Advances in diagnostics and life science tools and technologies are dramatically reshaping and revolutionizing healthcare by putting objectively measurable, patient-specific data, such as genomics, at the center of both research and clinical decision-making. These advances and some of the personalized medicine approaches they enable bring the promise of improving research efficiency, enhancing patient outcomes and using healthcare resources in a more targeted and efficient manner.
While the healthcare industry is increasingly embracing personalized medicine, developing and implementing personalized medicine solutions is complex and requires companies to evolve in terms of how they think, the strategies they pursue, the partners they engage and the capabilities they build for implementation.
How we help
At L.E.K. Consulting, we work across a broad spectrum of diagnostics and life science tools and technologies. Within the tools space, we have experience with animal models, tissue systems and technologies, cell culture systems and imagers, molecular analysis tools, robotics/liquid handling, and many others. On the diagnostics side, our technical expertise and multidisciplinary approach have established us as the “go to” advisor across the diagnostics continuum. This includes sample collection, diagnostic testing, analysis and decision support, monitoring, and coverage/reimbursement. We also have significant experience across all major test types and market segments.
In addition, we work with pharmaceutical and medical device companies, as well as innovative health systems, that are interested in implementing winning personalized medicine strategies. Whether supporting the launch of a new gene-sequencing platform, developing commercialization strategies for innovative diagnostics or supporting pharmaceutical companies to prioritize personalized medicine investment opportunities, we help executives develop practical strategies to succeed in the new era of personalized medicine.
Life sciences tools, diagnostics, and pharmaceutical companies and investors as well as innovative health systems engage us to:
- Develop growth strategies: We work closely with clients to assess growth opportunities across the diagnostics and tools landscape, including assessing new business opportunities, expanding into new markets, assessing innovative business models and evaluating partnership opportunities. Regardless of the size or stage of company, L.E.K. has proven success in developing innovative growth strategies customized to address our clients’ unique needs and goals.
- Build personalized medicine strategies: We take a holistic approach to personalized medicine strategies that considers the full breadth of key stakeholders including physicians, payers, patients and employers, as well as the test and drug manufacturers. Given the disruptive nature of personalized medicine, we often are exposed to leading-edge technologies and novel business models being considered by both established and innovative disruptors.
- Execute value-creating transactions: We support our clients at every stage of the deal lifecycle ― from M&A strategy to deal evaluation, execution and integration. We have helped clients execute more than $120 billion worth of transactions including M&As, partnerships, joint ventures, divestitures and royalty monetization transactions.
- Launch innovative products and services: We team up with our clients to develop commercial launch strategies in mature and emerging markets. We have a proven track record of success and have helped leading pharmaceutical, biotech and diagnostics companies launch personalized medicine products. Our commercial planning and launch expertise includes pharmaceutical and biopharmaceutical drugs, vaccines, life science tools, diagnostics, and associated support services.
- Optimize operations: We work closely with our clients to optimize processes, operations and organizational structures across the life sciences value chain. Our work for clients has increased productivity and contributed to top- and bottom-line growth at the corporate, business unit and operational team levels in a number of life sciences sectors.
Examples of our work
- Assess novel business models in genomic data monetization: A leading clinical laboratory was interested in exploring options to monetize its unique molecular oncology dataset generated from sequencing solid tumors and engaged L.E.K. to assess opportunities across potential customer segments (e.g., pharma, payers, researchers), applications and revenue models. The project gave our client clarity on the dataset’s value and monetization options that would complement its ongoing testing business.
- Build a leading global diagnostics company: A leading molecular diagnostics company, with a franchise in a large and focused disease area, was facing increased competition from other diagnostics companies and needed to develop a growth strategy that would strengthen its core franchise and help it expand into new disease segments. L.E.K. helped develop a five-year growth strategy, which — after receiving unanimous board support — led to a transformative acquisition and, as the CEO has noted, “a significant milestone in our company’s history.”
- Launch disruptive personalized medicine spinout: An innovative healthcare system wanted to bring its precision oncology solution consisting of tumor sequencing and drug navigation to patients outside of its health system. L.E.K. helped define the offering, company positioning and go-to-market strategy. The spinout is now working hard to disrupt the status quo in oncology care.
- Define participation strategy in cell therapy: A leading medical technology player with multiple technologies used in enabling cell therapy research and manufacturing wanted to develop a strategy for participation that integrated opportunities across its portfolio and considered the evolving needs and models being assessed in the emerging cell therapy space. Our partnership with the client enabled the management team to create significant inertia to build a leadership position in this space.
- Evolve commercial strategies for personalized medicine therapies: L.E.K. has worked with many pharmaceutical companies to rethink their commercialization strategies and models in the new era of personalized medicine. For therapies involving a companion diagnostic, pharmaceutical companies need to be concerned with driving quality diagnostic testing to qualify patients for their therapy. The leakage barriers associated with testing need to be understood and mitigating strategies need to be developed that consider a breadth of processes and stakeholders that are not typically covered by traditional pharmaceutical sales organizations. Our partnership with pharmaceutical clients has helped define test life-cycle planning opportunities, organizational changes and partnerships to support successful commercialization.