What do I do as a healthcare strategy consultant|PhD in consulting

hi everyone welcome back to my channel this is kat in my first video i told you why i left academia and become a consultant so after taking a quite long break after my defense and graduation i started my job six weeks ago as a healthcare strategy consultant i've been really enjoying what i'm doing now and also many of my friends ask me how do you like your job so far is it challenging what do you do so i want to use this video to address some of your questions and tell you about what do i do as a healthcare strategy consultant so if you like my video so far please like and subscribe so i can provide you more content about graduate school tips for phd career development especially if you're interested in healthcare consulting let's get started so you might heard of consulting before and i also explained in one of my videos about management consulting the reason why i didn't pursue general management consulting and chose boutique consulting is because i know that i'm really interested in health care i want to dedicate my career to really understand the health care industry better patients life and you know just use the knowledge that i learn as a phd student to help people right and that's why i chose healthcare specific consulting so even within consulting there are different ways to do it in general there are strategy consulting and implementation consulting so if this is kind of hard to grasp i can just give you a very simple example strategy consulting is basically you give your clients advices so at the strategic level what kind of big picture question do you have as a client and we as strategy consultants basically trying to use data and analysis to help you answer those big picture questions on the other side there's implementation so a very good example for those consultants are i.t consultants so typically the clients had a question as a very specific question right let's say we want to digitize a lot of things on our website or using an app so can you help us to develop this software in that case it consultant really hands on optimize the websites develop an app help clients so that these are two very general big categories in the case of me i chose strategy because i think those are more big picture questions i'm really interested and very quick turnover so typically within two months you should finish one strategy questions or projects on the other hand implementation takes months years to really achieve the goal of the clients so i work as a strategy consultant okay so that's first we're clear so second our company really focus on the growth parts of the business so for example oh our client is losing their profits right so what are the reasons that our clients are losing their profit is it because you know they hire too many people you know the simple answer to that is just lay off a thousand employees you know and a lot of management consultants just offer such advices their memes around on the internet hire bunch of high paid consultants and then the advice that you get from them is yeah just lay off all these staffs you know which we don't do in our company we really focus on the growth part of the business we really want to help clients to grow their business to grow into a new market growing to a new disease indication so that's the second thing that i want to clarify what i do and third thing is if we dive deeper into the industry within healthcare it's also very complex it's not just drugs okay so what we do is four different sectors of the healthcare industry their biopharma their med tech their diagnostic and digital health or health i.t well with my background definitely i'm more interested in biopharma because i came with a neuroscience genetic background studying rare neurological disorders and i really want to use the knowledge that i have in the past few years as a phd student to help patients to help our clients develop new drugs you know to help those patients however at the same time the reason why i'm so interested in consulting is also because there are so many other questions that we can address this is a great opportunity for me to learn other sectors of the healthcare industry that's why so far i've worked on two cases and one is diagnostic and one is med tech which is not biopharma but i had so much fun working on this project while i'm still working on them and so i cannot disclose any of the details of the project but i can definitely walk through with you what do i do to answer these questions as i mentioned in my other videos answering consulting questions is very much like having a thesis project within six weeks or eight weeks so you are given a question from the client right let's say what disease indication are we going into so you have to lay out the whole proposal how to answer this question right just like how when you are writing your qualifying exam trying to defend yourself so first thing you have to do is to give a hypothesis right so let's say the question is what disease indication should we go for since we are gene therapy company okay we have really great vector technology so let's say you hypothesis okay because we have this great technology we should go for a rare blood disorder so let's say that is your hypothesis blood disorder why why we should go for that blood disorder okay then you have your sub hypothesis let's say okay so this blood disorder there's no currents effective treatment for that right you know they affect a lot of people very high in their needs but no effective treatments right and then physicians would recommend the gene therapy if this is developed patients are really eager to try a new treatment and then the market is really big blah blah blah okay so that's within your first french of the higher magnets and then you could have another pillar or another second hypothesis saying actually the regulatory landscape