This is Module 4.1.3 Medical Device Industry developing Global Partnerships my name is Steve Parente, professor at the Carlson School of Management. So as we talked about this, before when we were trying to think about a medical device we want to have the effect here. Getting the really cool fish. We know it has a really crowded space. This happens in two different ways. One is just to focus on novel innovations and unless you can find what we want. Second is to take a much more global perspective about medical innovation and realize that it's not just in your country but can go much beyond that. So when we think about medical innovation clearly it's not a country specific area. It could be a global component of what's going on, and there really needs to be solutions that are urgently needed to go to the next level. There's one reason why we took some of the things that we had at our Evaluation labs that we talked about in the previous Lesson, and try to think about them in a different way outside of our US border. So as I mentioned before, we have our valuation laboratory. It's actually kind of a, it's not as exciting. This is actually a picture inside the laboratory. You would think they'd be a little more exciting. In terms of lots of technology or which way. The reality is we're doing evaluation analysis and we're doing it in a pretty robust mechanism [INAUDIBLE] founding faculty member here [INAUDIBLE] Mike Finch, and then the person who always set it all in motion, Randy Nelson, and engaged with the students. What's exciting about this whole thing is that we actually operate it 46 weeks a year in the Summer and the Fall and the Spring and generally do about 30 projects a year. The range of the projects actually are all over the place. A lot of them are very much focused on a device base. What's interesting is that you can see a lot of things that we talked about in this class, we've been actually doing. So this sort of looks at the portfolio for about a year and a half, the types of things we might be involved in. A lot of stuff in cardiacs and infection control, there are pieces in diabetes. We mentioned the oncology folks, there's pharmacology, and eventual cardiology, obesity, sometimes software, sometimes even dental, and also eye services as well. So one of the things that we are very proud about is basically moving forward with going global with this idea and taking evaluation and literally franchising in to other part of the universities. And so one of the ones that we first worked with was the University of Shanghai School of Science and Technology developed essentially a lab there. We had a signing agreement in June of 2011 in Shanghai. Basically it became a program, became joined with our own Carlson's School Global Institute and we looked at two projects, starting them in Spring of 2014, finishing in the Summer of 2014. And then also did some joint executive education programs as well with Medtronic in China later in that year. So you might say that's the University of Minnesota, that building there, and this building over here must be China. This one actually is the building in China, it's really a very impressive campus, the University of Shanghai for Science and Technology. This was actually the original signing ceremony. I've always been concerned, firstly, that since I don't read Mandarin, I'm not quite sure what that actually says. Beautiful flowers spread. I have to say that the graciousness of the folks that kind of got this whole program going, particularly, it may not be obvious, but I was like super jet lagged when this actually occurred. I kind of rolled in to a presentation that was great to do. This is actually the Dean of the school here, and then who's just a great guy and really was instrumental in getting this program to work. Okay, go to the next level. So when we think about why we would want to focus on global, the idea is that everybody is thinking about health reform because there is lots of money going into medical industry and dollars. There's a lot more emphasis on value driven validation of these ideas. And there's also issue about having the right human capital to make these things work. And if you think about the fusion of actually having this fall to a university and with the medical industry makes a lot of sense. There's a big macroeconomic gamble we're taking with health reform. We're about to, as a society and worldwide put a ton of money, into this. And so we basically want to extend our functioning, to reduce our cost. But if we don't really get new innovations, that can truly apply to a global level, this U is going to be a big here. We live longer with little functional improvement, and much higher dollar. So, the thing about the true/false question here, what's your best way to bend the cost curve down and eliminate the demand for medical care through innovation? Basically the thought is that if you can get that innovation in play in universities and other, it can be corporations too but a lot of the human capital still comes from the universities. If you're betting on this high risk for war game, it's going to be a really exciting provision. And what's fun about doing this course is engaging with folks. Of course here another partner is it, you get to see a front row seat. If you want to, for greater opportunity, when you do Capstone project. So, what are they, that's encrypting about this Capstone. When you do your project, it doesn't have to be in the US, it doesn't have to be, just focused on one region or one technology. You really can take a global perspective, but just, as we'll talk about in the Capstone [INAUDIBLE], don't boil ocean, boil ocean, Both in the environmental policy as well as your Capstone project is bad. Meaning, don't be too broad. This concludes module 4.1.3, focused on driving innovation in the medical device space. The next set of modules we'll pass the baton over to Brianna Mayor. Talking about innovation in the device space for the rest of the course.
