{ "company": "sermo", "as_of": "2026-09-23", "choices": [ { "id": "sermo-p01", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Initial product", "statement": "Sermo launched in September 2006 as a free, advertising-free online community restricted to U.S. physicians for discussing cases and treatments.", "event_date": "2006-09", "date_precision": "month", "evidence_kind": "documented_offer_or_action", "sources": [ "SR37" ] }, { "id": "sermo-g04", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Venture funding (Series B)", "statement": "Sermo raised a $9.5M Series B led by SoftBank Capital with Longworth Venture Partners.", "event_date": "2007-01-25", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR2" ] }, { "id": "sermo-p07", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Partner content", "statement": "Under the AMA partnership Sermo members received free full-text access to AMA journal articles.", "event_date": "2007-06", "date_precision": "month", "evidence_kind": "participant_account", "sources": [ "SR3" ] }, { "id": "sermo-g01", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Physician price", "statement": "Sermo charged physicians nothing and sold no advertising, earning revenue from clients who paid to see anonymized physician trend data.", "event_date": "2007-06", "date_precision": "month", "evidence_kind": "participant_account", "sources": [ "SR3" ] }, { "id": "sermo-g06", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Association partnership", "statement": "Sermo and the AMA agreed an in-kind exchange: AMA gained client-level access to Sermo; Sermo members gained AMA journal access.", "event_date": "2007-06", "date_precision": "month", "evidence_kind": "participant_account", "sources": [ "SR3" ] }, { "id": "sermo-p03", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Verification fix", "statement": "After Medgadget published how non-physicians could register using public license data, Sermo re-authenticated members with data that should be available only to the physician.", "event_date": "2007-09", "date_precision": "month", "evidence_kind": "documented_offer_or_action", "sources": [ "SR6" ] }, { "id": "sermo-p05", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Contribution incentives", "statement": "Members voted on posts, and Sermo paid physicians bonuses for posts and votes judged valuable after a topic closed.", "event_date": "2007-09", "date_precision": "month", "evidence_kind": "company_described_offering", "sources": [ "SR5" ] }, { "id": "sermo-g03", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Investor pricing", "statement": "Financial firms paid roughly $100,000 to $500,000 a year to observe discussions and pose questions to members.", "event_date": "2007-09", "date_precision": "month", "evidence_kind": "documented_offer_or_action", "sources": [ "SR5" ] }, { "id": "sermo-g05", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Venture funding (Series C)", "statement": "Sermo raised a $25M Series C led by Legg Mason, with Longworth and SoftBank Capital returning.", "event_date": "2007-09-07", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR4" ] }, { "id": "sermo-p19", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Core use", "statement": "About half of Sermo's activity in September 2007 was physicians seeking and giving informal consultations, with about 26,000 users on the site.", "event_date": "2007-09-12", "date_precision": "day", "evidence_kind": "participant_account", "sources": [ "SR46" ] }, { "id": "sermo-p02", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Membership verification", "statement": "At registration Sermo matched a physician's identity and credentials against databases of licensed physicians.", "event_date": "2007-10", "date_precision": "month", "evidence_kind": "participant_account", "sources": [ "SR9" ] }, { "id": "sermo-p06", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Sponsor content format", "statement": "Pfizer's content entered the community through contextual 'hotspots' rather than banner ads or branding.", "event_date": "2007-10", "date_precision": "month", "evidence_kind": "participant_account", "sources": [ "SR9" ] }, { "id": "sermo-g02", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "First paying segment", "statement": "Palestrant targeted financial services and government as Sermo's first customers, with pharma added later.", "event_date": "2007-10", "date_precision": "month", "evidence_kind": "participant_account", "sources": [ "SR9" ] }, { "id": "sermo-g07", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "First pharma sponsor", "statement": "Pfizer became Sermo's first pharmaceutical partner, able to contribute clinical content and join discussions.", "event_date": "2007-10-14", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR7" ] }, { "id": "sermo-p08", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Investor product", "statement": "Sermo built a Healthcare Exchange on Bloomberg terminals (BDRUG screen) offering physician newsfeeds and alerts, breaking-news and custom surveys, panels and direct physician contact (MDconnect).", "event_date": "2008-10", "date_precision": "month", "evidence_kind": "documented_offer_or_action", "sources": [ "SR10" ] }, { "id": "sermo-g08", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Distribution via Bloomberg", "statement": "Sermo distributed its physician-insight products to Bloomberg's roughly 250,000 terminal users through tiered subscriptions.", "event_date": "2008-10-28", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR10" ] }, { "id": "sermo-g10", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Partnership lapse", "statement": "The AMA declined to renew the two-year partnership after reviewing Sermo's new terms.", "event_date": "2009", "date_precision": "year", "evidence_kind": "documented_offer_or_action", "sources": [ "SR12" ] }, { "id": "sermo-g21", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Published revenue model", "statement": "Sermo published its 'information arbitrage' model on a 'How We Make Money' page, sold access to physician discussion mostly to pharma, and let Bloomberg subscribers see member comments on companies and products.", "event_date": "2009-03-09", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR47" ] }, { "id": "sermo-p20", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Client access to the community", "statement": "Paying clients could not take part in physicians' discussions but could view survey results and post their own surveys to members.", "event_date": "2009-04", "date_precision": "month", "evidence_kind": "documented_offer_or_action", "sources": [ "SR45" ] }, { "id": "sermo-g09", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Member advocacy campaign", "statement": "Sermo publicized a 4,156-member survey saying the AMA did not speak for physicians.", "event_date": "2009-07-10", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR11" ] }, { "id": "sermo-g11", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Customer segment shift", "statement": "Sermo moved its sales focus from financial-services firms to pharmaceutical and medical-device makers and made cash-flow and profitability priorities.", "event_date": "2009-12-07", "date_precision": "day", "evidence_kind": "participant_account", "sources": [ "SR13" ] }, { "id": "sermo-p09", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Community redesign", "statement": "A 2010 redesign added advanced search, personalized real-time activity, multi-image posts and sections for events, conferences and jobs.", "event_date": "2010-07-14", "date_precision": "day", "evidence_kind": "company_described_offering", "sources": [ "SR14" ] }, { "id": "sermo-p04", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Identity on site", "statement": "Members registered under real names but could post under handles and leave profiles blank.", "event_date": "2012-03", "date_precision": "month", "evidence_kind": "company_described_offering", "sources": [ "SR16" ] }, { "id": "sermo-g13", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Research services and honoraria", "statement": "Sermo sold focus groups, surveys and sentiment analysis to pharma, device and CRO clients and paid participating physicians honoraria.", "event_date": "2012-03", "date_precision": "month", "evidence_kind": "company_described_offering", "sources": [ "SR16" ] }, { "id": "sermo-g12", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Sponsorship and premium content", "statement": "Under new CEO Tim Davenport, Sermo sold sponsorship and premium content to pharma and device companies and partnered with Joslin Diabetes Center.", "event_date": "2012-03-28", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR17" ] }, { "id": "sermo-p10", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Mobile consultation", "statement": "Sermo released iConsult, an iPhone app for physicians to seek colleagues' input on cases.", "event_date": "2012-05", "date_precision": "month", "evidence_kind": "documented_offer_or_action", "sources": [ "SR20" ] }, { "id": "sermo-g14", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Sale to a research firm", "statement": "Sermo's investors sold the company to WorldOne, a healthcare market-research data-collection firm, for an undisclosed price.", "event_date": "2012-07-19", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR18" ] }, { "id": "sermo-g22", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Pharma awareness campaigns", "statement": "Sermo offered clients 'awareness campaigns' on the site aimed at influencing physician sentiment about specific drugs and medical devices.", "event_date": "2013", "date_precision": "year", "evidence_kind": "documented_offer_or_action", "sources": [ "SR44" ] }, { "id": "sermo-g15", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Expansion financing", "statement": "WorldOne secured a $35M commitment from Deerfield Management partly to take Sermo into new markets.", "event_date": "2013-04-03", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR21" ] }, { "id": "sermo-p11", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Panel integration", "statement": "WorldOne moved its U.S. physician