Summary
Summary lectures exam 1 Business Management in Health and Life Sciences (AM_470584)
- Course
- Institution
This is a summary of all the lectures that were given for exam 1 for the course BM, including all guest lectures.
[Show more]
Seller
Follow
yaralangeveld
Reviews received
Content preview
1: 01/11/2022 - IntroductionPersonal business plan (PBP) = ask yourself: (picture right: business plan framework)
- What is your dream or goal? What changes would you like to see in the LS field?
- What job/position in society do you want? What problem are you going to solve? How
does this plan look like in 1, 3, 5 (or 10) years?
- Who are your customers? Who/what are you
going to support? Who are your competitors?
- What are your products? How is your Product
Market Combination (PMC), Turnover Cost of
Goods (COG), price and value?
- Why would the customer buy at your place?
- What do I do when I reach my goals (have to
define exit strategy = very important)?
- What resources do I need (people, knowledge,
facilities, money, etc)?
→ identify true drivers → FEX. fun, fame, family, felicity, fortune, freedom, fascination, fantasy.
→ elements: info about the entrepreneur -> idea, mission and strategy -> external factors and
liability -> intellectual property (IP), patents, trade secrets ->
marketing plan -> production plan -> personnel plan ->
management -> financial plan.
→ figures and tables for timeline and goal-setting.
→ strategy without tactics is the slowest route to victory →
tactics without strategy is the noise before defeat → it is not the
plan that wins the war but the planning.
SWOT-analysis = strengths, weaknesses, opportunities and
threats (picture left) → all items mentioned in the SWOT must be
discussed in the personal business plan → have influence over
internal factors, but not over external factors.
Resume = first step in hiring the right person → for venture
capitalists (VC)/investors to see with whom they are dealing
with → be aware of the effect of social media → also in PBP.
2: 01/11/2022 - Business Plan
There is a lack of innovation or an efficiency decrease, because of the low number of new
chemical entities (NCEs) in relation to the R&D expenditure → budget concerns → need about
1,5 billion dollars to fund new drug development → increasing cost to develop new medicines.
Takes 4-12 years “from bench to bedside” → from scientific idea to ready-to-administer
compound.
Intellectual property rights (IPR)
strategies = everything you
create that can be protected →
division between (1) industrial
rights: registration with
governments (patents, brands
and trademarks, drawings and
model rights), and (2) other
,rights: no registration necessary (copyright, databases and trade secrets).
Types of IPR (picture right):
- Trade secret = protecting what you are doing → FEX. manufacturing processes or
techniques, product formulas, ingredients and recipes, assays (research), names of
vendors and suppliers, unique combinations of generally known concepts → Coca Cola.
→ if the info can be determined from the item to be sold, it will not be protectable as a trade
secret after marketing approval → even for products that are never approved, if the clinical trial
work was done with FEX. public funding, the design and results from those trials will/might need
to be disclosed, which hinders trade secret protection → it should surround the main product and
should not have to be declared (so nothing regarding safety and efficacy of medicine).
- Copyright = protection of all creative property (books, texts, photos, graphs) → prohibit
recipients from reproducing, adapting, or distributing copies of their work → done by
“name©year” → can be put on anything, should also be in PBP → lasts for authors
lifetime and 70 years after → FEX. Taster’s Choice used a random photo of a non-famous
person on coffee and got sued.
→ can exist next to portrait right → publicity/personality right is the right of an individual to
control the commercial use of his or her name, image, likeness or other aspects of one's identity
→ copyright is a property right instead of a personal right, and therefore the right of publicity can
survive the death of the individual (to varying degrees depending on the jurisdiction).
→ IPR on photographs: protected in different jurisdictions by the laws governing copyright and
moral rights → photography and publishing photographs can be restricted by: (a) civil or criminal
law, (b) privacy, (c) in the interests of public morality and (d) for the protection of children.
→ copyleft = the right to freely distribute copies and modified versions of a work as long as the
same rights are retained in derivative works (protective/reciprocal form of licensing) → can be
used to maintain copyright conditions for works ranging from computer software to documents,
art, scientific discoveries and instruments in medicine → difference with copyright: an author
may give every person permission to reproduce, adapt or distribute their work, as long as the
copies/adaptations are also bound by the same licensing agreement → novel use of existing
copyright law to ensure a work remains freely available.
