Harvard Case - Impact Investing for Cancer
"Impact Investing for Cancer" Harvard business case study is written by Richard G. Hamermesh, Matthew Preble. It deals with the challenges in the field of Strategy. The case study is 31 page(s) long and it was first published on : Apr 9, 2018
At Fern Fort University, we recommend a multi-pronged approach for CancerCare to effectively leverage impact investing for cancer treatment and research. This strategy involves:
- Developing a robust impact investing framework: This framework should clearly define CancerCare's investment goals, impact metrics, and risk tolerance.
- Building a diversified portfolio: This portfolio should include a mix of early-stage ventures, established companies, and social impact bonds, targeting different stages of the cancer value chain.
- Strengthening partnerships: Collaborating with other organizations, governments, and investors to maximize impact and leverage resources.
- Investing in technology and innovation: Prioritizing investments in cutting-edge technologies like AI and machine learning for personalized cancer treatment and early detection.
- Creating a transparent and accountable impact reporting system: This system should track key performance indicators (KPIs) and measure the social and financial returns of investments.
2. Background
This case study focuses on CancerCare, a non-profit organization dedicated to providing comprehensive cancer care services to underserved communities. CancerCare faces a growing demand for its services, coupled with limited resources. The organization seeks to leverage impact investing to expand its reach and develop innovative solutions for cancer treatment and research.
The main protagonists are:
- CancerCare: A non-profit organization seeking to expand its impact through impact investing.
- Impact investors: Individuals and institutions seeking to generate both financial and social returns on their investments.
- Cancer patients: The primary beneficiaries of CancerCare's services and the focus of its impact investing initiatives.
3. Analysis of the Case Study
Competitive Advantage: CancerCare has a strong track record of providing high-quality cancer care services and a deep understanding of the needs of underserved communities. This gives them a competitive advantage in the impact investing space, as they can leverage their expertise to identify and support promising ventures.
SWOT Analysis:
Strengths:
- Strong brand reputation and community trust
- Experienced team with deep expertise in cancer care
- Strong network of partners and collaborators
Weaknesses:
- Limited financial resources
- Lack of experience in impact investing
- Potential challenges in measuring impact
Opportunities:
- Growing interest in impact investing
- Advancements in cancer research and technology
- Potential for partnerships with pharmaceutical companies and research institutions
Threats:
- Competition from other organizations seeking to address cancer disparities
- Regulatory changes impacting the impact investing landscape
- Difficulty in attracting and retaining skilled staff
Porter's Five Forces:
- Threat of new entrants: High, as the impact investing space is attracting new players with innovative approaches.
- Bargaining power of buyers: Moderate, as patients have limited options for cancer care, but can choose between different providers.
- Bargaining power of suppliers: Moderate, as CancerCare relies on various suppliers for services and resources.
- Threat of substitute products or services: Moderate, as alternative cancer treatment options are emerging, but may not be accessible to all.
- Rivalry among existing competitors: High, as several organizations are working to address cancer disparities.
Value Chain Analysis:
CancerCare's value chain includes:
- Research and development: Identifying and supporting promising research projects.
- Treatment and care: Providing high-quality cancer care services to patients.
- Education and outreach: Raising awareness about cancer prevention and early detection.
- Fundraising and resource mobilization: Securing funding and resources for operations and programs.
- Impact measurement and reporting: Tracking and reporting on the social and financial impact of investments.
Business Model Innovation: CancerCare can explore innovative business models to enhance its impact investing strategy. These include:
- Social impact bonds: Partnering with investors to fund specific projects and receive returns based on achieving predefined social outcomes.
- Pay-for-performance contracts: Structuring investments with pharmaceutical companies or research institutions based on achieving specific milestones in drug development or clinical trials.
- Blended finance: Combining philanthropic capital with commercial investments to leverage resources and attract private sector participation.
Corporate Governance: CancerCare needs to establish strong corporate governance practices to ensure transparency, accountability, and responsible investment decisions. This includes:
- Independent board oversight: Appointing a board of directors with expertise in impact investing and financial management.
- Clear investment policies: Defining investment criteria, risk tolerance, and impact measurement standards.
- Regular reporting and monitoring: Tracking investment performance and reporting on social and financial returns.
4. Recommendations
1. Develop a Robust Impact Investing Framework:
- Define clear investment goals: Identify specific areas of focus for impact investing, such as early-stage cancer research, access to affordable treatment, or patient support services.
- Establish impact metrics: Define specific and measurable indicators to track the social and financial impact of investments.
- Determine risk tolerance: Establish a clear understanding of the level of risk CancerCare is willing to take on in its impact investing activities.
