Oct 3, 2024
By Inga Rose, Founder and CEO, Reference Medicine
I recently read an interesting LinkedIn post by entrepreneur Gary Vaynerchuk, in which he expressed his regret for passing on the opportunity to invest in Uber on the ground floor. He reflected on his realization that Uber’s value proposition isn’t about on-demand transportation – it’s about time and convenience. There are two important lessons here that are crucial for every business owner:
This got me thinking about how some of the most respected companies out there, across all industries, understand and apply this lesson, and about how we can apply this same principle, which I’m calling the Uber Effect, to oncology specimen procurement.
Having worked “on the bench” as a researcher for 15 years prior to founding Reference Medicine, I can personally attest to the frustrations that come with the job, including the often time-consuming and clunky process of acquiring biospecimens. But, as frustrating as the process could be, we all just dealt with it because we didn’t know any other way. Like teenagers of the 80s talking into corded phones mounted to their parents’ kitchen walls while the whole family listened in, or businesspeople looking up the number to the local taxi company in a heavy phone book with impossibly tiny print, we didn’t realize how cumbersome the process really was, because we had no concept that it could be any different. And so, as scientists, we just accepted complex, time-consuming specimen procurement – along with opacity when it came to pricing and specimen quality variability – as status quo. That’s just the way things were, so we adapted to the cumbersome process, managed our expectations, and designed our experiments accordingly.
Looking back today, from my current position, the frustration around this process is even clearer. Scientists rely on progress – building experiments and protocols, learning and iterating as we go, and moving forward in whatever direction the science takes us. And sometimes, where it takes us is in the complete opposite direction of where we thought we were headed. In medical research, you often can’t anticipate the needs you’re going to have for step two or step three until you walk through that door. And as you start to move your research forward, you feel the growing excitement and anticipation of a new discovery, a new breakthrough, a new test that will impact patient care across the world.
And then you hit the wall.
Suddenly, you can’t move forward until the specimens you need come in. Your excitement is tempered by multiple emails and phone calls with a biobank as you try to discern whether they have what you need, how much it will cost, and when it will arrive. Or even worse, weeks of work are wasted, reagents go “down the drain,” and you need to start from scratch because the quality of the samples you acquired inhibited your experiments from running smoothly. Based on your previous experience with biobanks and other specimen providers, you know it’s anyone’s guess whether a new shipment of specimens will arrive on time and undamaged, and whether the specimen quality will be up to par to continue your experiment. Innovation slows to a crawl.
And unfortunately, this scenario can erode budgets faster than it erodes morale. Your lab continues to pay salaries and overhead while experiments are at a standstill. Then you and your team must work twice as hard to make up for lost time once the specimens finally arrive. Not to mention the downstream impact on innovation and scientific progress, and on the patients waiting on those innovations.
This stinks. There has to be a better way.
When we founded Reference Medicine in 2021, we wanted to take a fresh look at the specimen procurement industry, and at the status quo. When we thought about who we wanted to be, the conversation started with everything that wasn’t working in the industry. No business owner knows exactly what to do from day one. But as a company built by scientists, for scientists, we knew exactly what not to do.
We knew – and we still know – that oncology specimen procurement for diagnostic developers should be fast. It should be easy. It should be like a surgeon holding out their hand at that critical life-and-death moment, knowing they have a trusted partner at the ready to hand them the right tool, exactly when they need it. No doubts. No uncertainties. No hassles. Because this is not an industry where we just take a gamble and hope everything works out for the best.
Remember the Uber Effect: Time, convenience, and lack of friction rule the day.
So, how does that principle play out for specimen procurement?
We founded Reference Medicine because we wanted to meet a need the industry didn’t even know it had. Like smartphones. Or rideshare services. We wanted to take the status quo and elevate it. By a lot. We want you to receive your oncology samples transparently, quickly, and conveniently – with no hassle. What a relief.
We can use the Uber Effect to our advantage. To your advantage. We’re 100 percent confident that this approach leads to better, faster medical innovation, which ultimately impacts patients all over the world.
Learn more about how we do it or book a call with us.