Innovative Traumatic Brain Injury (TBI) success story

LOK Strategy Walkthrough

Innovative Traumatic Brain Injury (TBI) success story

How an innovative Traumatic Brain Injury (TBI) company adapted its strategy after using the Walkthrough services of LOK Corporation.

Overview

The manufacturer of a new innovative non-invasive brain scanner that can assess and monitor the patient’s neurological status in real-time wanted to validate their strategy with two main goals:

Goal #1

Ensure that the three targeted market segments align with their global strategy.

Goal #2

Confirmation that the technology could be adopted faster with the NATO partners.

Since the company was planning several studies, it was imperative to determine what NATO would think of this technology.

This new rapid device, which was comprehensive, non-invasive, and could detect, measure, and monitor in real-time, neurological disorders of the brain, could become a game changer in the patient management field — no better organization to confirm that than NATO and its partners.

Approach

When treating stroke and TBI, time to proper treatment is critical. Currently, there is no accurate, objective way to distinguish between TBI and important stroke subtypes. Delays can result in permanent disability or even death.

Goal #1

Ensure that the three targeted market segments align with their global strategy.

Although the overall сompany strategic plan was very well defined, a significant risk at the cash flow level could result if sales didn’t occur on time. The company was looking at going with their direct sales force in the field on day 1, and the impact on the P&L could be very challenging if not catastrophic, especially since the product would need to be demonstrated for several weeks, if not months, with an undetermined sale cycle. LOK suggested working with a network of distributors instead and adding more clinical specialists to the sales support team, which would considerably reduce the impact on the payroll. At the same time, the company could remain in close contact with its end users.

LOK did a complete investigation of the major distributors in the US and on every continent. The enthusiasm shown by these distributors was worth it for the company to compare both scenarios.

Goal #2

Confirmation that the technology could be adopted faster with the NATO partners..

LOK Corporation has collaborated with the NATO’s European Center of Excellence for many years and presented several new technologies at every annual meeting.

LOK Corporation presented the technology at the annual event in Budapest, Hungary. The opportunity of presenting the technology with a focus on the actual conditions and problems in the military field, along with an interactive discussion with the participants on different possible use cases for the product, confirmed the company's initial investigation.

Results

Goal #1

Ensure that the three targeted market segments align with their global strategy.

Although several minors recommendations were made to the manufacturer at different levels, the major change was made at the level of the sales force. The company clearly understood that it would minimize its financial risk and was able to secure dozens of distributors from LOK`s network ready to move forward with the product when available on the market. At the same time, the company was able to better understand the dynamics of important markets such as Japan, Australia, Korea, Brazil, the UK, Germany, France, Saudi Arabia, Mexico, and Canada.

The company would transfer a portion of the initial 50+ representatives planned to 6 clinical specialists that would support the distributor network. The saving of several million dollars reassured investors in the project, and the participation of LOK Corporation, secured another significant investment in the project.

Goal #2

Confirmation that the technology could be adopted faster with the NATO partners..

Following the event in Budapest, the company did not only get the attention of the participants but was reinvited the following year to provide an update on product development and applications.

LOK Corporation was able to secure official product trials with important military services of NATO partners, and discussions on some more studies for influential markets are in process.

Conclusion

By simply doing a walkthrough of its strategic plan, the company was provided with judicious advice that considerably impacted its overall strategic approach. As a result the company realigned its go-to-market strategy. The 360 analytic view of LOK Corporation again clearly demonstrates our experience in the global market and the importance of our international network and collaboration with partners of choice, such as NATO.

It would be our pleasure to discuss this case report with you.

If you prefer to get feedback from the manufacturer on how our approach was beneficial to them, we would be happy to introduce and organize this discussion for you.

Sense Diagnostics has been working with Daniel Cloutier and LOK Corporation for over three years. During that time LOK has been extremely supportive of Sense Diagnostics as we have developed from an early-stage startup company to being on a fast track to FDA clearance of our first product.

Most importantly LOK has helped us gain financial support, clinical trial support in India as well as future manufacturing and distribution.

Geoff Klass
CEO Sense Diagnostics