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Session Summary by Julie Chan, Lenzie Harcum, Chelsea Rao & Raphael Farzan-Kashani
Center for Economic Transformation
New York City’s bioscience enterprises, academic medical centers, clinical institutions, non-profit research institutions and healthcare technology companies—also known as “Eds & Meds”—represent a significant asset base from which to develop a broader bioscience and healthcare technology cluster. On July 12th, we held the latest in a series of NYC workshops with senior leaders from both the life sciences and healthcare sectors as part of our ongoing Bio (Eds & Meds) NYC 2020 study. Building upon past workshops held in NYC (in May and October 2011), Boston, and the Bay Area, along with over 100 interviews, we shared plans for initiatives to increase NYC’s industry competitiveness in the short and long term. These initiatives focus on four key areas identified in the study as significant opportunities for NYC: space, human capital, funding, and collaboration.
The workshop convened over 40 senior leaders from NYC’s academic medical centers, venture capital firms, and bioscience and healthcare organizations. Among those in attendance included Craig Thompson (President, Memorial Sloan Kettering Cancer Center), Marc Tessier-Lavigne (President, Rockefeller University), Tony Evnin (Venture Partner, Third Rock Ventures), Mark Wagar (CEO, BlueCross BlueShield), and Tarek Sherif (CEO, Medidata Solutions, Inc.).
The workshop focused on obtaining feedback in two areas: funding to support early-stage life science companies and healthcare technology initiatives that encourage venture creation and technology piloting in NYC.
There was consensus from participants that an early-stage life sciences venture fund leveraging investment from philanthropy, government, and pharmaceutical companies, can serve as a catalyst for early-stage life science companies in NYC. Similarly, stakeholders agreed that healthcare technology initiatives should encourage the development of technologies that address unmet needs in healthcare service delivery organizations and work to improve the quality of care and patient satisfaction, control healthcare costs, and improve patient compliance and disease management.
We thank Memorial Sloan Kettering Cancer Center for hosting the event and Oliver Wyman for their assistance on this project as our knowledge partner. In the coming months, we will build on what we learned from this session to launch these initiatives and ensure the long-term growth of the NYC Eds & Meds cluster.
We Welcome Your Feedback:
What healthcare technologies are important for healthcare providers? How should the Eds & Meds community continue this dialogue in the long term? Add your voice to the conversation and post your comments below.