MDNews - Denver

MEDICAL ENTREPRENEURSHIP Diagnosis Success: Area Physicians Unite to Overcome the Long Odds of Entrepreneurship By Dean Rotbart DOTTED ACROSS THE plains, foothills, urban centers and peaks of the Rocky Mountains are physicians who are beating long odds and succeeding as entrepreneurs. In fact, Colorado and its neighboring states are incubating some of the nation's most promising biomedical and health care concepts. These run the gamut from fiberoptic medical sensors and consumer-friendly smartphone applications to hospital-based retail boutiques that offer stylish undergarments and prostheses to postmastectomy surgical patients. Helping physicians understand and navigate the treacherous path from concept to the patient bedside is the Society of Physician Entrepreneurs (SoPE), a rapidly growing global nonprofit that has roots in Denver. SoPE was founded in 2008 by a professor at the University of Colorado School of Medicine to provide real-world acumen, networking and resources to physician entrepreneurs. The society now has more than 1,800 members in 17 chapters worldwide. Navigating the regulatory, finance, manufacturing, legal and administra- tive aspects of bringing any modern health-related innovation to market is a difficult challenge for even seasoned entrepreneurs and investors. However, for physicians, who have limited time and even more limited experience in business and law, the challenges are abundant. Arlen D. Meyers, M.D., M.B.A., and a group of medical colleagues discussed the hurdles faced by physician entrepreneurs at a medical conference four years ago. What Dr. Meyers realized is that the culture of medical schools, community hospitals and medical societies is not conducive to nurturing market-ready health care innovations, leaving too many lifesaving and life-enhancing health concepts on the drawing board. "When you strip away all of the other stuff, the issues we are trying to address are the culture and values of medicine versus the culture and values of business," says Dr. Meyers, a professor of otolaryngology who now serves as global President and CEO of SoPE. One example he cites is intellectual property: "Doctors and scientists are trained and acculturated to share knowledge. Industry is about protecting information. One is 'publish or perish.' One is 'protect and patent.'" Among its many missions, SoPE works to help physicians and investors find middle ground. In addition to physician members, SoPE opens its associate rolls to other health care providers, as well as non-medical professionals who can provide strategic services, such as experts on funding/venture capital; IT professionals; regulatory and legal consultants, and others. The Colorado chapter of SoPE monthly hosts speakers and a networking breakfast, currently held at the Denver Medical Society building. Because attendance has grown so large, SoPE anticipates seeking a new home this fall. "If only one in 10 physicians with an original concept for better health care is able to deliver that product or service to patients thanks to SoPE and the support it provides, the impact on our national medical ecosystem would be immense," says Bernard Guiot, M.D., Ph.D., an accomplished neurosurgeon and physician entrepreneur. "Our nation's entrepreneurial pipeline is anemic when it comes to medical and health care pioneers," Dr. Guiot adds. "SoPE and its initiatives offer a powerful, regenerative solution." For more information about SoPE, visit www.sopenet.org. Dean Rotbart, a former columnist for The Wall Street Journal, is managing editor of MedicalBackBone.com, a Web-based initiative that honors dedicated health care professionals and institutions. Rotbart also volunteers as the National Director of Communications for the Society of Physician Entrepreneurs.

• Cover