- Patent = sell a product for a limited time under protection to
cover expenses and make a profit → patent procurement: (picture left)
filing (at the moment you invent something) - priority year -
publication - examination - granted → 20-25 years from file to end
(filing date determines the end of a patent) → can add something to
the patent in the first year and gets freely available after 18 months
(before 18 months, the invention is a secret, gives you an advantage).
→ patent trolls = people who patent something to trick others.
- Trademark®™ = is about product features → persist as long as owner uses it.
→ difference brand and trademark: (picture right) brand is an overarching marketing tool → FEX.
Pfizer is the brand, Viagra is the trademark.
→ differences copyright and trademark: copyright covers original
works of authorship, photos, sculptures, choreography,
architectural works, sound recordings, motion pictures and
other creative work → trademark protects a name, word, slogan,
symbol, design and or image identifying a business/brand →
usually, copyright and trademarks are applied simultaneously.
, - Design rights = is about the outer appearance → not technically determined and in many
occasions also protected by copyright → protection limited to depot (record quickly and
simply that you developed something, so only protection for that what is shown on the
recording) → protection for 5 years (extendible to max. 25 years).
3: 04/11/2022 - Creative thinking (Marga)
Starting a company or building a career needs teamwork and room for innovation.
Innovation = searching for knowledge along new roads → to develop new combinations of
knowledge about role, process, product, chain, content → if the idea is not absurd, there is no
hope for it → important to raise the bar high, so you end up higher (easier to take steps down).
→ being an innovative person/company is hard work and requires: (a) crossing (personal) borders,
(b) thinking out-of-the-box, (c) rethinking organisational culture (because it might not allow
innovation, “it’s going OK, why change?”), (d) learning (how to use an innovation), (e) human
resources (maybe you need other people to achieve something), and (f) forming the right team.
→ 9/10 innovations do not work/succeed → that’s why it is so expensive.
Elements PBP: dream/idea (dreamjobs don’t exist, they are created), a team,
management, investors → innovation is chaos first and then you take the
diamond from it.
Simon Sinek: start with why → golden circle (picture left) → why = purpose,
cause, belief and why should anyone care (can you believe in what you want
me to do?) -> how = the process of achieving the why -> what = the product
you deliver.
Personnel: you are your own personnel in PBP →
What are investors looking at? Can they believe in you? Can they believe
in your team? (don’t do everything by yourself, a great team is more
important than a great plan) → availability of capital in start-up phase in
relation to the need for capital is very low, so you need investors to
survive the valley of death (picture right).
- Team building checklist: team member skills profile -> hard
factors = finance, tech and content -> soft factors = initiative, endurance, diplomacy and
self-knowledge.
- Networking: build a network and ask for feedback, make a network web (mindmap) → soft
skills are used for networking
- Characteristics of an effective team: (a) complementary skills and strengths, (b) shared
vision, (c) 3-6 people, (d) flexible, (d) sticks together, (e) doesn’t give up in the face of
disaster/failure → a misfit team has a 65% chance of failure.
Personal: entrepreneur competencies; effectfull processing of info, passion, commitment/
motivation, experimental learning style, go beyond borders, courage.
→ personal leadership = self-reflection on your own strengths and weaknesses.
How to generate new and innovative ideas? → creative mindset (enrich plans, dreams, ideas) →
“you can’t solve a problem with the same mindset that created it” → looking beyond borders →
involves hardware (neurons) and software (thinking patterns) → creativity is athletics of the mind.
→ innovation is (a) looking in a different way, (b) listening with open ears and an empty mind, (c)
no fear of showing a new face → "imagination is more important than knowledge" →
“imagination is telling a different story” → changing habits takes at least 30-40 days → similarity
Madonna and Heineken: they have both changed their image multiple times.
→ idea killers: yes, but… - it already exists - it’s too expensive - get real - that’s too big a change.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller yaralangeveld. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.95. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53068 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now