They say knowing is half the battle.
Recognizing these three mantras was the first step that helped Endo Pharmaceuticals (NASDAQ:ENDP) transform itself from a pharmaceuticals company to Endo Health Solutions, a provider of drugs, devices and tech solutions that address the pain and urology market segments. Julie McHugh, the chief operating officer of Endo, mentioned these three truths in narrating the story of the company’s reinvention beginning four years ago at the annual LifeScience Alley Conference in Minneapolis Wednesday.
- The old growth model is broken.
- Control has shifted from providers to payers and policy makers.
- The end-user is much more sophisticated than they ever were and they want only one thing: to get better.
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The recognition helped Endo focus on where growth could be achieved.
“There is no growth in duplication,” McHugh said. “Growth is in the gaps where patient need and company opportunity intersects.”
That led Endo to look at diagnostics, devices and health services in the area of urology — the company already sold drugs to address prostate cancer treatment and bladder cancer. So, it went out and acquired AMS in 2011, a Minnesota company that makes devices for male and female pelvic health including female urinary incontinence. And it cost Endo a pretty penny to buy AMS, but the opportunity was immense too.
“Severe urinary incontinence affects millions of women worldwide and one in five are likely to require surgical intervention,” McHugh said of the opportunity. “AMS is the partner of choice for urologists. It accelerates the broadening of Endo’s value proposition.”
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A year before, in 2010, Endo bought HealthTronics, a company founded by urologists. Today, HealthTronics supports 12 million electronic medical records created by urologists, McHugh said. The company also provides equipment services, lab solutions as well as laser treatment for enlarged prostate and an oncology therapy to remove cancer cells from kidney, prostate, lung and liver using ice.
In effect, Endo has redefined the care model by focusing on an end-to-end approach that provides economic value, improves access to care and provide higher quality patient outcomes.
“[The model] takes a deeper overview of the care continuum,” and has helped Endo transform itself from a “good company to the right company,” McHugh said.
[Photo Credit: Jigsaw from Big Stock Photo]
