BOSTON, Jan. 28, 2016 /PRNewswire-USNewswire/ -- The Health Care Initiative at Harvard Business School (HBS) today announced the launch of its Precision Trials Challenge (www.precisiontrialschallenge.org), a pioneering competition to generate ideas to bring precision diagnostics and therapies to market more quickly by reinventing the clinical trials process.
"Advancements in science and technology in the past ten years have led to great advances in precision medicine," said HBS professor Richard Hamermesh. "However, many of the big challenges facing precision medicine today are actually business challenges. How can we develop business models that support the advancement of precision medicine? How can we get new therapies to market faster and at a lower cost? Our Precision Trials Challenge will help answer these questions by encouraging conversation and helping to put leading-edge ideas into practice."
The clinical trials process is one of the costliest and most time-consuming parts of R&D in the health care industry. A typical therapeutic drug requires on average a $1.5 billion investment and more than a decade of trials to gain FDA approval. Generating innovative ideas from the medical, science, business, and patient communities, the Precision Trials Challenge aims to provide a roadmap for faster innovation, targeted medicine, and more effective treatments.
The challenge is open to all and will accept applications at www.precisiontrialschallenge.org until March 13, 2016. A panel of judges will select one winner and two runners-up to share a $100,000 prize. The winner will be announced in April and have the opportunity to present at the prestigious 2016 Personalized Medicine Conference.
The Precision Trials Challenge is funded by the Kraft Endowment for Advancing Precision Medicine, established last fall by a $20 million gift from the Kraft Family Foundation under the leadership of Foundation president Robert K. Kraft.
About the HBS Health Care Initiative:
The HBS Health Care Initiative (HCI) connects MBA students, alumni, faculty, Executive Education participants, and practitioners by serving as a gateway for research, educational programs, and entrepreneurial projects across all sectors of the health care industry. This powerful alliance of key stakeholders encourages leadership that makes an immediate and lasting impact on health care practices to enhance services, reduce costs, and expand access with the goal of improving health outcomes.
About the Robert and Myra Kraft Family Foundation, Inc.:
The Kraft family, through its family Foundation, is committed to giving back to the community. The Foundation's primary mission includes supporting education, health care, science, and the needs of underserved individuals by donating to organizations that qualify as exempt organizations under Section 501 (c) (3) of the U.S. Internal Revenue Code. The Foundation has primarily been funded by the generous donations of Robert K. Kraft, its president.
About Harvard Business School:
Founded in 1908 as part of Harvard University, Harvard Business School is located on a 40-acre campus in Boston. Its faculty of more than 200 offers full-time programs leading to the MBA and doctoral degrees, as well as more than 80 open enrollment Executive Education programs and more than 60 custom programs. For more than a century, HBS faculty have drawn on their research, their experience in working with organizations worldwide, and their passion for teaching to educate leaders who have shaped the practice of business and entrepreneurship around the globe.
Video - http://youtu.be/7TnVku2n-mM
SOURCE Harvard Business School