MBA Business Plan Competition Overview
Clinical trials are the source of every new therapy that may someday improve or save your life or the life of someone you love. Clinical trials represent a $15.2 billion enterprise in the U.S. alone. Yet for all the promise they present – and investment they attract – substantial inequities in clinical trial enrollment limit the benefits to society at large, especially for people from historically marginalized groups that are underrepresented in clinical research.
The goal of BioNJ’s Health Equity in Clinical Trials Business Case Competition is to promote the next generation of diverse clinical trial innovators and business models. By discovering new approaches to make trials more accessible and utilizing new technologies and business standards, we can work to create more agile, efficient and Patient-centered medical research.
By participating in the BioNJ Health Equity in Clinical Trials Business Case Competition, you and your team can contribute innovative, out of the box ideas to improve health equity and transform clinical trials. Teams will compete for over $20,000 in prize money and network with industry executives from global life sciences companies that are working to develop and deliver better treatments for common and rare diseases.
- Make a difference and gain expertise in health equity, clinical trials, and medical product development.
- The first, second and third place teams are eligible for a cash award
- → 1st – $10,000
- → 2nd – $7,000
- → 3rd – $3,500
- Teams will have their resume book shared with competition sponsors and judges.
- Teams will have opportunities to network with life sciences industry professionals.
- Teams and proposals will be highlighted in broadly distributed white paper.
- Students from invited MBA programs should self-organize a diverse 4-5 person team to represent the university, drawing on guidance from peers, faculty, staff, and other graduate programs. Each team must include at least one MBA student.
- In the case of multiple teams registering from the same university, the project steering committee will review team credentials and make a final selection for participation in the competition.
- Teams should be multidisciplinary and can include at least one MBA as well as graduate students from different degree-seeking programs (such as MD, PharmD, MPH, etc.)
- Teams can work virtually or face-to-face.
- Proposals must be product agnostic.
- Teams will be encouraged to seek input from local community organizations.
- If your school does not have travel funds available, please contact us to discuss travel assistance.
- Complete competition instructions, policies, and procedures coming soon!
- Teams will receive a crash course in medical product development and clinical trials at the October Bootcamp event.
- Proposals can be new solutions, applications, or technologies on topics such as using artificial intelligence, increasing access, integrating with care delivery, and furthering decentralized clinical trials.
- Ideas should be scalable.
- Proposals can focus on varying elements of racial and ethnic diversity. They can also focus on other underrepresented populations defined by demographics such as sex, gender, identity, age, socioeconomic status, disability, pregnancy status, lactation status, and co-morbidity. (For more, see the FDA Guidance on Diversity Plans to Improve Enrollment in Clinical Trials.)
An in-person December 3, 2022 pitch event will position your team’s business proposal with industry leaders. All teams and proposals will be highlighted in a widely circulated white paper following the competition, earning valuable visibility for you, your school and your proposed solution to this business-critical challenge.
An October 29, 2022 Virtual Bootcamp event will provide a crash course on drug development and pain points that lead to racial, gender, disability and other disparities in clinical trial participation. Topics for discussion will include:
- Drug development and clinical trials 101
- Review the competition process and evaluation criteria
- Orient student teams to clinical trials and the role of clinical trials in therapy development
- Outline the current inequities within clinical trials
- Frame the challenges that stem from lack of representation in clinical trials
- Introduce key resources to inform proposals
- Economic Impact of Medical Research
- About Medical Product Development and Clinical Trials
||Download a PDF of the case competition prompt/case statement here.
Proposal components coming soon!