You’re a lateral flow company with a recognised brand, outstanding assay development services and an innovative product portfolio. Lately, however, communicating your value proposition to clients has proven somewhat challenging, and perhaps one of your leads has slipped through your fingers and gone to a competitor.
It’s getting harder to compete in this business climate – we know because we’re part of it. Patents fell, new entrants arrived – hungry for business, and a tidal wave of innovation flooded the sector.
Meanwhile, the technology has evolved, consumer demands have shifted and the expectations have risen. The main buyers of lateral flow tests – governments and health agencies – have urged us, the market, to embrace digital innovation to deliver better solutions and address some of the world’s most pressing health concerns.
So, back to you – a forward-thinking decision maker calculating your next move. You’re relentlessly searching for that ground-breaking product that’s going to disrupt the market, improve your offer and help you win new business.
There’s good news for you! Phew!
Data is the new oil
Lateral flow tests and readers are expected to do more. With the massive benefits that big data and machine learning are offering, it’s no longer enough to provide a quantitative result. Lateral flow devices hold valuable findings. You need to be capturing the data today to ensure you’re fit for tomorrow.
If you’re developing assays for applications in human health, the global trend to democratise healthcare and the growing use of home-testing solutions are navigating your product development strategy. Clients are likely expecting you to be able to offer some kind of digital solution. Entrepreneurs and public health systems are rightfully turning to digital technology to find ways of empowering end-users to take ownership of their health.
Collectively, as an industry, we need to achieve a better understanding of chronic conditions, monitor outbreaks and control the spread of infectious diseases in humans, plants and animals. We need to implement innovative strategies to help tackle major issues, such as the need to double our food production by 2050.
Harnessing the full value of data is the way forward. And digital technology is here to help.
Discover what digital technology can do for you
Digitally enhanced lateral flow diagnostics are gaining momentum, led by early adopters in the market. You can now have a custom-built digital platform, with end-to-end connectivity, that will give your offer a significant boost, putting you at the forefront of your clients’ minds.
Mobile diagnostics are changing the way physicians interact with patients, enabling remote diagnosis through self testing. You can have a bespoke iOS/Android app with unique tutorials to guide end-users through the testing process. This results in improved point-of-use experience, fewer user errors and higher engagement.
Meanwhile, the app gathers data such as location and ambient conditions, patient lifestyle, and comorbidities. This powerful and rich dataset provides a more effective diagnostic algorithm that can only be improved as the amount of data grows.
Most readers can now easily handle these algorithms and connect to the phone using a secure wireless connection. Or, you could have the reader on the phone itself.
Cloud connectivity provides an error-free data transfer in the field or at the point of use. A time-stamped, electronic results record is instantly created so your end users never have to worry about manually handling and storing data. Cloud analytics and algorithms produce valuable insights.
Imagine a connected farm, where cattle herds are screened and data is instantly analysed and shared with stakeholders. Diagnostics enhanced by data could inform better decisions and, ultimately, eradicate harrowing diseases such as bovine tuberculosis.
Data management is further enabled through a visual web dashboard with geo-mapping capabilities. Using an interactive dashboard, clients like BARDA or the World Health Organisation can benefit from enhanced real-time monitoring and improved control of disease outbreaks.
The next generation of digitally connected diagnostics is resoundingly knocking on the door and pushing the boundaries of lateral flow. All areas of your business will benefit from a digital solution. From commercial and product development to the positive impact revenue from data will have on your bottom line in the long-term. Ultimately, your data may have more value than your assay. Looking back years from now, you’ll be glad you started collecting it today!
Choose a trusted and compliant partner that wont skin you alive
So how do you go about enhancing your offer with digital?
There are several ways.
Acquire or merge with another company
The M&A route is definitely an option, but one that involves a high level of risk. And it’s not always clear what’s in it for you.
- A merger takes time, planning and integration./li>
- It’s challenging to find a willing company that’s a good strategic and cultural fit.
- The relationship is not guaranteed to work (or last).
And, let’s be honest, there isn’t exactly an abundance of specialist digital companies in the lateral flow space that haven’t already been ‘taken’. In a nutshell, you may want to consider other options.
Build an in-house solution
Having the expertise in house can be beneficial because it saves you money in the long run and adds a new capability. However, there are a number of challenges, most of which are regulatory. Achieving compliance requires significant investment in terms of time, money and people.
You need an expert design team with appreciation for the vulnerable end user groups and stressful environments in which lateral flow tests are sometimes performed.
So why waste time building an in-house solution or breaking the bank with something that’s not guaranteed to work?
From a strategic partnership that generates business both ways
In lateral flow, we’re all united by the same goal – to advance diagnostics for the benefit of healthcare systems, people and the planet. Collaborative work and strategic partnerships are key in this sector.
When you partner with a digital company, you’re entering a co-marketing agreement so you’re essentially doubling your marketing efforts. In a partnership, both sides are interested in maintaining the relationship. This route is the most cost-effective, it has lower risk factor and you’re contractually protected.
Go with a reputable name and a trusted digital partner that sees the bigger picture. Go with a compliant digital company praised on the quality of work they deliver.
At Bond Digital Health, we are a team of digital experts from medical backgrounds whose products are designed through the eyes of end users. We’re designers, engineers and commercial strategists who have your best interests at heart, because your success is ultimately our success.
We take compliance seriously and have invested two years and over £300,000 in ensuring the solutions we develop are secure and compliant. We see this as a key strength which we continuously improve as the regulatory landscape evolves.
We are not software consultants who will break the bank. Our substantial commercial experience and partner-focused mindset means we can help with your market strategy and design a win-win revenue model.
Our medical-grade technology is designed to ease lateral flow into the future and create competitive assays and readers, powered with data. Together we will break through!
Ask questions and embrace digital
Want to know what else technology can do? Just ask us via our contact form our meet us at the Advanced Lateral Flow Course in San Diego (Booth #38) between 22nd – 24th of October.
We’ll be showcasing Transform TM, our medical-grade digital platform, and we’re excited to talk to you.
So, arm yourself with questions and fire away!