PATIENTS ~ PHYSICIANS ~ PAYERS

ALIGNING THE KEY PLAYERS IN ADOPTION OF NEW TECHNOLOGY

 

There has been tremendous growth in diagnostic companies within the last decade. Many of them with novel technology, strong IP protection, and an experienced management team. Unfortunately, the majority of these companies are no longer in business. 

 

Despite having the key "fundamentals" in creating a successful company, the simple fact is that these companies did not align themselves correctly with all three of the major stakeholders in the health care market. 

 

Lessons Learned from the 3 "P"s

 

After reviewing the track record of numerous successful companies both current and in the past, most of the "successful" companies had a strategy to address the needs of all parties: patients, physicians and payers, in the correct proportion, for the conditions at the time. Unsuccessful companies targeted one or at the most, two of the players in the market assuming that adoption by one would lead to adoption by the others. Unfortunately, this has not proved to be the case.

 

The Special "P" - Physicians

 

Physicians, by their very role in health care require more finesse, but the majority of biotechnology companies continue to focus on showcasing their "revolutionary technology" to impress or convince physicians. However, the majority of physicians have seen numerous technologies which did not live up to their claims or expectations. It is far more effective to focus on the impact your new technology will have on patient care, rather than the technology. BUT equally important is to illustrate how this new paradigm actually will improve the physician's life and make managing patient's easier for them! This extra, crucial step, which is often overlooked by numerous unsuccessful companies, will do more in getting the physician on your side rather than cool or novel technology.

 

Philosophy:

 

• Patients, physicians and payers will always play a role in health care, but in various proportions based on market and regulatory conditions.

• Models that were effective in the past (even from two years ago) may be ineffective in the current market. 

• Focusing on all three stakeholders leads to long term growth and sustainability only if, like stocks, the strategy is reallocated periodically relative to their importance based on current and on-going regulatory conditions.