Sandra Gardiner on business model
From Sandra Garrett ConnectPreneur Presentation · · MediMergent LLC
“Our business model, we make money from two sources. Number one, we customize data collection programs for our customers. In fact, we currently have a $5.44 million contract waiting for startup and several others in negotiation with pharmaceutical companies and payers. Number two, when our database becomes large enough we'll sell subscriptions to access the information.”
On , Sandra Gardiner, Chief Financial Officer and Principal Financial & Accounting Officer at NEKTAR THERAPEUTICS, spoke about business model during Sandra Garrett ConnectPreneur Presentation on MediMergent LLC.
About Sandra Gardiner
In a 2017 presentation to the CONNECTpreneur audience, Sandra Garrett, identified as the founder and CEO of MediMergent, described her company's digital platform as an "early warning system" designed to collect real-world data from patients about the side effects and efficacy of newly approved medications and medical devices. Garrett stated that the platform aims to address the limited safety data available at the time of FDA approval by tracking patient experiences over time. She noted that the company had raised $2.5 million from 35 physicians and was seeking an additional $5 million to scale its technology and build a national program. Garrett identified the company's stakeholders as pharmaceutical companies, health insurers, physicians, and patients. She said the business generates revenue by customizing data collection programs for clients and, once the database is large enough, by selling subscriptions for access to the information. Garrett also mentioned a partnership with the FDA, which she described as "both our carrot and our stick," and said the company was working with IBM and Watson to develop analytics using artificial intelligence.