Thoughts on picking well
McGovern CenterNovember 8, 2013
Build a better mousetrap and the world will beat a path to your door - Emerson
Salesmanship is limitless. Our very living is selling. We are all salespeople - Penney
The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself -Drucker
How much difference in performance is needed to cause a change in ‘buying’ behavior?◦ Many believe the answer is about 20%
Porter, FDA◦ Depends significantly on the value of the change
Function of where technology is: incremental vs. fundamental improvement 20 Megapixels vs. 18 Disease cure? 6 more weeks of overall survival but at what cost?
◦ Calculation – avoided costs, patient QoL/longevity
Power of status quo: [mastectomies vs. lumpectomies]
Medicine is unique in that companies develop temporary virtual monopolies in cures for diseases without alternatives [Herceptin, metal staples for surgery]◦ Inevitably competition finds way of encroaching
Laparoscopic surgery took a decade to get to 25% or procedures despite clear advantages
Differentiation or amount of improvement
Requ
irem
ent t
o ch
ange
to u
se
Improved pill
Lap surgery
Robotic surgery
Smart phones
Google+ vs. FB
Oral vs. IV
Drug cocktails
Personalized medicine
Companion diagnostics
