Georgia’s life sciences community contributes more than $20 billion to the state’s GDP according to a recent report from RTI for Georgia Bio, the state’s life sciences partnership. Employment in the sector grew by nearly 15% from 2007 to 2017, almost double the national average. 

The 2019 edition of the Georgia Bio Innovation Summit convened hundreds of life science executives, scientists, researchers and public policy officials earlier this month. With four industry tracks the program had something for everyone no matter their particular place in Georgia’s science ecosystem.

Remembering the collective “why”

Marc Boutin, CEO of the National Health Council, inspired everyone in attendance during his lunch keynote address. “Your innovations help people live their dreams,” he said. “Those dreams are not always about survival.”

“What do people live for?” What a powerful question. Marc shared the following video ad from TC Bank.

Will healthcare ever realize “value?”

During the fireside chat portion of the lunch session, Sheila Burke, strategic advisor and chair for the government relations and public policy group of Baker Donelson underscored one of the greatest challenges in shifts from fee-for-service to value-based care. Quality and value are highly nuanced and highly personal. Yet patient input where value is currently assigned is limited.

If we define value as outcomes divided by cost, the shift from fee-for-service to value-based care may be impossible or mostly ineffective until this country assigns some dollar amount to quality adjusted life years, particularly when patient interests may not always be about longevity. Much like surgery for men with prostate cancer over 70, therapies and procedures that cost seven figures or more are simply not a value-based proposition for an 80 year old when allocating scarce resources. However, they may well present value for those of a much younger age.

As always, the opportunity to connect with colleagues and expand professional networks was of high value. There were well over 500 registrants and the ballroom was near standing room only for the lunch program. Here are a few other session insights.

The latest boobytrap waiting to maim medtech and life science innovators

Design history file remediation remains a sizeable stumbling block for innovators seeking investment to advance their products is. It can – and does – kill deals. But GCMI CEO Tiffany Wilson brought an emerging issue of equal risk to light. It’s the supply chain. Will the materials for your custom circuitry still be readily available (and at a cost that does not ruin your price structure) in five years? 

Who will get your products to markets around the globe? How sensitive are they to time, temperature and other rigors of transport? Georgia’s logistics capabilities make Atlanta an excellent home for medical product companies and innovators. Beyond carriers like UPS, are there better ways to get them there? Dr. Marc Prausnitz at Georgia Tech is developing microneedle technology that presents a better way to get critical medications and vaccines to patients around the globe. 

Advice for medical product startups and innovators from the investors

Founders, your team will be talking to the money (VCs, investors, potential acquirers, etc.) and many times you won’t be in the room. This underscores the importance of culture and team building, which is typically not a great strength among founders of medtech and life science companies. Entrepreneurs seeking seed stage funding, up to $2 million or thereabout, your people are your greatest asset, not your technology or IP according to Kim Seals, general partner with The JumpFund.

Protip: if you say your innovation has no competition, you don’t know your market. And if you tell an investor theirs is the ‘last money in,’ you do not have a realistic view of the actual time and cost requirements of commercializing medical products. Thanks to Tom Callaway, venture partner with HealthQuest Capital for driving those points home.

We thank Georgia Bio, the board, staff and program steering committee for arranging and hosting an outstanding event. We are already looking forward to 2020 while putting what we learned to use and advancing conversations with colleagues new and old we saw this year.

Follow Georgia Bio on LinkedIn , Twitter and Facebook. 

Georgia Life Sciences Designates City of Atlanta as Newest BioReady® Community

By Sheran Brown • February 21, 2025
Georgia Life Sciences Designates City of Atlanta as Newest BioReady® Community

Bipartisan PBM Reform Back in Focus as House Committee Plans Hearing

By Sheran Brown • February 20, 2025
A renewed push for prescription drug cost reform is gaining momentum in Congress, with the House Energy and Commerce Committee's health subcommittee planning a hearing on pharmacy benefit manager (PBM) reform for late February. The hearing, to be led by Rep. Buddy Carter (R-Ga.), signals a revival of bipartisan efforts to regulate these pharmaceutical intermediaries. PBMs, which negotiate drug prices for insurers and employers, have become a focal point in the broader discussion of healthcare costs. A previous bipartisan agreement to regulate these entities was crafted by Carter and Rep. Diana DeGette (D-Colo.) in the last Congress, though it ultimately stalled when the larger spending bill it was attached to faced opposition. The reform efforts enjoy broad support from both parties and the president, making it one of the few areas with potential for bipartisan cooperation. However, new complications have emerged as Republicans consider using PBM regulations to generate savings for their broader policy agenda, potentially requiring up to $880 billion in cost reductions. The path forward remains uncertain, with ongoing debates about whether such reforms would qualify for budget reconciliation and whether using PBM regulations as a funding mechanism could derail bipartisan cooperation. Meanwhile, stakeholders continue to disagree on the impact of additional PBM regulation, with pharmaceutical companies arguing that PBMs inflate drug costs while PBMs contend that new regulations would increase prices.

Council on State Biotechnology Associations says NIH funds are a critical component of innovation ecosystem

By Sheran Brown • February 20, 2025
The Council of State Biotechnology Associations (CSBA) has issued a strong warning about proposed cuts to National Institutes of Health (NIH) funding, emphasizing the critical role these grants play in America's biotech innovation ecosystem. The statement, below , comes amid concerns over recent guidance that would reduce NIH funding to key research institutions. ----------------------- “Today, the US biotech industry employs nearly 2.3 million people across the US and is making positive contributions to economic impact and national security across all 50 states. In fact, for every dollar the National Institutes of Health (NIH) contributes to a successful drug, the private sector invests over $65, underscoring the agency’s unparalleled return on investment. As the associations representing the bioscience industry across the nation, the Council on State Biotechnology Associations (CSBA) is concerned by recent guidance that would cut funding provided by the NIH to universities, hospitals, and other institutions that perform critical early-stage research. NIH grant funds are a critical component of our innovation ecosystem. Grants for basic research are the spark that leads to university-driven discoveries, with public-private partnerships and tech transfers that bridge early-stage research to industry-sponsored drug development and ultimately to FDA approved medical advances for hundreds of diseases. While the administration looks for greater efficiency in the use of taxpayer dollars, it cannot be overstated - once scientific innovation moves abroad, it may never return. In the race for scientific innovation around the world, as our adversaries continue to increase government investments in research, we encourage President Trump to follow suit and ensure that we maintain our global leadership in an industry that was created and thrives across the US.”
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