Figure 1, which is often referred to as Instagram for doctors, has launched the sponsored content offering as a way to monetize on its rapidly growing platform. Right now, it has users in 190 countries, with three-quarters of U.S. med students using the app.
“Doctors are used to being spammed by pharma companies, medical device makers, clinical trials people and they hate it. Laymen spam them too, with stuff that’s just way below their level of expertise,” Figure 1 co-founder and CEO Gregory Levey told TechCrunch. “They do, however, love to hear from other doctors. So when we thought about how to monetize our platform, we didn’t want to do targeted display ads or hit them with anything that didn’t feel like another valuable part of the platform.”
So Figure 1 launched what it calls the “peer-to-peer sponsored content,” inviting brands to sponsor programs where doctors teach other doctors on Figure 1 about something like a rare disease, a medical procedure or an interesting new application of medicine. The new sponsored content formats on the platform include “Grand Rounds,” “Figure 1 on 1’s” and “Figure 1 Insights.”
With the first format, Figure 1 will let sponsors highlight a procedure they’re known for, like a new application of robotics for eye surgery. On the other hand, “Figure 1 on 1’s” will work in a similar fashion to Reddit’s AMA (Ask Me Anything) service, allowing users to generate questions for a featured specialist, with the option to vote up questions by other users. Finally, Figure 1 Insights will enable sponsors to poll verified healthcare professionals about a certain issue or trend.
Figure 1 has already managed to attract attention of some major health brands — including Shire, Novartis and the CDC Foundation — and chances are, it will continue to do so even more with its new commercial offering.
To that end, the company plans to become a “central nervous system,” or main networking platform, for all verified healthcare professionals. We’ll see how that goes…