Five business students from around the state have immersed themselves in our Biomarker Discovery Program where they are conducting commercial assessments of Mayo Clinic discoveries in cancer diagnostics. These students, who work with the Center for Individualized Medicine and Mayo Clinic Ventures, conduct a semester-long evaluation of molecular discoveries that could help oncologists better diagnose and treat T-cell lymphoma. These assessments include a summary of current diagnosis and treatment options, risks associated with current options compared to those with biomarker diagnostic schemes, evaluation of possible tests, and viability of a biomarker detection scheme in a cancer diagnostic market (i.e. desirability, cost effectiveness, utility, and market size).
Cancer diagnostics represents an explosive market, with some segments expected to more than double in value each year, according to a recent report from market forecaster Transparency Market Research.
"The total global annual market for next generation cancer diagnostics was $776 million in 2010, and is growing at a compound annual growth rate of 47 percent, to reach a forecast market size of $5.3 billion in 2015," according to the report.
The students complete their assessments with a final project that earns them course credits at their university or college, and provides valuable information for our intellectual property managers in Mayo Clinic Ventures, who seek to help bring discoveries from around Mayo Clinic to patients and providers around the world. The Mayo Innovation Scholars Program started in 2006 and forces students to tackle real-world problems at the intersection of science, medicine and business.
Final components of the student portfolio include:
- Recommendations for a business pursuit regarding the biomarker after validation.
- Recommendations for a test that is marketable.
- Recommendations about the available market and customer base for the validated biomarker and potentially a developed test for the biomarker.