research network onto the Sermo platform.", "event_date": "2013-09-30", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR22" ] }, { "id": "sermo-g17", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Survey honoraria", "statement": "Sermo paid members about $10 to $40 per market-research survey.", "event_date": "2014-03-12", "date_precision": "day", "evidence_kind": "company_described_offering", "sources": [ "SR23" ] }, { "id": "sermo-p12", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Research product suite", "statement": "The combined company offered MedLIVE rapid surveys, the DocTANGO health game and the SermoSolves case-discussion app, grouped into Intelligence and Engagement pillars.", "event_date": "2014-05", "date_precision": "month", "evidence_kind": "company_described_offering", "sources": [ "SR24" ] }, { "id": "sermo-p13", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Cross-border community", "statement": "Sermo opened to UK physicians with a shared channel for UK and U.S. doctors, keeping anonymous physician-only discussion as its core feature.", "event_date": "2015-04-08", "date_precision": "day", "evidence_kind": "company_described_offering", "sources": [ "SR26" ] }, { "id": "sermo-p21", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Posting identity and activity", "statement": "About 90% of Sermo members posted under usernames, and its 550,000 global members produced 33,000 posts, 626,000 comments and 6,000 case consultations in the prior year.", "event_date": "2016-04-18", "date_precision": "day", "evidence_kind": "participant_account", "sources": [ "SR48" ] }, { "id": "sermo-g23", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Research volume and honoraria", "statement": "Sermo ran about 700,000 market-research surveys a year, paid members more than US$16M a year in honoraria and counted 15 of the top 20 U.S. pharma companies as clients.", "event_date": "2016-04-18", "date_precision": "day", "evidence_kind": "participant_account", "sources": [ "SR48" ] }, { "id": "sermo-p14", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Rapid research tool", "statement": "Sermo launched RealTime, a tool for clients to run fast, repeated surveys of healthcare professionals.", "event_date": "2016-05-10", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR27" ] }, { "id": "sermo-g16", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Geographic expansion", "statement": "Sermo opened its social network to physicians in 30 countries, starting from the UK in 2015.", "event_date": "2016-05-10", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR28" ] }, { "id": "sermo-p15", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Drug ratings", "statement": "Sermo introduced physician-submitted Drug Ratings, open only to verified physicians, later made public in 2025.", "event_date": "2017", "date_precision": "year", "evidence_kind": "company_described_offering", "sources": [ "SR1" ] }, { "id": "sermo-p16", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Member experience rebuild", "statement": "With Abry's investment Sermo rebuilt the membership experience to change how doctors communicate on the platform.", "event_date": "2019-02", "date_precision": "month", "evidence_kind": "participant_account", "sources": [ "SR30" ] }, { "id": "sermo-g18", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Private-equity recapitalization", "statement": "Abry Partners recapitalized Sermo, buying out earlier investors.", "event_date": "2019-02-06", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR29" ] }, { "id": "sermo-g19", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Bolt-on acquisitions", "statement": "Sermo acquired Payer Access and Charter Oak to reach payer decision-makers and oncologists for research clients.", "event_date": "2023-02-08", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR31" ] }, { "id": "sermo-g20", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "go_to_market", "dimension": "Client pricing", "statement": "Sermo sells physician insights and engagement to pharma and agencies on a pay-per-completed-engagement basis.", "event_date": "2025-08-01", "date_precision": "day", "evidence_kind": "company_described_offering", "sources": [ "SR34" ] }, { "id": "sermo-p17", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Self-serve advertising", "statement": "Sermo launched Engagement Manager, a self-serve tool for health brands to run campaigns aimed at its verified HCP members.", "event_date": "2025-10-30", "date_precision": "day", "evidence_kind": "documented_offer_or_action", "sources": [ "SR35" ] }, { "id": "sermo-p18", "business": "Physician-only online community monetized through investor and pharma insight products, later HCP market research and engagement", "category": "product", "dimension": "Posting identity and utilities", "statement": "Sermo lets members post anonymously or under their name and offers patient calling (Sermo Mobile), drug ratings and case discussion.", "event_date": "2026-09-23", "date_precision": "day", "evidence_kind": "company_described_offering", "sources": [ "SR36" ] } ] }