Mayo Medical Laboratories Recognized by Frost & Sullivan for Its Highly Effective Competitive Strategy in the Clinical Laboratory Market
Based on its recent analysis of the clinical laboratory market, Frost & Sullivan recognizes Mayo Medical Laboratories (MML), Mayo Clinic’s reference laboratory, with the 2012 North American Frost & Sullivan Award for Competitive Strategy Leadership.
2011 was a difficult year for the clinical laboratory market. Yet, unlike many in the laboratory industry, MML experienced growth derived from the execution of a keen competitive strategy. With a marketing research and strategy group in place for many years, MML’s effective use of competitive intelligence has produced successful programs on hospital outreach, regional distribution, and new product development that have led to increased market value, compared to the high-volume laboratories in the clinical laboratory space.
“MML held a strong competitive position by expanding test services and support to its clients nationally, guiding strategies with competitive intelligence, investing in innovative clinical research, the addition of a new IT infrastructure, and emphasizing its strong reputation in patient care and customer outreach,” said Frost & Sullivan Research Analyst Winny Tan. “In this multifaceted approach, MML achieved top-line growth in a year when visits to the doctor dropped 6 percent.”
Considering that the mature and highly competitive clinical laboratory market is dominated by two primary market leaders with a combined market share of more than 40 percent, MML’s continued growth and planned approach in assisting hospital laboratories develop and grow their outreach practices is significant. The ability to compete with the market leaders is extraordinary for any market participant, but even more impressive for MML, which is guided by Mayo Clinic’s primary value and mission of patient care and support for the local delivery of laboratory services.
A unique element of MML’s competitive strategy is to invest in research and development. While MML is operated as a for-profit entity, it also has no obligation to investors like its publicly traded competitors. Rather than having to pay earnings to investors, MML reinvests its profits on R&D. MML has a recognized record of involvement in cutting-edge medicine, and its strong commitment to publishing more than 650 scientific clinical research papers annually ensures the development of new tests that will have a positive impact on patient care.
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