29 Apr R3 Stem Cell: Regenerating the Medical Industry, One Therapy at a Time!
Usually, when a person thinks of healthcare, they think of bottles full of pills and risky surgeries. But what if there was a way around these? What if you could transform your life without bearing side effects or painful downtime? This is where stem cell therapy comes into the picture. A pioneer in the industry of stem cell therapy, R3 Stem Cell started to influence and transform the US healthcare market, one successful procedure at a time.
R3 Stem Cell was formed in a rather unconventional manner. When studying in business school, Dr. David Greene (Founder and CEO at R3 Stem Cell) created a business plan for this venture simply as his university project. However, impressed by his skills, his teachers acknowledged its viability in the real world, motivating him to turn it into a real business. According to Dr. Greene, “The feedback from the Professors was incredibly positive, and I had this ah-ha moment where I realized many thousands of people worldwide could benefit from regenerative procedures. So I converted the class project into a real company!”
After retiring from orthopedic surgery over a decade ago, Dr. Greene’s new focus became the business side of medicine. To fulfill his new goal, he went ahead and opened Preferred Pain Center, which became the first Southwest United States medical practice to perform stem cell procedures. These procedures received an overwhelmingly positive response in the pilot study, with 8 out of 10 people experiencing transformative results.
While these initial treatments were only part of a pilot study, Dr. Greene and his team soon realized how these treatments were helping to improve a person’s quality of life while being extremely safe. This motivated him to continue on his journey to change lives by leaving a larger footprint.
The Mountains and Valleys of This Path
To many who view R3’s journey now, it may look like a straight path or an overnight success. However, every path is filled with elevations and dips of its own. It wasn’t any different for R3 Stem Cell in its initial years.
While people were experiencing life-changing results from regenerative stem cell therapies, there was and still is a gigantic education gap. Lack of accurate education on regenerative medicine caused many prospective patients as well as practitioners to enter this industry with preconceived notions. To solve this problem, the R3 Stem Cell team took an active effort to spread the right information on the subject. As Dr. Greene has said, “As we’ve grown, so have our educational efforts.”
R3 Stem Cell has taken initiative to create content online to and educate prospective patients before they visit their clinics. The R3 Stem Cell Master Class has 8 episodes of engaging content that offers great insights into the workings of the regenerative stem cell procedures and is absolutely free to access. At the same time, for providers, R3 Stem Cell has started to provide various in-person trainings. With real patients and real biologics, R3 Stem Cell strives to teach providers the best way to perform these therapies and get the best results.
According to R3 Stem Cell, for the past 50 years, healthcare treatments have offered short-term and temporary solutions to deeper, permanent problems. In addition, many of these treatments have involved risky drugs and surgery. However, with regenerative stem cell therapy, now treatments can actually repair and regenerate damaged tissue. This breakthrough with biologics has not only provided some practical and long-term solutions to problems but is also safe. Given the overwhelming response to these treatments, patients have always wanted to try these procedures first, before going for risky surgeries, which are often irreversible.
The 5 Big Assets of R3
Dr. Greene and his entire R3 Stem Cell team have focused on 5 major aspects that have now become the biggest assets of the company, to which they owe most of their success:
These 5 factors are:
- Breadth: Along with the growth of R3, the types of services offered by R3 has also increased. Now, R3 also provides extensive marketing, sales training, patient education, provider education, as well as top-quality biologics.
- Responsiveness: R3 believes in client feedback, and has always listened to what their clients had to say about shortcomings. Working on the same has allowed R3 to pivot and increase value addition for their clients. This has proven to be one of their biggest reasons for success.
- Quality: According to Dr. Greene, “Most of the magic happens in the lab. Hence, when regenerative therapies are performed, the quality of the biologics is vital.” So, R3 has always ensured the provision of top-quality biologics at all their centers.
- Safety: In the past 8 years, R3 Stem Cell has performed more than 16,000 regenerative procedures. All these procedures were performed without any significant adverse events, which is a huge win for the company.
- Accountability: One of R3’s defining values is accountability as they believe in sincerity. Even though the R3 team works incredibly hard, sometimes things can surely go wrong. However, they believe in an open channel of communication to work together and make things right when problems arise. This accountability also aids them to have a better approach to similar situations in the future.
The USP of R3 has successfully added to the company’s credibility due to the above-mentioned 5 factors. Additionally, Dr. Greene also believes that the top priority for any company should be providing value to all stakeholders that far exceeds the remuneration.
When asked about his top priority, Dr. Greene said, “When a patient says the investment in a regenerative procedure improved their quality of life exponentially more than the cost involved, it reminds us why R3 exists!”
Advice for the New Ones
Whenever an entrepreneur starts a business, he or she must make certain changes in their model along the way to ensure the company’s success. The constantly evolving marketplace must be one of the biggest factors entrepreneurs must consider when making these changes. According to Dr. Greene, “Entrepreneurs who ignore marketplace change end up failing; not because the existing product or service isn’t good, but because it no longer solves a problem in the best way.”
Dr. Greene also quoted Mike Tyson – “Everybody has a plan until they get punched in the face” – after which he added, “ It is going to happen in your business. However the question is, will you get back up and move forward, and if yes, how?”
The Road Ahead
A man of his word, Dr. Greene and R3 Stem Cell have realized that the international marketplace for regenerative stem cell therapy is vast and full of opportunities. R3 has already been expanding its operations overseas for a couple of years and the same remains as a primary focus in 2021.
Dr. Greene ambitiously added, “The United States is a fantastic market, but it’s only 5% of the world population! So we created R3 Stem Cell International to expand in those markets with regenerative procedure offerings that continue to be clinically proven and cost-effective.”