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A boutique strategy consulting and innovation shop owned by Medical Knowledge Group, Magnolia Innovation’s view of the industry is based on market research and data analytics. It emphasizes the development of predictive models and leveraging machine learning/AI, rather than just traditional marketing services.

However, 2023 proved a more difficult year than most, with Magnolia partner Ken Howie characterizing it as “persistently challenging.” To counter the prevailing broader market headwinds, the company shifted its focus to small and midsize biotech companies — described by Howie as Magnolia’s “lifeblood.” 

Magnolia nonetheless added a handful of clients that were not particularly capital-constrained. This group includes emerging players in the oncology space, such as Instil Bio and Actinium Pharmaceuticals, as well as more established firms such as GenMab and AbbVie.

Of the clients Magnolia supported last year, Howie singles out Rocket Pharmaceuticals as a particularly good fit for what the agency offers.

“Rocket is a company that’s moving quickly, disrupting the industry and looking to cure difficult, tragic rare diseases with high unmet need,” he explains. “It has fast-moving leadership that need to do all the fundamentals, which we can support from patient identification through to a clinical study launch and generating data that’s going to be submitted for its first inline product.”

In the end, Magnolia managed to weather the year’s challenges. Revenue jumped 37%, to $30 million from $21.9 million in 2022. Head count surged in tandem, from 67 full-timers at the start of 2023 to 81 at the end of it.

Magnolia was also active on the acquisition front. To strengthen its qualitative research capabilities, the agency acquired Flince Research + Design, a New York-based ethnographic market research shop, in November. 

Howie underscores the importance of the deal to Magnolia, noting that Flince broadens the organization’s capabilities by a considerable amount. Former Flince president Ari Shapiro is now a Magnolia partner, as is one-time IQVIA senior principal Mark Stevens, who joined the company in October.

Not surprisingly, given its historical emphasis on data and research, Magnolia plans to push forward aggressively with its use of AI. Howie wants the organization to expand usage beyond internal operational challenges and instead focus on more effectively analyzing qualitative conversations and anticipating market trends. 

As for what lies ahead, Howie cautions that Magnolia — which has expanded every year since its inception in 2013 — may see only modest growth due to ongoing market uncertainty. He stresses that the biotech sector lags the broader economy, and will likely continue to do so for some time.

Howie reports that Magnolia is well-positioned to surge in 2025, however. Growth could come via an acquisition or two.

“Once we get past the election and all that stuff, then it’s 2025,” he says. “That’s the year that we expect the real recovery to happen.” 

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Work we wish we did

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