Ann: Chairman's Address, page-15

Well the IP they have developed doesn't seem to translate into high value customers signing up for premium services ATM. So maybe the IP isn't really making a difference overall. Certainly doesn't seem to be critical to the specialists over at MVF. Not sure why VRT would be different. I suspect the difference is there for certain specific patients (who maybe should visit all of the major IVF companies before deciding who to go with if their situation is complex), but for the majority of complex cases there is no stranglehold held by VRT or MVF, and they need a good IVF specialist, and a good embryologist, and good hygiene and basics adhered to. The swing factor may be the personal touch of the fertility specialist, and not the IP.

I think the IVF technology is quite old/mature and that there are no killer apps in most cases, just marketing and pretending. Lots of different ways to do the same job. Everybody has to fight it out, just like IBM did when Compaq arose. The winners are the specialists who are best at personal dealings and self promotion, while maintaining best practice.