Course Description
Healthcare comprises over 1/6 of US GDP and is growing at more than double the rate of the rest of the economy. It is a sector where innovation can be measured in lives saved. The life sciences are a subsector that include biotech, pharmaceuticals, medical devices and instruments, and healthcare IT. The class will focus on how new cures and treatments are discovered, developed, financed, and (if successful) monetized. We will not cover providers (hospitals) or payers (public and private insurance.) Covering both innovation and finance this course examines the various roles of leaders and investors in this industry. Students will learn to evaluate companies, deals, and risk from the perspectives of founders, VCs, the board, management, investment bankers, PE, and public/crossover investors. Our case studies range from startups to big pharma; from non-profit foundations to for-profit investors. Healthcare is a highly regulated industry where the government grants legal temporary monopolies. At the same time innovation in healthcare is bound by the rules of human biology - “software does what it’s told, biology does not.” The course covers intellectual property, regulators, and the inevitable scientific setbacks along the way. One of the goals of this course is to remove the perceived barrier to entry to a career in the life sciences. Cases and guest speakers have been selected to highlight a wide range of backgrounds. This class is for students considering a career in healthcare whether as an entrepreneur, an investor, an executive, or on Wall Street.
Auditors and non-Booth UChicago students
Ten spots have been reserved for non-Booth UChicago students that can add relevant experience to class discussions and group assignments. This is a commitment to be a full and active student in the class. Applications must be emailed to the professor.
Guests
Industry leaders will be invited as guest speakers for the 2nd half of several classes (see schedule.)
