JPMorgan Chase & Co., and Connecticut Innovations Present:

Financing Biotech in 2021

Executive Summary

The goal of this event is to discuss some of the various sources of capital available to emerging pharma and biotech companies and the current trends affecting the market. We have established a panel of investors ranging from angels to investment bankers who will explain their role in financing companies in the healthcare sector. The panel discussion will touch on current technologies attracting investment, promising new sectors, selection mechanisms for targeting companies for investment, factors contributing to successful exits, and upcoming challenges facing the industry in the future. Click Here for Speaker’s Bios

Thank You to Our Sponsors and Supporters!

Introduction by Dee Dao, President of the FOBIP Alumni Network warming up the audience at Mt. Sinai School of Medicine

The event kicked off with an introduction by the moderator Sarah Webb, a journalist for the Webb of Science. She briefly touched on the issues of our new digital age, in which many people are communicating with each other in 140 characters, or less. She mentioned the issues such as freedom of speech and government regulation in the biotech/pharma industry, discussed the ways in which people interact with healthcare companies online, and gave examples of successful early adapters of online communications strategies in medicine. She asked what do customers want, as they get their information from the internet? Today 61% of people are getting their health information online, according to a Pew study. However, only 1/2 of those people are generating content i.e. posting to blogs, commenting in forums, or contributing to discussions in an online community.

This was followed by a fantastic presentation by Michelle Hoffmann, Senior Research Manager at Deloitte Research. There is alot of buzz around social networks, there was even a movie about it- it is on everyone’s agenda. Every kid is doing it, you probably do it yourself. But, is there value in it? It’s actually very hard to make money from social media. Clients asked Deloitte: If we use this, will we find value? Deloitte answered by doing research on social networks, which is actually different than social media. What should life science networks be thinking about? How can life science companies engage in this to find value? Michelle admitted that there is hype, and there is hope. Does anyone want to ‘friend’ a company? No. The system works on the premise of data collection and collaboration between administrators and users. Does social marketing improve brand? The jury is still out. She repeated the mantra “If you build it, they will not come”. Recommend that you don’t advertise- it often doesn’t work. There are many options: blogs, wiki’s, RapidFeed, i.e. microblog such as twitter. Focused communities are rising where people come together for a single interest or event. There are more people on Facebook than the entire United States. There is alot of hype. Why are Life Sciences clients interested in this? They are interested because patients are going online to find relevant information to achieve some sort of healthcare outcome, and these networks are consumer/patient driven. There are possibilities for physicians to come enter and interact, possibly for-profit operations. 60% of doctors are using social networking for professional purposes. Social networking is most commonly being used by patients and their families, especially those fighting cancer and childhood diseases. However, obesity treatment via weight loss has not seen any significant social network activity due to the “on again, off again” nature of the therapy.

There are many different methods for collecting information, so why choose social netoworks? Owning or running a social network can give the administrator a curated database of information unavailable to them from other sources or databases. Some of the strengths of using social networking include: Collect Information- Market research, competetive intelligence Communicate- Social networks rely on “pull in” information, opposed to the traditional communications strategy of “push out”

There are social networks where physicians can actually exchange information in an online community, such as Ozmosis which bills itself as “The Trusted Physician’s Network, where good doctors go to become great doctor”s). In Sermo, a “Forum to share latest medical insights for physicians”, physicians remain anonymous. 23% of physicians plan on using social networking in the next 12-18 mo. However, it does take alot of blood, sweat and tears and manpower to get a social network running and keeping it up to date. It is not like a static web page, which can just be set up and the owner walks away. Deloitte recommends to those life science companies interested in setting up social networks to hire a very experienced moderator. People use social networking for many reasons, i.e. recreational and transactional purposes. The transactional user will need a review for a product or advice in a scenario. For example, their baby has a fever, what do they do? This is where physicians and consumers can come in and interact. Deloitte has been showing their life science clients that there’s value in social networking. For example, SpineConnect allows “spine surgeons from around the world log-on to SpineConnect to share knowledge, develop novel approaches to treatment, address the top challenges in spine healthcare, and create technological solutions that address voids in the current marketplace with the underlying goal of improving patient outcomes”. Finally, Michelle stated that she felt social network’s strength was in up-to-date information on topics that are filled with uncertainty.

Thank you to our attentive and diverse audience!

Louise Clemens, a digital strategy consultant explained that pharma wants to use social networking, but are very afraid to. She focused on what is working now. Elsevier Publishing is currently using this platform to allow editors to engage in conversation, and interact directly with their advisory board. The American College for Gastroenterology, via their ACG GI Circle has set up a system where members can participate in the conversation by commenting on abstracts and following authors- a great way to cultivate information and keep the scientific discussion going past an initial meeting at a conference.

There were some very interesting topics brought up during the final discussion. It was noted that the Mayo Clinic has over 300 videos up on YouTube. The FDA represents the large unknown in this sector. While they have no official social networking guidelines in place yet for the industry, the FDA themselves is publishing alot of content online via social networks. In 2010 the FDA issued 52 warning letters to the pharmaceutical industry, but only one involved social media. That was a Google Ad for a drug, which was faulted for not providing the proper warnings and side effects for the product with its advertisement. Johnson & Johnson has been very successful in opening up dialogue with patients and customers via their social media team, which responds to the individual questions submitted via their social network online (See J&J Diabetes Institute Online Community). Remember to never launch on a Friday. And finally, the future of this field will probably lie in location based sites such as Groupon, Foursquare and MyCityWay.

