In a webinar sponsored by flipMD, from GoodRx, panelists discussed how the company is helping healthcare businesses optimize product development, marketing and go-to-market strategy, user adoption and more – all through collaboration with practicing physicians.
Panelist Dr. Gregory Hanson, co-founder of flipMD, shared how he developed the idea for flipMD when he and his wife lived in South Philadelphia during his residency when he was moonlighting as a consultant to make ends meet. That’s when he became aware of the lack of a platform specific to physicians to work with healthcare innovation companies looking for medical expertise.
“The idea for flipMD really came about from figuring out that it was a pretty big challenge for companies to find specific physicians, whether a practicing neurosurgeon to a nephrologist. It was just to make it easier for companies to be able to work with any type of physician from residents and fellows through early mid-career, late stage attending physicians or even retired physicians. That was the initial impetus and that’s why we built the company.”
The Covid-19 pandemic – coupled with ongoing healthcare industry challenges such as staff resources, hospital consolidation, and moral injury – has prompted a trend in physicians seeking alternate career solutions. At the same time, healthcare startup and growth stage companies oftentimes look to engage medical talent to provide useful insights to maximize and validate their work. Together, companies and physicians can mutually benefit each other: companies can hire physicians who possess the right expertise for their project, while physicians have the flexibility to pursue new opportunities outside of their clinical work.
Emergency Medicine physician, Dr. Caitlin McCord Delaney, assistant professor of Clinical Emergency Medicine with Georgetown University, described this demand for a fuller career from physicians and explained that they are also motivated by wanting to share their perspective on what’s working and what’s not in the health system.
“I’ve really seen a huge uptick in people’s interests in health tech and in new products and in, ‘What can we do to actually fix our healthcare system?’ There’s a huge demand right now from physicians who are looking for these different types of roles, they’re wanting to learn more about what’s out there,” Delaney said. “One of the things that I think is really significant about a platform like [flipMD] is that it allows you to cross-pollinate those different sectors. It’s good to have people who know something about both sides of it and to have the ability to work with those who have that different perspective.”
Another facet of the webinar discussion was the job of helping healthcare entrepreneurs find a suitable physician match for their needs. Dr. Jonathan Larson, president of Hey Doctor with GoodRx Care Provider Network, said it can be a monumental effort for companies to perform that task on their own.
“It’s great to connect to physicians, but we’re not all made alike. Our training and education and experiences are diverse. And so really finding that right fit so you don’t spend a bunch of money on somebody that maybe can talk a good game, but when it comes to bringing substantive information that really helps you move forward, they may just not be the right fit.”
And not finding the right fit can be costly. Among some of the interesting facts discussed was that the marketing budget for seven of the 10 largest pharmaceutical companies eclipses their R&D spend many times over. Moreover, in the medtech industry, the average cost to bring a product from concept to market is $31 million.
“Every company is addressing a need in healthcare and trying to create a solution that will be adopted by the majority, but it’s led to a very crowded marketplace. And so, it’s most important that we spend time thinking about how to differentiate and stand out in this market,” noted Lauren Hanson, founder and Head of Product with flipMD from GoodRx and the webinar moderator. “At the end of the day, if patients and physicians aren’t using your product, then even if it’s the best, you’re not making that big of an impact.”
To download and watch the webinar to learn more about how flipMD is working with healthcare companies to help match them with clinician expertise, please fill out the form below.
Photo: FilippoBacci, Getty Images