Healthcare Innovation and the Dynamism of Michigan Entrepreneurs through The Mid Michigan Healthcare Innovation Partnership
“It is not the strongest of the species that
survives, but the most adaptable…” – Charles Darwin
Darwin might be proud of the alliance forged by Bluewater Angels, the Central Michigan University College of Medicine and the Central Michigan University College of Business Administration. The Mid Michigan Healthcare Innovation Partnership is a prime example of the strong becoming adaptable.
Healthcare currently represents 18% of our GDP. The U.S. spent three and a half trillion dollars on health care in 2017 – the most current year for which accurate figures are available. That expenditure represents 10,739 dollars for every man, woman, and child in the country. We spend more per-capita than any other country. The health challenge and the weight of this fiscal burden is something we must address!
Health care cost are growing at an unsustainable rate. Yet the promise of our free enterprise system offers us hope that we will meet this challenge and continue to lead the world in not only medical breakthroughs but also the development of innovative business solutions to the myriad and vexing challenges facing the health care industry.
It is well known that start-ups have created the lion’s share of new jobs in the country over the past 20 years. Consider data from the Federal Reserve Bank of St. Louis (stlouisfed.org). Net job growth in the U.S. between 2011 and 2014 was 10,173,430 jobs. Of that total, 91% or 9,271,799 jobs came from start-ups.
At the nexus of these facts is a Darwinian opportunity. A prospect that three diverse and forward-thinking organizations (Bluewater, the CMU Colleges of Business and Medicine) saw as a chance to do something special—something entrepreneurial. My favorite definition of an entrepreneur suggests that he or she is someone who in the face of risk and uncertainty marshals resources to create new markets and new business opportunities. It is that very ethos that has driven the establishment of the agreement among these three parties.
This Wednesday, the fruits of that liaison will be manifest in the Partnership Speaker Series that brings two high level executives from Medtronic: Dave Roberts and Paul Verrastro. Dave is Vice President of the Americas Cardiac and Vascular Group and Paul is Vice President of Global Marketing Strategy.
Medtronic is the world’s largest medical device company and contributes to human welfare through biomedical engineering. The two Medtronic executives who will speak Wednesday evening, will sketch-out the landscape of opportunities and pitfalls that lay before would-be entrepreneurs who seek to advance the field of healthcare through their start-up ideas.
This event has been made possible through the vision and commitment of Ken Kousky, President of Bluewater Angels, Bruce Marble, Executive Director of Isabella Bank Institute for Entrepreneurship, and Dr. Sethu Reddy, Chair of Medicine at CMU’s College of Medicine.
We look forward to an engaging day later this week. Messrs. Roberts and Verrastro will also present from noon till 2:00pm at CMU’s Health Professions Building.
It promises to be an enlightening day.