The evening ended with a fun and lively networking session which had food and drinks provided by the FOBIP.

Social Media in Healthcare

Date: Monday, January 31st, 2011 at 6:30PM
Location: Mount Sinai School of Medicine, Icahn Medical Institute – 1425 Madison Avenue (@ 98th St.), 1st Floor Seminar room
Agenda: 6:30 pm – 8:00 pm Panel Discussion (networking reception to follow)

($10 suggested donation)

Abstract

Social media is emerging as an effective tool for attracting business opportunities. Healthcare providers and patients are building online communities to help manage disease and sort through medical information. In the quest to improve outcomes, hospitals and clinics are using online social networks to discuss their medical practices and for patient outreach. The FDA is considering guidelines for the drug industry’s use of social media for drug marketing.

Dr. Michelle Hoffmann, of Deloitte Research, will be presenting a summary of a recent industry study she co-authored on the practical applications of social networks in the Life Sciences industry. Results from the study are based on interviews with executives in pharmaceutical and biotechnology companies as well as experts in the social media community. Her presentation will be followed by a panel discussion. The panel, composed of individuals experienced in the use of social media and communications, will share their thoughts on the opportunities, challenges, best practices, and value of social media for healthcare.

• Presentation 

  “To friend or not? New insights about social networks in the life sciences industry”

  • Michelle Hoffmann, PhD, Senior Research Manager, Deloitte Research.
• Panelists 
  • Bradley Jobling, MBA, Social Media Consultant, Dept. of Surgery, Columbia University Medical Center.
  • Louise Clemens, JD, Consultant on Digital Strategy for the Healthcare Industry.
  • Sandra Holtzman, President and Founder, Holtzman Communications.
  • Diane Zuckerman, RPh, CEO, Evidence-Based Solutions.
• Moderator 
  • Sarah Webb, PhD, Journalist, Science Writer and Editor, Webb of Science.

Speaker’s Bios

Moderator

Sarah Webb, PhD, is a science writer and editor based in Brooklyn. Her work has appeared in Discover, Science News, ScientificAmerican.com, Science Careers, Nature Biotechnology, The Scientist, Weekly Reader’s Current Health titles, and many other publications. She has a B.S. in chemistry and a B.A. in German from Furman University (Greenville, SC). After a Fulbright fellowship studying organic chemistry in Gieβen, Germany, she completed a Ph.D. in bioorganic chemistry at Indiana University in Bloomington. Committed to communicating science to the public, she shifted her focus from laboratory research to writing, editing, and informal science education. In 2004, she launched her writing career in New York City with internships at Discover magazine and as an AAAS Mass Media Fellow at WNBC-TV. Learn more at webbofscience.com.

Guest Speakers

Michelle Hoffmann, PhD, is a Senior Research Manager in Deloitte Research specializing in the life sciences sector. As part of Deloitte Research, Michelle keeps abreast of emerging trends and drivers that impact the rapidly changing drug and device industry. Michelle recently co-authored an industry study on the practical applications of social networks in the Life Sciences industry. Results from the study are based on interviews with executives in pharmaceutical and biotechnology companies as well as experts in Health 2.0. Prior to joining Deloitte Research, Michelle was a consultant in the Strategic Advisory group at Leerink Swann, a boutique health care investment bank where she helped clients understand how to value and leverage new therapies and technologies. She led projects on a diverse range of topics that include cell therapy opportunities, the diagnostics landscape, oncology clinical strategies, next generation sequencing, as well as numerous opportunity assessments. Her clients included start ups as well as top 5 biopharma companies. Michelle holds a Ph.D. in molecular and cell biology from the University of California at Berkeley and a B.S. in biology from Cornell.

Bradley Jobling, MBA, created the social media program for the Columbia University Medical Center Department of Surgery. He has 15 years of experience on Internet strategy and online marketing projects. His work has involved the advertising, media and health care industries. Bradley’s additional interests include online video and entrepreneurial businesses.

Sandra Holtzman, President and Founder of Holtzman Communications, is an award-winning creative director and marketing strategist. She has over 20 years of expertise in all areas of pharmaceutical advertising (ethical, OTC, DTC), nanotech, biotech, and chemical as well as emerging and converging technologies. Her experience includes business-to-business, medical communications, and international marketing, as well as consumer marketing.

Diane Zuckerman, RPh, is the CEO of Evidence-Based Solutions, a company focused on making medical data actionable, by collecting, organizing, and turning medical information into useful solutions for healthcare providers, patients, systems and payers. Diane is an entrepreneur with 20+ years of experience building successful medical education and technology-driven companies, including PROmedica Communications and the Foundation for Better Healthcare.

Louise Clemens, JD, is currently working as a consultant on digital strategy for healthcare agencies, hospitals, non-profits, to create online community for healthcare constituents using social media platforms that provide metrics and ROI. With more than 20 years of experience in solution selling, Louise’s most recent experience was VP of Business Development for Within3, a company that builds and sustains secure online communities for formal and informal networks of healthcare professionals. Prior to joining Within3, Louise was with a medical publishing company, where she headed a multi-million dollar biomedical device magazine and quadrupled its revenue within a two-year span. In addition, to her extensive sales background, Louise has her JD from Cleveland-Marshall School of Law at Cleveland State University ensuring that the custom community solutions she develops with each customer meet the stringent regulatory and legal requirements necessary to be successful.

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