Q. As your company is part of the ecosystem that represented the fourth largest career path vertical for MIT Sloan’s Class of 2023[1], clearly there is interest in students entering this arena. How can MIT education be applied to firms at the intersection of engineering, healthcare, and management?
A. (Tina Tianning Yu):
With the global medical devices market size projected to increase from last year’s approximate $518 Billion to $886 Billion in 2032[2], the sector is a fertile ground for graduates from elite business schools like MIT Sloan. This field sits at the intersection of many areas and requires a multidisciplinary approach, combining expertise from engineering fields such as mechanical, computer, chemical, and electrical engineering. Over the last 30 years, the industry has experienced explosive growth, and with the integration of AI, as well as advancements in collecting, analyzing, and applying large datasets, the medical device sector is poised for further transformation. These technologies will play a critical role in solving complex medical problems. Engineers, by nature, excel at data analysis and practical problem-solving—skills that are essential in the medical device industry, where challenges are abundant. As I recall, about one-third of MIT Sloan students studied engineering during their undergraduate days[3]. So, you have the potential to bring a powerful combination of business and technical skills to a vertical that is going through an innovation renaissance.
For example, in proton therapy, the field I work in, we have witnessed significant transformation over the past 20 years, with accelerated growth in the last decade. Proton therapy is an advanced form of radiation treatment for cancer that uses a beam of proton particles instead of traditional X-rays. In essence, proton therapy is a precise way to target and destroy cancer cells while minimizing damage to surrounding healthy tissue. Two decades ago, proton therapy centers were massive, often as large as a football field, and cost more than $200M to build. However, through collaboration with your material scientists at MIT, we developed the world’s smallest proton accelerator, reducing the product’s footprint to half the size of a tennis court and the total project cost by more than 80%, in many cases. More recently, by adopting cutting-edge robotics, we have managed to shrink the machine’s volume by an additional 80%. This new product called the S250-FIT, will be first clinically adopted by Stanford Healthcare[4] with an expected first patient treatment in Q4-2025 and has been acclaimed by key opinion leaders at Mass General Hospital as a “quantum leap” and “a game changer.” This innovation will make high-end medical devices like ours far more accessible to a broader range of hospitals and treatment centers. The convergence of multiple technologies has been the driving force behind this transformation and MIT has been part of this journey!
From a career perspective, I am convinced that MIT Sloan graduates with strong engineering backgrounds can make significant contributions to the medical device field. While there are clear management tracks that MIT Sloan graduates are familiar with; technical managers, especially in small to mid-sized companies, are highly valued. In-depth knowledge of the product and the field is essential for taking on leadership roles. As such, a solid technical or engineering background can be a major asset and consider these stepping-stone roles which can help jumpstart your C-Suite aspirations.
Roles in business development, product management, and supply chain management benefit greatly from individuals who have both technical expertise and management skills. In my experience, MIT Sloan graduates excel in these areas, particularly in bridging the gap between technical and business needs. One standout example is an MIT Sloan graduate who effectively translated complex physics concepts into simple, understandable visuals. This ability to connect technical knowledge with strategic business goals has had a significant impact within our company and highlights the value such skills bring to the medical device field.
Q With explosive changes in engineering, healthcare, and management, how do your colleagues and you position for success?
A. (Tina Tianning)
First, seek out long-term business collaboration opportunities. At Mevion’s formative stage, we initiated a collaboration with scientists at MIT’s Plasma Science and Fusion Center (https://www.psfc.mit.edu), which was founded in 1976 and is globally famous for its pioneering research in plasma physics and nuclear fusion. This group has extensive experience in developing high-field superconducting magnets for various applications, including fusion. The MIT team played a critical role in developing the magnet technology for Mevion’s proton accelerator, creating the world’s smallest and most powerful magnet for 250 MeV systems. This innovation is fundamental to the compact and efficient design of our proton therapy system. MIT’s pioneering work in this area led to numerous patents, and Mevion has been a licensee for over a decade, paying millions in licensing fees to MIT; so it has been a win-win partnership. This technology has been adopted by major medical institutions in the US, Europe, and Asia, helping to treat over 10,000 cancer patients with proton therapy. As we develop and commercialize our third-generation proton therapy product, S250-FIT, we are employing a similar strategy by collaborating with the team at Stanford Health Care. Stanford Medicine, which includes Stanford Health Care, boasts eight Nobel Prize winners in physiology or medicine, underscoring the institution’s leadership and impact on medical research and innovation. Over the past seven decades, Stanford has consistently led the way in radiation oncology. For example, they developed the first medical Linear Accelerator (LINAC) for cancer treatment in 1956, a technology that became a cornerstone of modern radiation therapy that touches more than 60% of US cancer patients today. In 1994, a Stanford faculty member invented the CyberKnife, the first robotic radiosurgery system. The Stanford team’s deep expertise and experience in pioneering advancements make them uniquely positioned to understand the opportunities and challenges associated with developing a game-changing product like the S250-FIT.
