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Acknowledgments

I have taught an introductory MBA-level course on the healthcare system


since 1984. Originally, my view of the healthcare system was shaped by my
Ph.D. and MBA training, which emphasized the providers of healthcare
services (e.g., physicians and hospitals) and the payers for these services
(e.g., governments, employers, insurance companies). It was not until my
arrival at the Wharton School in 1994 that I began to be heavily exposed to an
entirely new portion of the industry: the producers of healthcare products
such as pharmaceuticals, biologicals, medical devices, and information technology (IT).
At Wharton, I assumed responsibility for the core introductory course,
Healthcare Management (HCMG) 841, The Health Services System. This
particular course, more than any other course I have ever taught, has challenged me to broaden my view of what the healthcare industry really consists
of. A large percentage of the first-year MBA students taking the class come
from the producer side of the industry or from investment and consulting
firms dealing with the producer side of the industry. They come to Wharton
seeking deeper knowledge of these firms, along with the financial and strategic tools to manage them. In response to their interest, a faculty colleague and
former instructor of HCMG 841, John Kimberly, developed a tripartite
course structure that examined payers, providers, and producers. I have
adopted this structure and elaborated it over time to develop my own view of
the entire healthcare value chain.
I thus owe a great deal of gratitude to the students of this class, who I have
had the privilege to teach and learn from over the past few years. Their desire
to know more about the producer side of the healthcare industry has pushed
me to learn it myself, although I am certainly no expert yet. I am also thankful
to my academic colleagues, who have helped to reorient the Wharton MBA
curriculum to encompass the producers.
During the years I have taught HCMG 841, I have relied on industry
experts to teach much of the course content on producers. I have been

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Acknowledgments

fortunate to draw on the expertise of several Wharton School graduates who


have worked in the pharmaceutical, biotechnology, medical device, and IT
sectors and possess a far deeper understanding of them than I. These individuals have graciously agreed to return to Wharton each fall semester to teach
the incoming MBA class about their particular sector. Over time, they have
honed their presentations, and these form the basis for the chapters contained
herein. I thank Jon Northrup (formerly with Eli Lilly) and Cary Pfeffer
(formerly with Biogen) for broadening the students understanding of the
pharmaceutical and biotechnology sectors. They have contributed chapters 2
and 3, respectively.
For other producer sectors, I have called on long-time friends and colleagues to teach the course content. Kurt Kruger, formerly a top medical devices
analyst with Hambrecht & Quist, Montgomery, and Banc of America
Securities, has been a close friend for nearly three decades. Jeff Goldsmith,
originally my instructor at the Graduate School of Business at the University
of Chicago, is now a valued colleague and part-time faculty member here at
Wharton, teaching information technology. Kurt and Jeff have contributed
chapters 6 and 7, respectively.
I have also had the privilege of being surrounded by first-rate scholars and
colleagues in the Department of Health Care Systems here at Wharton.
Patricia Danzon and Mark Pauly are two of the nations top health economists and have spent much of their time analyzing pharmaceutical pricing.
Although not authors in this volume, both have lectured in HCMG 841 and
raised my understanding of these issues. Sean Nicholson has cowritten (with
Patricia Danzon) some of the best recent work on pharmaceutical mergers
and strategic alliances with biotechnology companies. Sean has collaborated
with me and one of my students in HCMG 841, John Evans, to coauthor
chapter 5, on mergers and acquisitions in the pharmaceutical sector. Another
colleague in the department, Steve Sammut, lives a double life as a venture
capitalist in the life sciences industry. At Wharton, Steve teaches courses on
entrepreneurship and new ventures, and also teaches a session in HCMG 841.
For this volume, he has contributed chapter 4, on genomics and proteomics
technology companies, and has helped me to make sense of all the chapters by
coauthoring chapter 8.
Several people have enabled me to produce this volume. I wish to thank my
administrative assistant, Sylvie Beauvais, and her assistant Erica Garvey, for
their help in preparing the manuscript. I also wish to thank Richard Barling,
Chris Harrison, and Karen Matthews at Cambridge University Press, for
their enthusiastic support of this project. Lastly, I wish to thank my precious

Cambridge
Books Online Cambridge University Press, 2009
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Cambridge Books Online Cambridge University Press, 2009

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Acknowledgments

wife Alexandra and our son Brendan for their continuing love and support,
and for having helped me to reorient my priorities in life.
Finally, let me reiterate: this book represents a major slice of the Wharton
core MBA curriculum on the healthcare industry. It represents a fascinating
portion of the industry, which is research intensive, technologically complex,
and heavily focused on innovation. My hope is that we have done justice to
the enormous complexity here. I trust readers will find the volume as useful
to read as we found in assembling it.
Lawton R. Burns
The Wharton School
University of Pennsylvania

Cambridge
Books Online Cambridge University Press, 2009
Downloaded from Cambridge Books Online by IP 165.123.225.22 on Wed Aug 26 03:53:16 BST 2015.
http://ebooks.cambridge.org/ebook.jsf?bid=CBO9780511488672
Cambridge Books Online Cambridge University Press, 2015

Cambridge Books Online Cambridge University Press, 2009

Cambridge
Books Online Cambridge University Press, 2009
Downloaded from Cambridge Books Online by IP 165.123.225.22 on Wed Aug 26 03:53:16 BST 2015.
http://ebooks.cambridge.org/ebook.jsf?bid=CBO9780511488672
Cambridge Books Online Cambridge University Press, 2015

Cambridge Books Online Cambridge University Press, 2009