How Power Is Building Supply With Clinical Trials

18 Aug 2024 · 2 min

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This content was created by Max Brun. This content was uploaded by Max Brun. This is a YouTube video titled "How Power Is Building Supply With Clinical Trials" (created 2024-08-18). The excerpt is a spoken monologue by a speaker describing a two-sided marketplace connecting patients and clinics that is paid for by a third party (pharma). It explains the go-to-market and monetization strategy: clinics have thin margins and are often accessed via CROs, so the company gives clinics the tool for free and charges pharma (targeting top 20 large pharma and faster-moving biotechs) via a B2B sales motion. It also describes supply growth channels—pharma-driven clinic enrollment and product-led growth when patients trigger onboarding of nearby clinics.

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I take it like you're selling into the clinics and— Super interesting. So it's a funny marketplace because it's actually a 2-sided marketplace, patient and clinic, but it's paid for by a 3rd party, which is pharma, right? And so you sell to pharma, but the interaction is actually a 2-sided interaction. We initially did sell to these clinics. And so what we found is that Because they are so much further down in the value stack, pharma pays like a CRO, which is like an operating company who then recruits the clinics who run the actual trial. And there's 150 to 300 clinics. And because there's all these middle people in the way, clinics have small budgets and thin margins. And so we've shifted from trying to make any real money off them. to giving our tool away for free. And in some ways allowing them to spend money that would've gone to maybe a marketing agency through Power at no cost to them so that we can build a relationship and then eventually charge pharma. So we have a, we have like a larger, we have a B2B sales team who's working on just cracking the top 20 large pharma companies. And also selling to maybe small biotechs, we call them, who are happy to move faster. And then all the sort of growth or acquisition of these clinics either comes because we've sold to one of these pharma companies who enrolls the clinics or comes through product-led growth. So if a patient reaches out to a trial that isn't already on the platform, we do a bunch of things to try and pull that clinic, the clinic on the other side who's closest to them into the platform. So they can engage with that patient. It improves the patient experience because they actually get a reply. And then, you know, we're building out the supply side.