Second, we developed a focused product strategy aimed at addressing the biggest pain point in our field: footprint. For any business to succeed, I believe that it is essential to create products or services that bring meaningful improvements in areas with the greatest customer impact. In proton therapy, the three major challenges have traditionally been the enormous size, astronomical cost, and complexity of the systems—issues that are interconnected, with the large footprint amplifying the others. We tackled these challenges directly, reducing the size of proton therapy systems by over 50-fold in the past two decades through the integration of advanced technologies like superconducting magnets and robotics. This substantial size reduction led to a more than fivefold decrease in ownership costs (from more than $200m to below $40M) and greatly simplified system operations, making proton therapy more accessible and viable for healthcare institutions worldwide. By doing so, we have made proton therapy system, a product that was once considered impossible now possible for many medical institutions across the globe.
Finally, recognize the strategic importance that culture has for your team’s sustainable success. MIT is both an intense environment and one where the impossible can be made possible. In turn at Mevion, we have crafted a 4 P value system: Patient-focused, People-oriented, the Pursuit of excellence through teamwork, and Passion for innovation. To reimagine a solution that delivers the cutting-edge benefits of proton therapy at a much smaller physical footprint, it requires the seamless integration of over 10,000 parts and more than two dozen sub-systems spanning eight major disciplines. This complexity necessitates a culture deeply rooted in teamwork, as no single person can master every aspect of our technology. Our collective dedication, expertise, and passion drive our ability to keep these systems running flawlessly, ensuring we continue to support cancer care at the highest level. At Mevion, we understand that our success is built on our shared commitment to innovation and excellence. We are looking forward to continuing our existing collaboration with many major institutions and to meeting new contacts including MIT Sloan alums.
Bios:
Tina Tianning Yu, Ph.D. is the Chief Executive Officer and President of Mevion Medical Systems. Dr. Yu brings more than twenty years of professional experience working in the life sciences sector and the financing world of the healthcare industry. As a Co-Founding Partner of YuanMing Capital, a healthcare fund focusing on cross-border investment strategies, Dr. Yu led the investment in BeiGene, Ascentage Pharmaceuticals, and Mevion Medical Systems. Prior to that, Dr. Yu worked for Vision Capital, an NYC-based investment management firm, as a Director of Investment, responsible for US biotech and China sectors. Before becoming an investor, Dr. Yu was a senior research scientist at Wyeth BioPharma, where she specialized in therapeutic protein development. She also worked for Fidelity Asia Ventures, Morgan Stanley, and Genzyme. Dr. Yu is also a Regional Director with the Harvard Business School Healthcare Alumni Association.
Dr. Yu holds a Ph.D. in Chemistry from Princeton University, an MBA from Harvard Business School, and a B.S. in Biology from the University of Science and Technology of China.
Partha Anbil is a Contributing Writer for the MIT Sloan Career Development Office and an alum of MIT Sloan. Besides being VP of Programs of the MIT Club of Delaware Valley, Partha is a long-time life sciences consulting industry veteran, currently with an NYSE-listed WNS, a digital-led business transformation company, as Senior Vice President and Practice Leader for their Life Sciences practice.
Michael Wong is a Contributing Writer for the MIT Sloan Career Development Office and an Emeritus Co-President and board member of the Harvard Business School Healthcare Alumni Association. Michael is a Part-time Lecturer for the Wharton Communication Program at the University of Pennsylvania and his ideas have been shared in the MIT Sloan Management Review and Harvard Business Review.
[1] https://mitsloan.mit.edu/sites/default/files/2023-12/MBA-Employment-Report-2023-2024.pdf
[2] Medical Devices Market Share, Trends | Global Growth [2032] (fortunebusinessinsights.com)
[3] MIT Sloan School of Management (clearadmit.com)
[4] https://med.stanford.edu/medphysics/news/2024-04-06.html
