• Strategies and process of discovering, developing, and the approval of new medical technologies, including impact of government oversight and regulation;
• Pricing and third-party reimbursement of medical devices;
• Health policy/ legislative matters impacting this sector;
• Keys to evaluating novel medical technologies and analyzing business drivers and future performance of medical device companies (public and private);
• How to build commercial models, including valuation methodologies that successful investors use to value/price companies in this sector;
• Considerations in taking long and short investment positions in this sector.
The course is cross-functional and focuses on “real-world” problems currently facing senior managers and investors in this sector. This course will be useful for students interested in careers in the life science and healthcare services sectors, as well as healthcare consulting, investment banking, VC/PE, and investment management given the large and growing healthcare practices of such firms. Note: Some understanding of/experience in the healthcare/medical technologies sector will be highly valuable.
Evaluation is 25% class participation, 25% mid-term assignment (short paper on questions or case study), and 50% final (individual) paper, plus group presentations.
Professor Cramer spent more than 25 years in the healthcare, pharmaceutical, and financial services sectors. He was Managing Director at Merrill Lynch in the Global Healthcare Investment Banking Group, and Managing Director at JPMorgan in the Corporate Finance Group providing M&A services and financing to global healthcare enterprises. Earlier, Prof. Cramer was Vice President, Corporate Planning & Development for Merck & Co., Inc...
Efrem Kamen was a Columbia Business School faculty member from to 2016.