Master of Science in Innovation and Technological Entrepreneurship (MS ITE) Healthcare Innovation & Entrepreneurship (HI+E) Option
Healthcare industries are very ripe for innovation and entrepreneurship. Combined R&D spending by the U.S. government and private industry runs into tens of billions dollars, only defense industry tops in R&D spend. Such spending has not offered solutions to such critical issues as soaring healthcare costs (over 15 percent of U.S. GDP) and human errors (eighth leading cause of death).
In 2011, health care practitioners and technical occupations comprised one of the largest professional occupational groupings in the United States, employing nearly 8 million workers. It also continues to be one of the fastest growing. Between 2010 and 2020, among health care practitioners and technical occupations, over two million new jobs are expected. The average wage for all health care practitioners and technical occupations was $72,730 in 2011. (Dept. of Labor Statistics). These professional and technical workers are found in several industry sectors, including public and private hospitals, nursing and residential care facilities, offices of physicians and other health practitioners, home health care services, and offices of dentists. Five out of top 10 largest employers in Massachusetts are in healthcare industries (Boston Business Journal, 2012). As of 3rd quarter 2012, 518,000 people are employed in healthcare in Massachusetts.
Manning School of Business (MSB) has a Master of Science in Innovation and Technological Entrepreneurship program addressing an overall need in developing future entrepreneurs and innovators. College of Health Sciences has an extensive Master of Science program in Healthcare Management and Health Informatics. A new Program Option, Healthcare Innovation & Entrepreneurship, will be offered starting fall 2013 that will be based on a strong collaboration between these 2 schools. It will offer an industry specific program which will attract present and would-be healthcare professionals.
HI+E Option Objectives
- Understand fundamentals of healthcare industries operations and economics and be able to identify areas of innovation and entrepreneurship.
- Develop an understanding of technology innovation and entrepreneurship from both an academic and applied perspective.
- Understand and leverage the business opportunities accompanying technology innovation within established healthcare facilities.
- Develop the entrepreneurial management skills required to identify, launch and execute innovative products, services and new ventures.
- Understand ever changing regulatory nature of healthcare industries and be able to spot both opportunities and challenges, and be prepared to create unique competitive advantages.
- Learn essential skills of market research, project management and innovation financing to implement successful entrepreneurial initiatives
The MS ITE Healthcare Innovation & Entrepreneurship (HI+E) Option program will be targeted at current healthcare professionals, such as hospital managers/administrators, clinicians, physicians and other medical professionals. The Program will also be offered to recent graduates who wish to enter into healthcare industries as a career choice.
Program of Study
The MSITE HI+E Option consists of ten courses (30 credits), including 4 Program core courses (12 credits), 5 Option core courses (15 credits, 3 of which must be from College of Health Sciences) and one course (3 credit) practicum. Each student will participate in the development and delivery of a team capstone project, which will be reviewed by an external professional panel. Complete course descriptions are available in this document, MSITE Healthcare Innovation and Entrepreneurship Option
The program is outlined below.
- 12 Credits
4 Program core courses
- Innovation & Emerging Technology
- Market Research for Entrepreneurs
- Financing Innovation & Tech. Ventures
- New Product Development
- 15 Credits
- Corporate Entrepreneurship
- Managing Entrepreneurial Teams
- 3 from an approved list of courses offered by Health Informatics and Management
- 3 Credits
- 1 Course
- Practicum: HealthCare Innovation & Entrepreneurship Project
Students are admitted on either a part-time or full-time basis. Courses meet during the evening hours beginning at 6 p.m., with additional online and blended course options.
For more information, contact: MSITE@uml.edu
, or call Ashwin Mehta, Program Director at 978-934-2728.