What strategic options should Honeydew, a start-up digital dermatology platform, explore to support long-term sustainable growth?
What strategic options should Honeydew, a start-up digital dermatology platform, explore to support long-term sustainable growth?
David Futoran and Dr. Joel Spitz, founders of Honeydew, believed they had identified a durable market niche for digital solutions to chronic, medically complex skin care problems. Their digital platform allowed patients to book virtual appointments, complete lab work, and receive medications shipped directly to their homes. Their proprietary electronic health record (EHR) system was uniquely effective in serving patients, and they had built a dependable, cost-effective supply chain. These measures resulted in strong patient satisfaction metrics. In this case, students discuss the opportunities to explore for company growth including expansion to additional skin conditions or globally, solidifying the core niche strategy, or pursue B2B partnerships. For each strategy, students will consider the risk and reward.