Harvard Case - FasterCures: Removing Barriers to Treatments
"FasterCures: Removing Barriers to Treatments" Harvard business case study is written by Richard G. Hamermesh, James Weber. It deals with the challenges in the field of Entrepreneurship. The case study is 18 page(s) long and it was first published on : Oct 8, 2013
At Fern Fort University, we recommend that FasterCures adopt a multi-pronged strategy focused on expanding its impact and securing sustainable growth. This involves a combination of strategic partnerships, business model innovation, and strategic fundraising to accelerate the development and adoption of life-saving treatments.
2. Background
FasterCures is a non-profit organization dedicated to accelerating the development and adoption of treatments for life-threatening diseases. Founded by a group of passionate individuals, FasterCures leverages technology and analytics to identify and remove barriers within the drug development process. The organization has achieved significant success in its mission, but faces challenges in scaling its impact and securing long-term financial sustainability.
The case study focuses on the organization?s leadership team, grappling with the decision to pursue a going public strategy to secure funding and expand their reach.
3. Analysis of the Case Study
The case study highlights several key issues:
- Financial Sustainability: FasterCures relies heavily on grants and donations, which are often unpredictable and insufficient to support their ambitious goals. This necessitates a more sustainable revenue model.
- Scaling Impact: While FasterCures has proven its effectiveness in accelerating treatment development, scaling its impact to reach a wider range of diseases and patients requires significant resources and infrastructure.
- Competitive Landscape: The non-profit sector is increasingly competitive, with organizations vying for limited funding and resources. FasterCures needs to differentiate itself and demonstrate its unique value proposition.
Frameworks Used:
- Porter?s Five Forces: Analyzing the competitive landscape, FasterCures faces intense competition from other non-profits, pharmaceutical companies, and government agencies.
- Business Model Canvas: Examining FasterCures? current business model, it relies heavily on grants and donations, with limited revenue streams and a high reliance on volunteers.
- Growth Hacking: FasterCures needs to adopt a growth hacking mindset to leverage technology and data-driven strategies to expand its reach and impact.
4. Recommendations
Strategic Partnerships:
- Pharmaceutical Companies: Partner with pharmaceutical companies to leverage their expertise and resources in drug development and clinical trials. This can involve joint research projects, co-funding initiatives, and access to their vast network of researchers and clinicians.
- Government Agencies: Collaborate with government agencies like the National Institutes of Health (NIH) to secure grants and funding for specific research projects and initiatives.
- Philanthropic Organizations: Build relationships with philanthropic organizations and high-net-worth individuals to secure funding and support for specific programs and initiatives.
Business Model Innovation:
- Fee-for-Service Model: Offer consulting services to pharmaceutical companies and research institutions, leveraging their expertise in drug development and regulatory processes.
- Technology Licensing: Develop and license proprietary technology platforms and analytical tools to other organizations, generating recurring revenue streams.
- Social Impact Bonds: Explore innovative financing models like Social Impact Bonds, where investors provide funding for specific social impact projects, with returns based on the achievement of measurable outcomes.
Strategic Fundraising:
- Going Public: While this option is not recommended in the short term, it could be considered as a long-term strategy after establishing a more robust revenue model and demonstrating a track record of consistent growth.
- Venture Capital and Angel Investing: Explore opportunities for venture capital and angel investing, particularly from investors interested in social impact and healthcare innovation.
- Crowdfunding: Utilize crowdfunding platforms to engage a wider audience and generate funding from individuals passionate about FasterCures? mission.
5. Basis of Recommendations
- Core Competencies and Consistency with Mission: The recommendations align with FasterCures? core competencies in technology, analytics, and drug development expertise, while remaining consistent with its mission to accelerate the development and adoption of life-saving treatments.
- External Customers and Internal Clients: The recommendations address the needs of both external customers (pharmaceutical companies, research institutions, government agencies) and internal clients (FasterCures? staff and volunteers).
- Competitors: The recommendations differentiate FasterCures from its competitors by leveraging its unique expertise and innovative approach to drug development.
- Attractiveness: The recommendations are attractive due to their potential for generating sustainable revenue streams, expanding FasterCures? impact, and attracting investors and partners.
6. Conclusion
FasterCures is at a critical juncture, requiring a strategic shift to secure long-term sustainability and maximize its impact. By embracing strategic partnerships, business model innovation, and strategic fundraising, FasterCures can overcome its current challenges and become a leading force in accelerating the development and adoption of life-saving treatments.
7. Discussion
Alternatives Not Selected:
- Going Public (Short Term): While going public can provide significant funding, it can also introduce complexities and risks, particularly for a non-profit organization.
- Mergers and Acquisitions: Merging with another organization could provide access to resources and expertise, but it could also compromise FasterCures? mission and independence.
Risks and Key Assumptions:
- Partnering with Pharmaceutical Companies: This could raise concerns about conflicts of interest and potential bias in FasterCures? research and advocacy efforts.
- Adopting a Fee-for-Service Model: This could lead to a shift in focus from non-profit to for-profit, potentially impacting FasterCures? mission and values.
- Securing Venture Capital and Angel Investing: Attracting investors may require a shift in FasterCures? governance structure and a focus on financial returns, which could impact its independence.
8. Next Steps
- Develop a strategic plan: Outline a detailed roadmap for implementing the recommended strategies, including timelines, milestones, and resource allocation.
- Build a strong team: Recruit and retain talented individuals with expertise in business development, fundraising, and strategic partnerships.
- Engage stakeholders: Communicate the proposed strategy to key stakeholders, including donors, partners, and staff, to ensure alignment and support.
- Monitor progress and adapt: Regularly assess the effectiveness of the implemented strategies and make adjustments as needed to ensure optimal results.
By taking these steps, FasterCures can position itself for sustainable growth, expand its impact on the lives of patients, and become a leading force in accelerating the development and adoption of life-saving treatments.
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Case Description
In mid-2013, as FasterCures celebrated its 10th anniversary as a center of the Milken Institute, Executive Director Margaret Anderson thought about what the organization should do to ensure it had even more impact in its next 10 years. FasterCures was a non-profit "action tank" whose mission was to speed up the process of moving new therapies from discovery to patients in need. Although their annual conference ("Partnering for Cures") to improve how government research was organized was a huge success, Anderson considered refocusing their resources on greater challenges.
For example, current trends in the US showed that investors were increasingly supporting late stage research with higher probabilities of success while funding for riskier early stage research was drying up. Should FasterCures raise money and direct it toward early stage breakthrough therapies? Another issue was the US clinical trial process system. It's complicated, takes a long time, and is very expensive. Should FasterCures reorganize to better understand this issue and make a high-level push to improve it? Or perhaps FasterCures should look at drug reimbursement decisions. Anderson needed to determine where FasterCures should get fully involved, what it should do, and whether it could make a difference.
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