Skender Daerti of the Clinician Exchange brings incredible value to our Gurus on Med Tech Gurus in Episode #7
Skender describes his background from the days at Georgetown as a quarterback then captain of the Georgetown football team. From there he went to Wall Street as an equity trader. Then eventually into the Med Tech Space, where he became founder and CEO of The Clinician Exchange.
Describe a company that was full of potential but just missed the mark?
Skender explains that he has seen numerous examples of this and there is no bias between large, small know or unknow companies. It can happen to any type of med tech company.
Specifically, Skender notes a company in the oncology space. This company had some of the best technology for their product category. This was validated by several physicians who indicated that they were getting better results by using this company’s technologies.
However, for some reason the company never got the traction they should have. Skender notes it wasn’t about the technology, rather it seemed to be about the company. It was unfortunate however the dynamics around this company that held them back.
When asked by host Tom Hickey if it was a question of leadership or an inability to explain their value proposition to the market, Skender explained that it was mainly adaptation to the market. Skender went on to explain that the leadership was still in a mindset of a practice that was rooted in an attitude from 15 years ago, very linear, very binary, very transaction oriented.
As we have seen over the last 15 years healthcare and the decision making and consumer driven influences driving the purchasing process has changed the process dynamically. If a company is so rooted in a transaction way, “I have a product, I try to sell it to Clinician A and if Clinician A likes it, hopefully they will buy it and a PO will be generated from this. This is a sign that they have not adapted to the times.
Companies like these are able to see the complexities of healthcare and they are unable to adapt to the times if they are unable to create the experiences and understand the complexities of healthcare and how to navigate those channels challenges of healthcare, then they must be able to seek help.
When companies have a mindset of “This is how we do it, this is how we are going to do it!” Rather than seek outside help and input that would help them along they chose to be “Penny wise and pound foolish.” This ultimately held them back from going to a whole new level. If the company dynamics had been a little different, if the leadership had been a little different it would have been one of those success stories that we would talk about.
If your product is not getting traction be willing to seek the outside help, develop focus groups bring in consultants that can assist your team in looking at new ways to do things. As Skender said, “Be willing to adapt!”, “Not everything is so binary. You might have had a vision and launched your company under certain thoughts and biases, and you find out that once you enter the market it is completely different.” Skender then adds,” Adaptation in our industry is so important to success!”
Skender discusses a company that hit a homerun and what differentiates them.
Skender suggests that, we must look at these success stories as it helps us learn. Skender then discusses a company that started out and eventually was acquired at a very nice multiple.
Skender has had an opportunity to speak to the founders of this company a couple of times and he was struck by the fact that they were so humble. They have now since taken a few companies to successful exits. Their philosophy is to START SMALL, learn the market, get an understanding of what it is going to take to be successful in a small area expend a few resources in this one region, but just continue to learn. Then, let’s move beyond that.
Once you have accomplished the success in that one area then move in adjacent steps. Seek support where you need it, don’t try to do everything yourself. When the time comes to bring in that support, bring it in and rely on it. That’s how you can grow successfully.
Doing this you will grow efficiently and profitably. Don’t try to bite off more than you can chew. They always sought to approach small geographic or specialty markets first. They knew they had an end goal in mind, but it wasn’t to become a billion-dollar company on day one.
They wanted one successful conversion of one hospital, adapt their technologies and learn from that process. Then learn what the benefits were to that hospital. Then they took it to the next hospital in that region, then the next, continuously learning. Eventually this company was sold for several hundred of millions of dollars after only being in business for about 3 years.
This was accomplished because their growth trajectory was so sound. Their profitability was so sound that this happened quickly. This approach developed such a strong road map of the acquiring company was so sizeable it didn’t make sense NOT to acquire them. So, it was one of the greatest success stories that Skender could think of.
To learn more about Skender Daerti and his company The Clinician Exchange go to https://www.theclinx.com/. Or email Skender at firstname.lastname@example.org
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Tom is a 35 year veteran in the Med Tech space. Having personally worked with dozens of new technologies. It is Tom's passion to enhance patient outcome by bringing new concepts and technologies that will help clinical performance.