1. Welcome to the Evisors Webinar
Visit us online at www.evisors.com
Working and Investing in Healthcare:
Careers in Healthcare
featuring
James Joun
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2. Agenda
About Me
Industry Overview
How to get a job
Q&A
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3. My Background
- Taught me how to think
Dartmouth College
(B.A. Government)
Monitor Group
(Consulting)
Genentech
(Product Manager)
Harvard Business
School
- Taught me how to think in the context
of business
- Taught me how to think + do
- Network
- Time to transition
Essex Woodlands - Teaching me how to invest
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4. Thoughts on my background
Monitor Group
Genentech
(Roche)
Harvard Business
School
- Endless diversity of
projects
- Steep learning curve
- Good intro to business
Essex Woodlands
+ -
- No follow through
- Work/life balance
- Doing stuff
- Best practices and
processes
- Culture and teamwork
- Small cog in a giant
machine
- Hierarchical
- Bell-curve phenomenon
- Networking
- Repositioning myself
- Culture
- Opportunity cost
- Tempered expectations
- Endless exposure
- C-level access
- Working with really, really
smart people
- Lone wolf
- Unclear career path
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5. Essex Woodlands Background
- Technically, largest healthcare-only venture capital firm
- Currently investing out of our 8th fund of $900M; $2.4B under
management
- 5 offices, 30 investment professionals,
- $20-60M checks
- Looking for Growth Equity deals
Biopharma Medical Device
Spec Pharma Services and IT
How we organize our practice:
I spend 90% of time here.
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6. What do I do at Essex?
Due Diligence Sourcing
Portfolio Company
Support
- Get smart on deals
- Variety of
diligence:
scientific,
technical,
regulatory, tax,
accounting,
management etc.
- Various ‘balls’ in
the air
- Searching for the
elusive ‘proprietary
deal’
- Maintain
relationships with
brokers, bankers,
companies and
fellow VCers
- Attend conferences
and trade shows
- Board observation
- M&A and business
development
support
- Fire-fighting
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7. What did I do at Genentech as Product Manager?
Strategy
Advertising and
Promotion
Medical Marketing
- Strategic Planning
(1 year, 3 year,
LCP)
- Competitive
Intelligence /
Market Research
- Clinical trial design
- Launch readiness
- Budget tracking
- Work with sales
force to generate
collateral
- Campaign/brand
development
- Sales and
Marketing
meetings
- Training
- Publication
planning
- KOL development
- Conferences
• People are rotated every 12-18 months,
across brands and through various
functions
• Some companies require you to do a
field/sales rotation
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8. Thoughts on the Industry
Biopharma Medical Device Services and IT
- Slowing growth
- Blockbuster
model is
broken; move
towards orphan
diseases
- Large
companies
provide good
training
- Genentech
(Roche), Merck,
Pfizer etc.
Venture Capital
- Slowing growth
- Unclear FDA
environment
- Payor / pricing
pressure
- Large
companies
provide good
training
- Medtronic,
Stryker,
Intuitive
Surgical
- HOT, HOT, HOT
- Maybe a bit “too
hot”
- Great time to be
an entrepreneur,
exciting/scary
time to be an
investor
- Tough times for
healthcare VC in
general
- Angel groups and
larger growth
equity funds are
still active
- Zombie funds
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9. Thoughts on Job Hunting / Career Switching
VC/PE
- Hard to switch into, but not impossible =)
- Need to craft a story and find a firm that would value your background
- If you’re a consultant, try to find a company with partners who have
consulting experience
- VCs tend to like operational experience. I can now see why.
- Networking: jobs are rarely posted (PE is exception)
- Pay close attention to the fundraising cycle. New Fund = Job Opportunity
- Internships can be helpful
- Start thinking about those investment ideas…
- Think about corporate BD or corporate venture as a stepping stone
- PE groups within consulting firms could help
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10. Thoughts on Job Hunting / Career Switching
- Best way is to get into a management rotation program
- You may have to start in sales
- Prior experience is a plus, but I know plenty of people who had
ZERO experience.
- Good athletes will succeed.
- Genentech looked for ‘fit’. Required you to interview with 20+
people, across different functions. Some had ‘case’ interviews,
others had resume walks.
- Network: Don’t apply through a job-posting or listing – it won’t get
read
- Try the Backdoor: consultants often get hired to work in-house
Industry
(Product
Management,
Operations)
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11. Thanks for Joining & Good Luck!
Book your session with James at
http://www.evisors.com/expert/151
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