The VP of Business Development at an F200 health company was struggling with pricing pressures following the commoditization of a key product. The strategy leader for the product’s division wanted to explore adjacent growth opportunities. In particular, he wondered if a self-management platform for patients could boost patient engagement and strengthen brand loyalty by connecting their health indicators to a database that offered more comprehensive behavioral information and coaching.
The company’s Head of Strategy engaged two Business Talent Group talent for a four-week project to determine the value of such a platform and make build vs. buy recommendations. One of the talent was a former McKinsey Engagement Manager who then worked as a senior executive at a medical device company, while the other had deep consulting experience in market access and Payer/Provider systems. Together, these consultants evaluated every company that was active in the space and compiled a shortlist of the ones that presented the most promising partnership opportunities. They concluded by outlining the top-level business case for the platform, complete with benefits to patients and payers as well as recommendations for build vs. buy scenarios.
Value: The demand for digital talent across all industries is far outstripping supply, and this is no different for life science. Being able to quickly access top digital talent was essential to this client, giving them the expertise and confidence they needed to go to market with a powerful consumer play.