WARSAW, Ind., December 9, 2015—
About 100 OrthoWorx members recently convened for one and a half days to better understand the health economics landscape and to discuss the current and future talent and business needs of the orthopedic industry. The Health Economics Forum was a half-day workshop focused on economic and policy impacts on the industry. The full-day Needs Discovery Conference was devoted to an exploration of the academic majors, disciplines, skills and experiences required for careers in orthopedics and discussion of high-level, key operational and scientific challenges facing the industry.
The basis for the discussions was the OrthoWorx Orthopedic Value Chain Model (VCM), a value chain model developed for a proxy global orthopedic company developed by OrthoWorx interns during the summer of 2015. Part of OrthoWorx University | Industry Advisory Board (UIAB) Talent Development Initiative, the forum and conference consisted of expert panels, including both academic and industry participants discussing various parts of the value chain, followed by break-out sessions to further identify orthopedic industry needs in each part of the value chain.
The goal of the forum and the conference was to increase understanding between OrthoWorx industry and academic partners to lead to specific, actionable opportunities for collaboration. “We had meaningful interactions, much centered around the OrthoWorx Orthopedic Value Chain Model. This will further our work with our members to address the specific, identified problem areas for them. We plan to use those as the basis of future student projects for experiential learning and potential faculty externships,” stated Sheryl Conley, OrthoWorx President and CEO. “We are also conducting additional, focused sessions to prioritize opportunities for university and industry members to come together to work on important issues.”
The Health Economics Forum included a general overview of health economics from industry experts and a series of panels on the topics of Medicare, Private Pay and Global Reimbursement Systems; New and Emerging Trends in Health Care; Reimbursement and Delivery Models; and Changes in Orthopedics.
The Needs Discovery Conference was structured around the four main segments of the Orthopedic Value Chain Model: product development, full production, distribution and reimbursement. Following the expert panels, who provided their views of the challenges and opportunities in each area, attendees participated in breakout discussions of potential solutions, including educational requirements and a consideration of potential university-industry collaborations.
“The recurring question today was ‘why?’,” remarked Robert Bernhard, PhD, Vice President for Research, University of Notre Dame, at the conclusion of the conference. “Why do we do what we do? Ninety percent of the ‘why’s’ may not be material. For the 10 percent that are, pursuing these basic questions could be transformative. That is the opportunity going forward as we continue our discussions,” Bernhard said. Dr. Bernhard serves as the academic co-chair of the OrthoWorx University | Industry Advisory Board.
The OrthoWorx University | Industry Advisory Board is made up of senior representatives from OrthoWorx university members (Indiana University, Purdue University, the University of Notre Dame, Ball State University, Grace College, Manchester University, IUPUI, IPFW, Ivy Tech Community College and the Indiana University School of Medicine) and industry members (Zimmer Biomet, DePuy Synthes, Paragon Medical, Medtronic and OrthoPediatrics).
Formed in 2009 with initial funding from the Lilly Endowment, OrthoWorx (www.orthoworxindiana.com) is a community-based initiative that works strategically and collaboratively with the orthopedic industry, life sciences partners and regional stakeholders to advance the orthopedic industry for generations to come. Through a spirit of innovation and community, OrthoWorx advances its mission though five initiatives: Education & Workforce Development, Community Enhancement, Innovation & Entrepreneurship, Transportation & Logistics and Branding & Awareness.