Trying to ‘Disrupt’ the Intranasal Ketamine Market

In recent years, there has been a growing interest in ketamine as a potential treatment for various mental health conditions. Some entrepreneurs have attempted to tap-into this trend by creating businesses that sell intranasal ketamine services in MD suprvised clinics across the United States. However, these businesses have faced challenges due to the drug’s controlled status and the lack of FDA approval for its use as a treatment. Despite these hurdles, some companies have managed to find success by partnering with doctors who offer Ketamine-assisted psychotherapy, intranasal esketamine, IV ketamine and IM ketamine.

In this case study, we take a look at what happened when one company in Chicago tried to do just that – and the valuable lessons they learned along the way. Trying to ‘disrupt’ the intranasal esketamine market in Chicago is a lesson in understanding that if you’re considering disrupting any medical vertical, it’s important to work with consultants who have experience. 

We recently worked with a company that was trying to carve out market share in the ketamine treatment space

Our recent involvement with a company attempting to gain traction in the ketamine treatment arena has taught us the importance of understanding its competitive landscape. We know that local buyers have different needs and preferences that must be met, and therefore it is critical to have an effective entry strategy to successfully penetrate the market. Moreover, by utilizing insights gained during this journey, we can determine how best to grow our presence significantly in such a specialized area. It has become evident that deploying the right tactics is essential to realize success in this sector. With a knowledge-driven approach and creating patient-centric solutions, we believe our clients can reap many rewards from this endeavor.

The two biggest challenges were lead-to-patient close rate and brand messaging

Trying to disrupt the ketamine market in Chicago presented two major challenges. To be clear, the company was offering a patented treatment that was an alternative to treatments like ketamine. They were not offering a ketamine treatment.

The first challenge was achieving a lead-to-patient close rate that was high enough to make the enterprise successful. This required developing a business model and marketing approach that would successfully drive customers while meeting regulatory implementation standards.

The second challenge was creating a brand messaging strategy that identified, understood, and addressed customer pain points. It also needed to be tailored to the patient’s characteristics and behaviors to encourage engagement. Despite these significant difficulties, the team was able to identify and analyze potential solutions, as well as swiftly enact those strategies when necessary – ultimately leading to very promising KPI’s.

We learned three things from this case study:

           1. Profitability Will be Determined by your ARPU (Make Sure the Math Supports a 30% Close Rate)

           2. Prospective Patients Should be Reached by Targeting the Symptoms they are Experiencing

           3. Patience and Consistency are Key

In closing out our work with this client, three key takeaways emerged. Primarily, it’s important to thoroughly assess ARPU and ensure a thirty percent close rate when evaluating profitability potential. Secondly, targeting prospective patients with solutions for their symptoms is an effective method for reaching those who may benefit from the services provided. Finally, consistency and patience are paramount for successfully disrupting any existing market or industry. The lessons learned from this case study are invaluable for anyone seeking to enter a new but crowded market segment.

Disrupting the Interventional Psychiatry Market is Not for the Faint of Heart

Entering a new market is always a challenge, no matter the product. It takes strategy, perseverance, and commitment to ensure that you are successful. This case study of trying to penetrate the ketamine market in Chicago highlights these challenges and potential red flags that must be taken into consideration. However, by utilizing an effective plan, considering all potential hazards, being judicious in choosing when (and when not) to pursue certain avenues, and remaining focused on the end goal, it is possible to succeed despite the inherent difficulties of any new enterprise. Market entry is never easy – but planning accordingly can make all the difference in accomplishing your goals.