MedAid 2017
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berkeley, berkeley class, business model, business model canvas, customer development, engineering, lean launchpad, lean startup, startup, steve blank
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MedAid 2017
- 1. MedAid 106 Interviews A health monitoring device for quick and simple blood analysis and performance indication. Target customer segment: Chronic disease patients, health conscious individuals, athletes A fast-results blood testing device as an alternative to a lab, for use in developing regions. Target customer segment: Doctors Where we started Where we ended up
- 2. The Team Elmer Villanueva MBA Jie Ma M.Eng, Bioengineering Prajanya Kendrekar M.Eng, Mechanical Engineering Laura Sverchek M.Eng, Mechanical Engineering Jim Patterson CPO, Earnest Hustler Inventor PickerDesigner Mentor
- 3. Microfluidics → Nano-luminescence Is it possible to accomplish what Theranos claimed to do?
- 4. First hypothesis: Athletes and fitness enthusiasts want to monitor their health on-the-go
- 5. Chronic disease patients would be happier if they had an at-home health monitoring device
- 6. Health-conscious consumers Preventative care patients Chronic disease patients Nutritionists Professional athletes Athletic trainers Doctors Dialysis centers and clinics Internet sales Pharmacies Retail outlets Doctor’s offices Device sales Sales of companion technologies (e.g. apps, trackers) Service/support Supplementary sales (e.g. test strips) Partnerships with health device companies and stakeholders WEEK1 Manufacturing Marketing Research and development Distribution Healthcare providers Insurance providers Health stores/ pharmacies Hospitals Life insurance companies Chronic disease patient support groups Intellectual property Device design Manufacturing facilities People Seamless, easy to use, trusted home health monitor Quick blood analysis Health suggestions Avoids trips to the doctor/lab Portable equipment Sales Marketing R&D Manufacturing Distribution Brand identity Convenience and value added at-office health monitoring solution Device design and capabilities Broad value proposition: Seamless, portable, quick Broad customer segment focus: Chronic patients, athletes, doctors
- 7. Initial MVP - Phone accessory
- 8. What we learned (I) Customers don’t feel strongly about monitoring their blood work themselves “ I don't know how often I need to get my blood tested. I trust [the dialysis center] to take my samples often enough to keep me healthy.“ - Bob Buonocore, patient with chronic kidney disease “If you just gave me my blood work... I wouldn’t know what it meant or what was optimal for me “ - Margarita Krivitski, endurance athlete “All the tests you mention for athletes, fitness enthusiasts or chronic [disease] patients are not needed immediately. One day delay in test results does not affect anything’’ - Dr. Anjali Damania, Pathologist
- 9. New hypothesis: Doctors could treat patients more effectively if they have faster results and the ability to test in office
- 10. Preventative care patients Chronic disease patients Nutritionists Doctors Dialysis centers and clinics General physicians w/private practices Cardiologists Endocrinologists Internet sales Pharmacies Retail outlets Doctor’s offices Direct sales Device sales Sales of companion technologies (e.g. apps, trackers) Service/support Supplementary sales (e.g. test strips) Partnerships with health device companies and stakeholders WEEK3 Manufacturing Marketing Research and development Distribution Healthcare providers Insurance providers Health stores/ pharmacies Hospitals Life insurance companies Chronic disease patient support groups Intellectual property Device design Manufacturing facilities People FEATURE: Blood work results in less than 30 minutes PR: Avoids trips to the doctor/lab FEATURE: Portable equipment FEATURE: Conduct blood test in office/clinic GAIN: Early intervention possible GAIN: Reduces transportation and processing time Sales Marketing R&D Manufacturing Distribution Brand identity Convenience and value added at-office health monitoring solution Device design and capabilities Shift in focus: from patients to private practitioners and critical disease doctors Refined value prop: defined features and gains
- 11. Second MVP - MVP is the data, not the device
- 12. What we learned (II) Doctors in the US are comfortable with what they have in place “I deal with diseases that can wait for [blood test] results. If it’s something that needs immediate attention, I send to the ER room in Alta-Bates. ” - Dr. Michiyo Kawachi, General Physician “Lab turnaround is not a big problem in the ER.” - Dr. James Sverchek, Emergency Room “Getting results immediately might help give patients peace of mind, but wouldn’t affect the way I practice. I’m used to what we have. Anything new would take some getting used to. “ - Dr. Scott Peerenboom, Internal Medicine
- 13. So we explored the need overseas...
