Harvard Case - OvaScience
"OvaScience" Harvard business case study is written by G. Felda Hardymon, Tom Nicholas, Toby Stuart, Noah Fisher. It deals with the challenges in the field of Entrepreneurship. The case study is 19 page(s) long and it was first published on : Sep 5, 2014
At Fern Fort University, we recommend that OvaScience pursue a strategic pivot, focusing on the development and commercialization of AUGMENT, its most promising technology, while simultaneously exploring strategic partnerships and potential acquisitions to expand its portfolio and market reach. This approach will allow the company to leverage its existing strengths in reproductive health technology while mitigating the risks associated with its initial focus on egg health.
2. Background
OvaScience, founded in 2009, aimed to revolutionize the fertility industry by developing technologies that could enhance egg quality and improve IVF success rates. The company?s initial focus was on two technologies: EggPC, a procedure that aimed to rejuvenate eggs, and OvaPrime, a technology that aimed to stimulate the production of egg-like cells. However, both technologies faced significant challenges in terms of clinical validation and regulatory approval.
The case study focuses on the company?s struggles to achieve commercial success, its decision to go public in 2014, and the subsequent pressure from investors to demonstrate tangible results. The company?s founder and CEO, Michelle Dipp, faced a critical decision: whether to continue pursuing its original strategy or pivot to a new approach.
3. Analysis of the Case Study
Strategic Analysis:
- Competitive Landscape: OvaScience faced intense competition in the fertility market, with established players like IVF clinics and pharmaceutical companies developing their own technologies and treatments.
- Disruptive Innovation: OvaScience aimed to disrupt the traditional IVF market by offering innovative solutions for egg health and fertility. However, the company struggled to demonstrate the efficacy and safety of its technologies.
- Business Model Innovation: OvaScience?s initial business model relied heavily on the success of its two core technologies, EggPC and OvaPrime. However, the company failed to achieve significant market penetration with these technologies.
Financial Analysis:
- Going Public: OvaScience?s decision to go public in 2014 provided the company with access to capital but also increased investor pressure to deliver results.
- Funding Challenges: The company faced significant funding challenges due to the lack of clinical validation for its technologies and the high costs associated with research and development.
Marketing Analysis:
- Branding: OvaScience struggled to establish a strong brand identity and differentiate itself from competitors.
- Market Segmentation: The company initially targeted a broad market of women struggling with infertility. However, this approach proved ineffective due to the diverse needs and preferences of this market.
Operational Analysis:
- Product Development: OvaScience faced significant challenges in developing and commercializing its technologies due to the complexity of the reproductive system and the stringent regulatory requirements.
- Manufacturing Processes: The company lacked the necessary infrastructure and expertise to scale up the production of its technologies.
4. Recommendations
Strategic Pivot: OvaScience should focus on commercializing AUGMENT, its technology that uses a woman?s own cells to create egg-like cells. AUGMENT has shown promising results in early clinical trials and has the potential to address a significant unmet need in the fertility market.
Strategic Partnerships and Acquisitions: To expand its portfolio and market reach, OvaScience should explore strategic partnerships with IVF clinics, pharmaceutical companies, and other reproductive health technology companies. The company should also consider acquiring complementary technologies or businesses that can enhance its offering.
Refined Marketing Strategy: OvaScience should develop a more targeted marketing strategy, focusing on specific segments of the fertility market, such as women with advanced maternal age or those who have previously failed IVF cycles. The company should also invest in building a strong brand identity and communicating the value proposition of its technologies.
Operational Efficiency: OvaScience should streamline its operations and reduce costs to improve profitability. This may involve outsourcing certain functions, optimizing manufacturing processes, and improving resource allocation.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: OvaScience?s core competency lies in developing innovative technologies for reproductive health. Focusing on AUGMENT aligns with the company?s mission to improve fertility outcomes.
- External Customers and Internal Clients: The recommendations address the needs of both external customers (women struggling with infertility) and internal clients (investors seeking a return on their investment).
- Competitors: The recommendations acknowledge the competitive landscape and seek to differentiate OvaScience from its rivals by focusing on a specific technology with a clear value proposition.
- Attractiveness - Quantitative Measures: While it is difficult to quantify the financial impact of the recommendations at this stage, focusing on AUGMENT and pursuing strategic partnerships has the potential to generate significant revenue and profitability.
6. Conclusion
OvaScience faces a critical juncture. By pivoting to AUGMENT, exploring strategic partnerships, and refining its marketing and operational strategies, the company can position itself for long-term success in the growing fertility market.
7. Discussion
Other Alternatives:
- Continuing with the original strategy: This option carries significant risks, as the company has already struggled to achieve commercial success with EggPC and OvaPrime.
- Exiting the market: This option would be a significant setback for OvaScience and its investors.
Risks and Key Assumptions:
- Clinical validation of AUGMENT: The success of the recommendations hinges on the successful clinical validation of AUGMENT.
- Regulatory approval: The company must obtain regulatory approval for AUGMENT before it can be commercialized.
- Market acceptance: There is no guarantee that AUGMENT will be widely accepted by patients and physicians.
8. Next Steps
- Develop a detailed business plan for AUGMENT: This plan should outline the clinical development strategy, regulatory pathway, marketing plan, and financial projections.
- Identify and evaluate potential strategic partners: OvaScience should conduct due diligence on potential partners to assess their capabilities and fit with the company?s strategy.
- Refine the marketing strategy for AUGMENT: This should include target audience segmentation, messaging, and distribution channels.
- Implement operational improvements: OvaScience should identify areas for cost reduction and efficiency gains.
By taking these steps, OvaScience can navigate the challenges it faces and position itself for long-term success in the dynamic fertility market.
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Case Description
In early April 2012, Michelle Dipp, MD, Ph.D, CEO and co-founder of OvaScience, had just received a buyout offer from PG Ventures, a private equity firm interested in acquiring the innovative fertility treatments company. The company's first promising fertility treatment, AUGMENT (Autologous Germ-line Mitochondrial Energy Transfer), had the potential to improve egg quality, increase the success of IVF cycles, and decrease the incidence of multiple births (i.e., twins, triplets). OvaScience had been in operation since 2011, and AUGMENT had not yet reached the market. Dipp and her partners had high hopes for the success of AUGMENT and the impact the underlying technology could have on millions of infertility cases around the world. How fast might Dipp and her team grow OvaScience? Would they have the resources? Dipp considered the best way to build out OvaScience's business model and whether AUGMENT's potential outweighed the PG Ventures offer.
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