Background and Challenge
The client, a molecular diagnostics company, successfully built a diagnostics franchise in a large and focused disease area. Faced with increased competition from other diagnostics companies, the client needed to develop a growth strategy that would strengthen its core franchise and help it expand into new disease segments. The CEO set aggressive revenue targets and engaged L.E.K. to help the company achieve its goals.
Approach and Recommendations
We assembled a team with expertise in molecular diagnostics, corporate strategy, M&A, and disease area diversification to develop a five-year strategic plan. We worked closely with the client’s senior executive team to:
- Evaluate the client’s market position and opportunities for growth in core and adjacent disease areas
- Explore strategic alternatives for growth and develop a path forward
- Develop a strategic vision and five-year plan for sustained and aggressive growth
The CEO delivered the strategic plan to the Board with unanimous approval. Following the presentation, the CEO applauded our efforts by personally thanking each member of the our team for their “dedication, commitment and drive, from vision creation through concept to final product”. He continued by noting that the “strategic plan is a super product – and the executive team is 100% aligned and energized around it”, he said “this is a significant milestone in our company’s history, and an important stepping stone – thank you [L.E.K.] for a job well done.” The client implemented the plan and subsequently completed a major deal establishing a well-diversified, market leading global company in molecular diagnostics.