Weatherhead School of Management Announces Bioscience Entrepreneurship MBA Specialization

Business Wire, Oct 9, 2002

Business Editors & Health/Medical Writers

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CLEVELAND--(BUSINESS WIRE)--Oct. 9, 2002

The Weatherhead School of Management

Innovative Program Promises to Bring Advanced Business Skills to

Fast-growing Sector, With Benefits for Regional Businesses

In a strategic move illustrating its innovative approach to management education, The Weatherhead School of Management at Case Western Reserve University today announced the launch of a new MBA specialization in Bioscience Entrepreneurship--one of the first such programs in the country.

The announcement was made in conjunction with the official dedication of the School's new Peter B. Lewis Building, which is the most advanced management education facility in the world.

This program will respond to the $220 billion industry's need for managers with a combination of scientific background and business expertise by focusing on the areas critical to success, including product development, joint venturing, managing strategic alliances, intellectual property law, and financial deal making.

"The specialization in Bioscience Entrepreneurship's interdisciplinary curriculum really capitalizes on the strengths of Case Western Reserve University, drawing on the very best from across the University," explained Robert Hisrich, Professor of Entrepreneurial Studies at Weatherhead and chair of the new program. "Bioscience and entrepreneurship electives will be co-taught by instructors from the Schools of Law, Engineering, Medicine and Arts and Sciences, in addition to Weatherhead professors."

Hisrich added that, with more than 80,000 firms in the U.S. alone, bioscience is a highly competitive and complex industry that is growing at more than 10 percent annually. "This curriculum will provide graduates with the knowledge and ability to transform lab discoveries into successful ventures in the biotech, medical devices, pharmaceutical, chemical, agricultural and information technology sectors," he said.

Prestigious board

The new program was developed with the active involvement of a group of internationally-recognized bioscience industry leaders. The growing advisory board--including representatives from Cardinal Health, Merck & Co., The Cleveland Clinic, Athersys, Quark Biotech, and Early Stage Partners--will ensure the program remains highly relevant.

"The industry has been waiting for a program like Weatherhead's, that is tailored to address the field's specific challenges," explained Gil Van Bokkelen, Ph.D., chairman, president and CEO of Athersys, Inc. and member of the advisory board. "Cleveland is one of the top 10 areas for bioscience in the country, so Weatherhead's program is a natural fit for the region. It will be a huge advantage for existing bioscience firms, and should attract new firms to the region because they can tap into a pool of people with a combination of scientific background and managerial talent that is hard to find."

Groundbreaking program has wide appeal

Weatherhead expects the depth of the program to attract the best students from around the world with backgrounds in science, mathematics, statistics, research and medicine. Unique features of the program include:

- A flexible core curriculum -- Scientists and engineers gain entrepreneurial management skills, while business professionals acquire an in-depth bioscience and biotech knowledge base. All students experience Weatherhead's internationally-recognized entrepreneurship courses.

- An integrated learning experience -- Innovative topics include new venture creation, economics and regulation of the life sciences, the legal environment of bioscience and creating and managing strategic alliances in bioscience.

- An extended internship in bioscience -- MBA students work with start-up biotech and bioscience firms on business plans, strategic alliances and product development initiatives; or develop "intrapreneurial" market initiatives in larger organizations.

Over the next few years, Weatherhead plans to develop a Center for Bioscience Entrepreneurship that will promote research and education on the commercialization of bioscience, promote economic development and improve health and social welfare through better bioscience management. This initiative will include research grants, expanded, non-degree executive education offerings and academic conferences.

"The MBA specialization in Bioscience Entrepreneurship carries on Weatherhead's tradition of distinctive programs that prepare a new generation of leaders for a successful future in complex emerging industries and contribute to the growth of the region." said Mohsen Anvari, Dean of the Weatherhead School of Management. "In addition to crossing boundaries and forming partnerships that take advantage of the very best our community has to offer, this program demonstrates our commitment to acting on the strategic plan laid out earlier this year."

On Thursday, October 10, the Weatherhead School of Management will host a breakfast followed by an invitation-only panel discussion on "Bioscience, Entrepreneurship and Management" from 8:00 AM to 9:00 AM in the new Peter B. Lewis Building. Confirmed panelists include Bill Sanford, Chair of Bioenterprise, Inc.; Tim Mueller, Chief Development Officer, City of Cleveland; Case Western Reserve University President Edward M. Hundert; and Professor Robert Hisrich. Senior executives of bioscience-related enterprises as well as educators associated with the industry are invited to attend.