I started off by talking to anyone and everyone who would listen about. The Royal Colleges. Government officials. Pharmaceutical executives. Absolutely anyone who might be able to advise me or help in any way! I literally walked all over town money was too tight for cabs back then!
Those people then put me in touch with others. One of those people helped connect me with an angel investor and 3 months after our first meeting he invested. From there things really took off. You founded the company by yourself, without a co-founder. Would you recommend that route to others? Yes, it was just me at first. By myself. No team. You need a lot of self-belief, motivation, drive and resilience. How did you get to grips with building a web-based company, when you had no prior experience in Business or IT?
In terms of the IT — I paid someone to do that right from the start. In terms of my own input — I was literally making up the rules as I went! No-one else was doing anything like it in the UK so it was like starting with a blank canvas with free reign to create based on my vision of how things could work. No-one knew what to expect or how the internet would be used in healthcare. There really there were so few people doing stuff on the internet back then, that with a little bit of knowledge I found myself being considered an expert, being consulted by others even, from very early on.
So how did you take the business from startup to a successful and profitable business? Of course early on I needed to take on more people, in order to grow.
I first took on a single colleague — as an employee. Then as I had more cash I hired someone to do the admin. Then I took on a chairman. All employees had a stake in the company, with options. This is very much the way I think you should do things. I wanted great people working with me, and I wanted them to be sharing in the upside of the business as well. It would carry on being a great business without me. I was ready to do something different. Again, I felt driven to do something about what I felt was a glaring need in healthcare.
How did you get started with this new venture? Did you do anything very differently to before? I sold my stake in Doctors. I then took on a partner who is a programmer. The site needs quite complex programming and I needed someone on-board and invested in the company to really drive that side forwards.
We want to help shift the balance of power to patients — the customers. In any field, that can be a tricky road to tread. We are aiming to revolutionise the patient experience and the issue of transparency. There has been some trepidation, although interestingly, only amongst doctors. A small number of medics who have been afraid of what it might mean for them personally and what we potentially represent, in terms of the shift in power.
However, the patients love it. More and more doctors are seeing the benefits as well and increasingly coming on board. By contrast, we have created a system that promotes fairness. Through precise profiling and an in-depth understanding of target audiences, content is shaped for unparalleled engagement and return on investment.
Our independent medical education is high-quality, evidence-based content designed to positively impact clinical practice and patient outcomes by delivering continuing professional development CPD to doctors. Services include conference highlights, round table discussions, modules and disease awareness programmes. Our promotional services are market specific and range from tactical solutions such as display advertising, emails and advertorials, through to deeper engagement models including eDetails, resource centres and Messages.
M3's custom market research agency, medeConnect, offers its customers insight-driven recommendations based on the needs, perceptions and behaviour of healthcare professionals, payors, patients and carers. These insights help customers better understand therapy areas and specific markets, shape and optimise communication programmes, and analyse campaign impact and demonstrate return on investment. Fishawack Health is the leading global commercialization partner for the modern life science era.
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