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Nicola Ambler Jan 31

The Business of Advanced Therapies: a Student’s Perspective

Phacilitate blog The Business of Advanced Therapies: a Student’s Perspective
A pre-med student's view of the business of the advanced therapies industry
As a pure science major at the Georgia Institute of Technology, I primarily learn about the fundamentals of the science behind medicine. However, I rarely have the opportunity to learn about the business aspects related to medicine.
I’d never thought about learning about the business aspects of advanced therapies until I was recently introduced to it at the 2019 Business of Regenerative Medicine Conference at Harvard Business School. With future intentions to pursue medicine, it is important that to build a strong foundation through my science courses, however, it is equally important that I learn the business behind advanced therapies.
In order to ensure the field of medicine keeps evolving and innovating, it is necessary that those working in health-related fields understand not only the clinical aspects but also have a strong grasp of the business behind how therapies are created and supplied.
In the field of advanced therapies, the concept of supply and demand exists. People will have illnesses that require therapies supplied by companies. With the progression of advanced therapies, it is imperative that scientists and physicians study the business aspects that aren’t typically taught within their curriculum.
Similarly, as a student, I see the value of early exposure that will lead to being educated on topics that aren’t typically taught within the classroom. It is imperative that students access an adequate amount of exposure to the different topics within their respective fields. When discussing student opportunities, we are discussing the future. My respective field is in science and medicine, and at 20, through exposure, my eyes have been opened to a new, explorative field; the business of medicine.
At conferences and lectures, I am able to learn in a different environment, sometimes the best knowledge gained is from outside experiences. There are many professionals who are doing ground-breaking work in the scientific world, and by having the opportunity to talk with them about their journey, I am able to hear first-hand and grow my knowledge in areas that I would not typically be exposed to. Building connections is key to any college student’s future because there will be professionals who can advise on career options, areas of research, as well as providing mentorship.
I believe the key to building a brighter future in medicine is being able to understand both business and medicine. With learning any foreign language, one must learn to translate between the native and foreign languages.  In order to further build the future of medicine, there must be scientists, doctors, and students who are fluent and have the ability to translate the similarities between medicine and business.
As mentioned before, science and medicine directly correlate to the economic principle of supply and demand. There will always be a demand for advanced therapies and there will be companies that supply them. Doctors, in particular, must understand the business of advanced therapies and how it works as an adjunct to improving the medical community.
As a ‘pre-med’ student, it’s looking very likely that I will add a few business courses to my schedule in the near future.
Edward Freeman, Georgia tech student

Connect with Edward on LinkedIn