Guest post – Growing Your Business Through Education and Awareness
World Stem Cells and Regenerative Medicine Congress USA 2013
Richard Lockie, President and CEO of Insception Lifebank Canada, presented a keynote address titled “Growing Your Business Through Education and Awareness”. For Insception, educating healthcare providers and patients is not just something they give lip service to, it is key to their corporate strategy and culture.
The Canadian healthcare system is a public, single-payer system with private delivery of services. Canadians value their healthcare system immensely and are not accustomed to paying for healthcare. And yet, increasing pressure on the system with growing waiting lists and mounting financial costs raises questions about its sustainability. As a private bank, Insception has faced the challenge of convincing patients to pay for healthcare. As of October 1, 2013, Insception faces an even greater challenge: a new public bank in Ottawa began collecting cord blood. Only eight cord blood banks operate in Canada, with Insception being the largest at 60,000 banked units. While the popular media has predicted the demise of family banks as new public banks come online, Insception is banking on its leadership position, exceptional reputation for quality, and commitment to education and awareness to continue its growth trajectory.
Canadian family banks store roughly 5% of babies’ cord blood units per year, and Lockie believes that market share can grow to 20% with education.
Insception pursues its education strategy through three different avenues: hospital partnerships, local clinical educators, and research. Canada boasts many high caliber publicly funded hospitals, and Insception has affinity programs with several of them. In particular, Insception has partnered with Mount Sinai, Sunnybrook, and Scarborough hospital. Sunnybook is a brand new addition that Insception is especially proud of, announcing their partnership this past September. Insception typically maintains an office in its partner hospitals to facilitate the flow of good information back and forth between them, physicians, and patients. Clinical educators are located on site and are typically registered nurses, which makes them accessible to patients while simultaneously being knowledgeable about the medical field. Physicians have expressed very positive feedback about Insception’s nurses, and the hospital administration and doctors trust that the information they provide is fact-based. Lastly, Insception’s investment in research is a long-term bet not only that it will yield therapeutic approaches and expansion technologies, but that the reports and press that it produces will generate awareness of cord blood therapies and build demand. As part of its longstanding commitment to research, Insception has partnered with the Canadian not-for-profit organization Centre for Commercialization of Regenerative Medicine (CCRM).
As the Canadian cord blood market evolves and the public Canadian Blood Services’ presence grows, Lockie is confident that Insception is uniquely positioned to respond to the challenges and opportunities ahead, thanks to its track record of educating the public.
Guest post by Cara Paiuk – a mother, writer, and entrepreneur who has written previously about cord blood at bankingoncordblood.com and produced infographics for Parents Guide to Cord Blood. For more information visit CaraPaiuk.com.