- Develop a due diligence process: Create a rigorous process for evaluating potential investments, including assessing their social impact, financial viability, and alignment with CancerCare's mission.
2. Build a Diversified Portfolio:
- Invest in early-stage ventures: Support promising startups developing innovative cancer treatments, diagnostic tools, or patient support technologies.
- Partner with established companies: Invest in companies committed to developing affordable cancer treatments or improving access to care in underserved communities.
- Explore social impact bonds: Partner with investors to fund specific projects that address social challenges related to cancer, such as improving access to palliative care or reducing cancer disparities.
3. Strengthen Partnerships:
- Collaborate with other organizations: Partner with research institutions, pharmaceutical companies, and other non-profits to leverage expertise and resources.
- Engage with governments: Advocate for policies that support cancer research and access to affordable treatment.
- Connect with impact investors: Build relationships with individuals and institutions seeking to invest in social impact ventures.
4. Invest in Technology and Innovation:
- Prioritize investments in AI and machine learning: Support the development of AI-powered tools for personalized cancer treatment, early detection, and patient monitoring.
- Explore digital health solutions: Invest in technologies that improve access to care, enhance patient engagement, and facilitate remote monitoring.
- Support research in immunotherapy and precision medicine: Fund research projects exploring new and innovative cancer therapies.
5. Create a Transparent and Accountable Impact Reporting System:
- Track key performance indicators (KPIs): Establish a system for tracking key metrics related to social impact, financial performance, and investment outcomes.
- Develop a clear reporting framework: Create a comprehensive framework for reporting on the impact of investments, including both quantitative and qualitative data.
- Engage stakeholders: Share impact reports with investors, donors, and the public to ensure transparency and accountability.
5. Basis of Recommendations
These recommendations align with CancerCare's core competencies and mission to provide high-quality cancer care to underserved communities. They consider the needs of both external customers (patients) and internal clients (staff and partners). They also take into account the competitive landscape, including the growing interest in impact investing and the need for innovation in cancer treatment and research.
The recommendations are based on the following assumptions:
- Growing demand for cancer care: The demand for cancer care services will continue to grow, particularly in underserved communities.
- Advancements in technology: Technological advancements will continue to drive innovation in cancer treatment and research.
- Increased interest in impact investing: Impact investing will continue to gain popularity as investors seek to generate both financial and social returns.
- Government support for cancer research: Governments will continue to prioritize funding for cancer research and access to affordable treatment.
6. Conclusion
By embracing impact investing, CancerCare can expand its reach, develop innovative solutions, and create a lasting impact on the lives of cancer patients. A well-defined impact investing framework, a diversified portfolio, strong partnerships, and a focus on technology and innovation will be key to achieving this goal.
7. Discussion
Other Alternatives:
- Traditional philanthropy: CancerCare could continue to rely on traditional philanthropy for funding, but this may not be sufficient to meet the growing demand for services.
- Mergers and acquisitions: CancerCare could consider merging with or acquiring other organizations to expand its reach and resources. However, this approach could be complex and may not be the most effective way to achieve impact.
Risks and Key Assumptions:
- Impact measurement challenges: Measuring the social impact of investments can be difficult, especially in the long term.
- Financial risk: Impact investments can carry higher financial risk than traditional investments.
- Competition: CancerCare may face competition from other organizations seeking to address cancer disparities.
Options Grid:
| Option | Advantages | Disadvantages |
|---|---|---|
| Impact Investing | Increased reach, innovation, and impact | Financial risk, impact measurement challenges |
| Traditional Philanthropy | Predictable funding, low risk | Limited resources, may not be sufficient to meet growing demand |
| Mergers and Acquisitions | Expanded reach, increased resources | Complex process, potential for cultural clashes |
8. Next Steps
Timeline:
- Year 1: Develop an impact investing framework, identify potential investment opportunities, and establish partnerships.
- Year 2: Launch initial impact investments, track performance, and refine investment strategy.
- Year 3: Expand investment portfolio, build a robust impact reporting system, and evaluate the effectiveness of the impact investing strategy.
Key Milestones:
- Develop a comprehensive impact investing strategy: This should include clear goals, metrics, and risk tolerance.
- Establish an impact investing committee: This committee should be responsible for overseeing investment decisions and monitoring performance.
- Secure funding for impact investments: This could involve seeking grants, attracting private investors, or issuing social impact bonds.
- Develop a robust impact reporting system: This system should track key performance indicators and measure the social and financial returns of investments.
By taking these steps, CancerCare can effectively leverage impact investing to achieve its mission of providing high-quality cancer care to underserved communities and creating a lasting impact on the fight against cancer.
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