An introductory course in sickcare technology advising and consulting

Most sick care technology companies, at some stage of their development, decide whether to hire a sickcare professional advisor, consultant or Chief Medical Officer (CMO), either part time or full time.?However, given that the job description involves a combination of clinical and business domain expertise, there is a shortage of qualified applicants and a war for talent, much like there is for sick care data scientists.

At the same time, COVID and the changing environment of medical practice has acclerated interest in entrepreneurial non-clinical careers.

In addition, the nunber of sickcare professionals with advanced degrees, such as MBAs, PhDs or Masters in biotechnology, data science, engineering, regulatory affairs, financial services and other specialties has increased, making the applicant pool more competitive.

But, after years of funneling cash into startups’ grand ambitions,?Silicon Valley’s?SIVB?-1.85%▼?investors are engaging in the grim ritual of?delivering survival advice?to their portfolio companies. “The boom times of the last decade are unambiguously over,”?Lightspeed,?LSPD?-4.23%▼?which has backed companies including social network?Snap?Inc.?SNAP?-7.77%▼?and crypto exchange FTX,?wrote in a dispatch for startup executives?that was posted on Medium, a publishing platform, this month.

Despite these trends, finding the right person for the right job that can deliver results is still fraught with landmines that result in failures, expensive missteps and hard feelings.

Here are some things you should do to get a job advising or consulting to a sickcare medical technology company.

But, what should an introductory course in CMO/advisor/consultant school include to fill the applicant and potential client knowledge, skills, abilities and competencies gaps?

COURSE DESCRIPTION

This is an introductory course for sickcare profressionals interested in a part-time or full time advisory, consultative or management team role and for company founders or members of the company management team interested in hiring them.

LEARNING OBJECTIVES

After completing this course, attendees should be able to:

1. Fill their knowledge, skills, abilities and competencies gaps
2. Create a job description, identify, recruit, develop, retain and promote prospects
3. Create value and help meet KPIs, objectives and results as quickly as possible
4. Identify potential opportunities in various medical technology sectors and companies in various stages of business maturity
5. Describe the ecosytem and value creation differences between one sector and another
6. Find a job with a medical technology company
7. Build a consulting practice and the use the tools necessary to scale it and make it profitable

COURSE MODULES

1. Career strategies for clinicians

1. The 5 pillars of sickcare entrepreneurship
2. Medical techology ecosystems and value chains
3. Non-clinical medical technology opportunities
4. How to create a profitable consulting or advisory services business
5. Advisory or consulting advisory services agreement terms and conditions
6. Identifying and filling your knowledge, skills, abilities and competency gaps
7. Ethics and professionalism
8. Basics principles of business law
9. Compensation plan options and tax implications
10. Liability issues
11. Regulatory affairs
12. Reimbursement and economics
13. Entrepreneurial finance
14. Product development and project management
15. Corporate entities
16. How to build your personal brand and business model canvas

As the sickcare products industry continues to evolve, competition for advisory and consultative services has likewise increased. Consequently, you will need to bring your A game to find a job or the right team member. For the former, the initials after your name have become just the price of entry.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs