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Frost & Sullivan Recognizes Mayo Medical Laboratories for its Highly Effective Competitive Strategy in the Clinical Laboratory Market

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Frost & Sullivan Recognizes Mayo Medical Laboratories for its Highly Effective Competitive Strategy in the Clinical Laboratory Market PR Newswire MOUNTAIN VIEW, California, May 30, 2012 - MML's use of competitive intelligence has produced successful programs on hospital outreach, regional distribution, and new product development MOUNTAIN VIEW, California, May 30, 2012 /PRNewswire/ -- 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.
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Frost & Sullivan Recognizes Mayo Medical
Laboratories for its Highly Effective
Competitive Strategy in the Clinical Laboratory
Market
PR Newswire
MOUNTAIN VIEW, California, May 30, 2012
- MML's use of competitive intelligence has produced successful programs on
hospital outreach, regional distribution, and new product development
MOUNTAIN VIEW, California
,
May 30, 2012
/PRNewswire/ -- 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