|
By Lauren Clark
Imagine:
- a microchip that, when implanted in the retina, restores some
vision to blind people;
- a device implanted deep in the body that would allow non-invasive
detection of heart failure;
- a miniature human liver on a silicon chip that could help in
the development of drugs for hepatitis and other liver diseases.
BioMEMS may be the key to these innovations, and investors in emerging
technologies are betting on their potential.
Recently, a group of about 60 MIT faculty and students from the
School of Engineering, the School of Science, and the Sloan School
of Management heard about market opportunities in bioMEMS, an emerging
field where nanotechnology, computer science, genetic engineering,
and drug design intersect. The event, called an Ignition Forum,
was organized by MIT’s Deshpande Center for Technological
Innovation.
Three venture capitalists who invest in bioMEMS startups were on
hand to give pointers to potential entrepreneurs: Christoph Westphal
of Polaris Venture Partners; Seth Rodgers, CTO of BioProcessors
Corp.; and Joseph Baron, principal of PureTech Development. Charles
Cooney, professor of chemical and biochemical engineering and faculty
director of the Deshpande Center, moderated the discussion.
BioMEMS are, simply put, MEMS (microelectromechanical systems)
designed for use in biomedicine and bioengineering. Current applications
include DNA analysis tools called microarrays, and the camera pill,
a swallowable capsule with a tiny camera that provides diagnostic
images of the small intestine.
At present, bioMEMS are based on electronics already in existence,
said Joseph Baron. They can be applied to, but are not necessarily
dependent on, biology. Future market opportunities exist in bioMEMS
that are specifically designed for biological uses, Baron predicted.
Applications may include “therapeutic chips that are actually
in the body interacting with macro and micromolecules and that are
able to do fantastic things.”
Fluid handling, toxicology, sensing, therapeutic intervention
(e.g. drug delivery), bio-reactors – all of these are areas
of opportunity in the bioMEMS market.
Christoph Westphal gave examples of products in which his company,
Polaris Venture Partners, invests – products that aim to enter
the market in two to six years. One is a retina chip that could
restore some vision in the blind; another is a remote sensor that
could, for instance, measure right-sided heart failure in a patient
non-invasively. “This would be very helpful for doctors,”
said Westphal.
Michael Cima, materials science and engineering professor and bioMEMS
entrepreneur, was among the forum’s attendees. “It’s
a great time to be thinking about how to do therapeutic devices,”
he said. “Anything is being considered a drug delivery platform.”
A broader area of opportunity raised at the forum was that of “interface.”
Looking at the bioMEMS market means considering “this very
broad interface between biology, electronic systems, mechanical
systems, IT ... and bringing that interface to some market opportunity,”
said Charles Cooney.
“Being able to burn a piece of biosilicon on a chip is one
challenge,” said Baron. “But being able to integrate
all these other complex things – controlling navigation within
the body, communicating wirelessly with a device, powering implantable
devices – is an enormous challenge.”
In other words, standards in the bioMEMS field have only just begun
to evolve. It will be a while before bioMEMS have the standards
and economies of scale that the computer chip industry has. “There
is tremendous opportunity” in this process, said Baron.
BioMEMS startups face a few significant challenges, including
the regulatory process for medical products, the skepticism of investors
toward the high hopes that the completion of the Human Genome Project
raised for therapeutic devices, and poorly focused business plans.
“The regulatory barrier is a huge challenge for startups,”
said Baron. “A lot of the people who have the expertise to
manufacture [bioMEMS] have no experience in the rigorous regulatory
process.”
Baron also pointed to the pharmaceutical industry’s reluctance
to “plowing a lot of money into bioMEMS as the next big thing.”
While Seth Rodgers agreed that pharmaceutical companies are skeptical,
“doing nothing is not an option” for them, he said.
Under pressure to deliver higher earnings year after year and facing
possible price controls, the industry either “has to deliver
health benefits much more cheaply or make R and D vastly more productive.”
If entrepreneurs make products that address those issues, these
companies “can be very warm to having a conversation.”
Another barrier to entering the bioMEMS market – or any market
– comes from the entrepreneurs themselves.
“What a lot of people do wrong is not to focus,” said
Rodgers. “Startups must think hard about what problem their
bioMEMS device will solve.”
In addition to focusing on a particular problem, tips for developing
a bioMEMS business plan included: calculating the cost of manufacturing
your product; deciding whether your product should be disposable
or robust; and determining what will be required to service your
bioMEMS device.
“There is enormous hope and promise,” in bioMEMS, said
Westphal. But that doesn’t mean entrepreneurs should promise
the moon to potential investors. “Look for intermediate steps
of success,” he advised.
The Deshpande Center supports early-stage, innovative research at
the School of Engineering through grants and mentoring. Ignition
Forums are a series of entrepreneurial forums aimed at bringing
investors, analysts, and thought leaders from a particular industry
to MIT to talk about market opportunities and challenges in that
industry in the next two to four years. For more information, go
to http://web.mit.edu/deshpandecenter/events_ignitionforums.html.
back to top
|
