This course focuses on the critical factors and approaches that managers and sophisticated investors use to identify and value attractive business opportunities and investments in the medical technologies sector. It will provide students with an understanding of the current economic and competitive environment for the development and commercialization of new medical devices, including regulatory, pricing, and reimbursement factors. It will highlight new emerging technologies in the field, and explore how to assess such novel technologies and build commercial models for valuation purposes.
Guest speakers from the medical device industry (company executives, physicians/ surgeons, investors, investment bankers) and investment case studies will be used to provide students with practical insight into this complex sector. Critical issues to be examined include:
- Strategies and risks associated with discovering, developing, and approving new medical technologies, including impact of government oversight and regulation;
- Pricing/reimbursement and health policy/ legislative matters impacting the medical technology sector;
- Keys to evaluating novel medical technologies and analyzing business drivers and future performance of medical device & diagnostic companies (public and private);
- How to build commercial models, including valuation methodologies that successful investors use to value/price companies in this sector;
- Conducting due diligence and market analysis on medical technologies from which to formulate investment ideas;
- Considerations in taking long and short investment positions in this sector.
The course is cross-functional in its approach 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, equity research, venture capital, private equity, and investment management given the large and growing healthcare practices of such firms. Some understanding of, or experience in, the healthcare/medical technologies sector will be highly valuable.
Adjunct Associate Professor of Business
Mr. Efrem J. Kamen is Managing Member at Pura Vida Investments, a healthcare investment firm he founded in 2012. Mr. Kamen is also Assistant Professor at Columbia Business School, where he created and teaches a course on investing in medical technology. Previously, Efrem was Portfolio Manager at Waterfront Capital Partners and analyst at...