is really good at this moment because fda just launched this whatever new program to support such breakthrough therapies and you know insurance would really reimburse it blah blah blah okay and then you can say actually this blood disorder can be the first principle of the technology and this can really make our foot into the door of the gene therapy market and we can actually have multiple programs follow on after this new blood disorder so this is something that we really call as a framework or issue analysis whatever terms that you use in different firms but basically the idea is you lay out your hypothesis sub hypothesis what kind of specific question you have to answer and then after you lay out this whole tree or the framework and then we come with analysis and research i always make analogy this is like writing a grant you basically have a big hypothesis right why are you writing these grants what kind of question you are trying to solve and what is your hypothesis right and then you have your aim page right you have aim sub aims it's literally the same okay so here our aims are trying to answer the questions that we just lay out and then you know here comes your experiment design which your methods part of your proposal or your grants i guess right so in the case of consulting how do you answer those questions how many patients out there with this blood disorder so we do our market research that's what we do in consulting you wanna use the data from cdc you only use the data from the analyst report you want to use the data public available read papers from pubmed collect your epidemiology and collect what kind of current treatments are out there for this specific blood disorder right and really trying to answer how high the man need is okay you can answer all these questions with your market research by reading papers just like you know doing your research right however certain questions may not be that straightforward just googling or go to the databases there are some questions you have to do experiments with right just like your proposal your grants so that's where you design your experiments and then try to use your experiments to answer the questions on your aims page right same thing on consulting we do our own experiments what we do is we want to know let's say if there's this gene therapy coming out what are the feedbacks from physicians right how do payers think about it will they cover for such therapy and what kind of price points that they will cover right so all these questions it's definitely not on the internet so we have to do our own experiments we write out these questions and then we talk to them we talk to physicians we talk to researchers you know experts on the dream therapy fields experts studying this specific blood disorder we will also talk to the payers private insurance companies uh what do they think about this new gene therapy right so what kind of evidence they need to be convinced to cover for it all these are our experiments right and we finish them also waiting pretty much two weeks depends on the length of the projects and then that's our research part and that is your methods part on your proposal and your actual experiments right to answer those questions well so now let's say we gathered our data we did our market research we know how many competitors are in the market all these public information as well as the research that we did talking to the physicians and payers we have all these data now the analysis part and just like you know how you collect your data and then you know use excel use different software to analyze your data same thing we do our surveys we do our interviews and we collect our data and then make it presentable right also ultimately your task as a phd as a researcher you write a paper okay you read a paper telling people what's your findings are how you contribute to the events of our knowledge same thing we collect our data analyze all data make our models and put them into a point point and present it okay we sometimes write papers too so it's very very similar process so let me just recap what we do as healthcare strategy consultants we are given a question we lay out the hypothesis we lay out the framework how we can address these questions to support our hypothesis we search for data we do our own experiments conduct interviews and surveys we collect our data we analyze our data and we make it presentable just like how you write a grant during your phd just like how you write your f32 as a postdoc just like how you're gonna write a roi if you're a pi you know it's exactly the same everything you just shrink into a six or eight weeks of project ultimately you don't have to do a hands-on experiment you do phone calls okay very simple very straightforward but a lot of fun you know so much more within that six or eight weeks period of time it's only been like you know six weeks but i know so much more already about that specific disease and that med tech industry that i was on on my first project also the second one i know so much more about that diagnostic tool in that specific disease indication i had so much fun and i just feel like i can learn so much more if you know being in that world for another year i just can't wait to learn as much as i can learning about new knowledge but also you know soft skills presentation talking to different interviewees writing skills everything i'm having so much fun so i really want to give you my perspective about my work and i want to share with you how happy i am working as a healthcare strategy consultant so please let me know if you have any questions i really hope you enjoy this video and if you do please don't forget to like and subscribe i will see you in the next video thank you so much for watching

Channel: Dr. CatsLab

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Length: 14min 3sec (843 seconds)

Published: Thu Jun 10 2021