Tuesday, September 18, 2012

Pinterest + Pharma = ?


Pinterest + Pharma = ?
SOURCE: H+K Strategies UK Blog
Pharma and healthcare has an image problem. Or at least, it has sometimes had a problem conveying itself in a compelling way through visual media. It’s curious then, that a number of prominent pharma companies in the US have set up corporate accounts on Pinterest, the latest much-hyped plaything of the social media world. Bayer US, Boehringer Ingelheim, Menarini Spain, GE and Novo Nordisk have all begun populating their boards with healthy-looking people and clinical researchers on a site more often associated with pictures of wedding dresses and cakes.
Let’s take a step back and explain Pinterest for those who may not yet have come across the site. Pinterest allows you to ‘organize and share things you love’ so your collection of paperclip sculptures can be ranked according to the number of prizes they have won and your photo albums of Iggy the pet stick insect can be shared with all of your friends. The medium is incessantly visual, as posts consist almost solely of either images or video, which can then be shared (‘repinned’), liked or commented upon by other users. While the site has grown at an exponential rate in the US, it remains to be seen whether it will have the same impact among the same groups of people in the UK and elsewhere when the site spends some of its recently raised funds for international expansion. What does seem clear is that the site is growing fast and companies have begun to take note.
Now, back to that image problem. It may be exciting for pharma companies to have accounts across all the latest social media platforms, but it is important for companies to ask whether this will provide tangible benefits from a strategic communications perspective. Between them, Bayer, Boehringer, and Novo have a total of 355 followers. Meanwhile, the accounts don’t seem to have elicited much in the way ‘interaction’ or ‘engagement’ with these followers. 
On the other hand, GE Healthcare has managed to capitalize on both the clout of its parent group and the innovative work done in other areas of the business to transform apparently visually unappealing engineering and energy operations into captivating images and video. By posting via the General Electric umbrella account, the healthcare arm already has an audience of over 9,562 followers, and the specialist healthcare Pinboards are original and well-populated. More importantly, they are also well planned with a clear remit and strategy.
 Of particular note are the Cancer Pintherapy and Pinspire boards, which manage to be both warm and engaging. The Pintherapy board features a collection of pictures alongside famous motivational quotes and experiences of ordinary people affected by cancer and particularly breast cancer. Inspire asks users to submit their own inspiring content on the subject of cancer experiences, one of which is then chosen to be featured each week. Just as with the GE Healthymagination Facebook page, the account is particularly good at interacting with users promptly and with a personal touch.
It remains to be seen whether pharma and healthcare companies can make Pinterest into a truly effective communication tool, or, for that matter, whether Pinterest itself will survive in an often-faddy social media environment.
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Wednesday, September 5, 2012

HealthTech Financing News: Doximity Raises $17M Series B


Doximity Raises $17 Million Series B Led by Morgenthaler Ventures. Fast-growing private network brings physician collaboration to the patient's bedside.

Full press release follows.
SOURCE: Doximity

SAN FRANCISCOSept. 5, 2012 /PRNewswire/ -- Doximity, the largest and fastest growing professional network for physicians, today announced a $17 million Series B financing led by Morgenthaler Ventures, with participation from returning investors Emergence Capital Partners and InterWest Partners. The round brings the company's total funding to $27 million.
Since Doximity's Series A funding 17 months ago, Doximity has grown 15-fold to over 1 in 7 U.S. physicians on its network. This elite group has formed over 2 million colleague connections and conducts 1,000 searches daily to find the right expert for their patients. Notably, 3 out of the top 5 medical schools (Stanford, UCSF, University of Pennsylvania) partner with Doximity to run their own alumni networks.
Rebecca Lynn, partner at Morgenthaler Ventures, commented, "We are thrilled to be working with the Doximity team. We've built out an extensive thesis in Healthcare IT, and we chose to invest in Doximity because we believe the company is nearing a tipping point; It is poised to transform a number of healthcare's very large, inefficient markets by giving doctors innovative ways to network and share critical information." 
Morgenthaler Ventures is a leading venture capital firm well known for its portfolio of disruptive and category-leading companies such as Practice Fusion, Evernote, Lending Club and Siri. Morgenthaler has recently emerged as the leading firm promoting digital health innovation, in part by hosting the popular "DC to VC" conferences and health IT startup showcase competitions.
"Physicians spend hours waiting on hold, shackled to fax machines and archaic systems that are not interoperable or even interconnected," said Jeff Tangney, Doximity founder and CEO. "Doximity connects physicians while protecting both their own and their patients' privacy."
Key facts:
  • Doximity secures $17 million Series B financing led by Morgenthaler Ventures
  • In less than 2 years, over 1 in 7 U.S. physicians already use Doximity
  • Physicians cannot use traditional social networks, email or SMS texting to discuss patients due to federal HIPAA laws that require medical-grade security for protected health information
  • Three of the top five medical schools (Stanford, UCSF, and Penn) have partnered with Doximity to run their alumni networks
  • More than 2,000,000 physician-to-physician connections have been made on the Doximity network
  • U.S. physicians do roughly 1,000 referral/expert searches on Doximity every day
  • Doximity recently added Konstantin Guericke, a co-founder of LinkedIn, to its board of directors
Modernizing medical communicationCommunication challenges among physicians create delays for patients. According to The Joint Commission, communication breakdowns between care providers are the root cause of 65 percent of serious medical errors. Doximity addresses these communication challenges with the first online community built exclusively for medical professionals to both pinpoint appropriate physician experts and engage in quick, HIPAA-compliant communications.
Physicians securely access the Doximity platform in minutes through a mobile app on an iPhone or Android device or through the Doximity website on their personal computer. Physician identities are verified via a 3-step credential check to protect Doximity's community and patient privacy. Once on the Doximity platform, medical professionals can update and expand their practice information, exchange private contact information with select colleagues, connect with former classmates, and incorporate rapid, precise communication with the care team into their treatment of patients.
About DoximityDoximity is the first "real-name" authenticated online professional network designed exclusively for U.S. physicians, supporting them in delivering faster, smarter treatment and managing their own practice. With Doximity, physicians can use their iPhone or Android device or desktop computer to quickly and securely connect with nearly any U.S. physician to collaborate on patient care or find the right medical expert for a patient. To learn more about Doximity, please visit www . doximity . com.
About Morgenthaler VenturesMorgenthaler Ventures is a premier venture-capital firm, dedicated to helping entrepreneurs build valuable companies for more than 40 years. Morgenthaler has invested in approximately 300 companies in the information technology, health IT, and life science sectors. Representative past and present portfolio companies in the IT space include: Practice Fusion, Evernote, Siri, Lending Club, Pageonce, Socrata, Nominum, Jaspersoft, MuleSoft, Peregrine Semiconductor, Cortina, NexTag (now Wize Commerce), Nuance Communications, Apple and NEXTEL. To see the firm's entire portfolio go to www . morgenthaler. com / ventures. The firm's IT Team is focused on early-stage consumer software and services, as well as, enterprise software investments. It is headquartered in Menlo Park, CA.

SOURCE Doximity

CONTACT: Taylor Carroll, +1-415-735-4104, tcarroll@doximity.com; or Ching Wu, +1-650-388-7620, ching@morgenthaler.com