PRZOOM - /newswire/ -
Mountain View, CA, United States, 2012/05/30 - MML's use of competitive intelligence has produced successful programs on hospital outreach, regional distribution, and new product development - MayoMedicalLaboratories.com / Frost.com.
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.
"Since Mayo Clinic is known globally for its excellence in patient care, patient satisfaction with its services translates easily to its associated Mayo Medical Laboratories," noted Tan. "MML also provides community hospitals and physicians with valuable access to Mayo Clinic expertise by offering the benefit of multidisciplinary experts working together for the best patient outcome. MML's successful model of leveraging patient and physician relationships is emulated in the clinical laboratory industry."
For these achievements, Frost & Sullivan recognizes MML with the 2012 North American award for Competitive Strategy Leadership in clinical laboratory markets.
Frost & Sullivan Best Practices Awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
About Mayo Clinic Department of Laboratory Medicine and Pathology/Mayo Medical Laboratories
The Department of Laboratory Medicine and Pathology at Mayo Clinic (mayomedicallaboratories.com) maintains an active diagnostic test development program. This program incorporates Mayo Clinic discoveries and expertise with discoveries from other diagnostic and biotechnology companies and leading academic and research organizations. Mayo uses these proven diagnostic technologies to care for its own patients and offers them to more than 5,000 health care institutions around the world through Mayo Medical Laboratories. Revenue from testing is used to support medical education and research at Mayo Clinic.
About Mayo Clinic
Mayo Clinic (mayoclinic.com/mayoclinic.org) is a nonprofit worldwide leader in medical care, research and education for people from all walks of life.
About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best-practice models to drive the generation, evaluation, and implementation of powerful growth strategies. Frost & Sullivan leverages 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents.