This summer, Ruby, a MIT senior in Biological – Chemical Engineering, decided to try out something a little bit different from what she was accustomed to. Instead of working in an academic lab as she has done so for her last two summers, she decided to be a summer intern at a healthcare specific investment fund called OrbiMed.
The internship gave her the opportunity to participate in all the work involved in being at a private equity firm. She learned how to conduct a comprehensive competitors’ analysis of a company who had just recently pitched their idea to the firm. The competitors’ analysis was then used to evaluate the viability of the company and its product.
In addition to that, she also got the chance to conduct a complete market segmentation analysis and began to understand the intricacies within the healthcare system in the United States. Through her experience, she used her analytical skills to break down the problem with the goal in mind. Her problem solving skills came in handy in helping her tackle new problems she has never encountered. From reading about other companies, she realized that product development and marketing/distribution could prove to be just as important, especially when it applies to pharmaceuticals and medical devices.
Ovrall, the summer showed Ruby that there are numerous other considerations to be made in developing a marketable pharmaceutical product/medical device.