- 14. Indian Healthcare System (I) Lack of diagnostic infrastructure in Tier 2 cities and below Unacceptably long waiting time for 830 million people Unmet need for a fast and low-cost blood testing system
- 15. Indian Healthcare System (II) Lack of public & insured healthcare in Tier 2 cities and below Almost no medical insurance: doctors have the freedom to decide which devices to use Prevalence of private healthcare providers: flexibility in decision-making by owners
- 16. Market Size $3.65 Billion $7.42 Billion $912 Million TAM (USD): Doctors in India who could potentially own the device (cost of device: USD 8k) SAM (USD): Doctors serving tier 2 and below populations Target Market (USD): 25% of SAM
- 17. General physicians w/private practices Cardiologists Endocrinologists Pediatricians Phlebotomists at blood testing labs OPD Doctors in Tier-2 Indian cities and lower Internet sales Direct sales Distributor network Medical network Lab network Device sales Service/support Supplementary sales (e.g. test strips) Partnerships with health device companies and stakeholders WEEK5 Manufacturing Marketing Research and development Distribution Healthcare providers Insurance providers Hospitals Intellectual property Device design Manufacturing facilities People FEATURE: Blood work results in less than 30 minutes FEATURE: Conduct blood test in office/clinic GAIN: Early intervention possible GAIN: Reduces transportation and processing time GAIN: Save lives Sales Marketing R&D Manufacturing Distribution Brand identity Convenience and value added at-office health monitoring solution Device design and capabilities Revised geographical focus Ultimate value prop: Save lives!
- 18. What we learned (III) Doctors in India want our device! “Give me test results in 15 mins and I will save the life of every Pancreatitis patient that I treat.” - Dr. Prasad, General Physician “Rural areas have little or no access to diagnostics. Sometimes it takes 18 hours to get results in an emergency condition that are needed in 15 mins.” - Dr. Khatri, Private pathology lab “Many conditions go undiagnosed in rural areas. Doctors try and treat based on symptoms alone. We really need a device that reduces our guesswork while treating critical diseases.” - Dr. Shirkant Kulkarni, Doctor, Govt. of Maharashtra
- 19. What we learned about Partners ● More than 1000 languages + Fragmented market = We need regional distributors ● Cost is an important factor in the market = local manufacturers can help us keep costs low ● Initial investment is high for rural areas = Local financiers
- 20. Payment Flow Diagram Local financiers Pre-pay $8000 / device $0.75 / cartridge $ 1000 / device Patients Doctors MedAid $4 / test Manufacturers $2.75 / test$5 / test $6400 / device $2.2 / test Distributors $ 5400 / device $ 1.45/ test * 38,325 test/ lifetime + $ 61k lifetime profit/ device
- 21. Where we are now Product market fit in the Indian market Local investors are willing to finance the equipment Minimum 5 years to product launch Substantial funding required to further develop the technology & complete trials Difficult to enforce IP protection Fierce price competition in India
- 22. And More
- 23. Business Model Canvas Progression
- 24. Health-conscious consumers Preventative care patients Chronic disease patients Nutritionists Professional athletes Athletic trainers Doctors Dialysis centers and clinics Internet sales Pharmacies Retail outlets Doctor’s offices Device sales Sales of companion technologies (e.g. apps, trackers) Service/support Supplementary sales (e.g. test strips) Partnerships with health device companies and stakeholders WEEK1 Manufacturing Marketing Research and development Distribution Healthcare providers Insurance providers Health stores/ pharmacies Hospitals Life insurance companies Chronic disease patient support groups Intellectual property Device design Manufacturing facilities People Seamless, easy to use, trusted home health monitor Quick blood analysis Health suggestions Avoids trips to the doctor/lab Portable equipment Sales Marketing R&D Manufacturing Distribution Brand identity Convenience and value added at-office health monitoring solution Device design and capabilities
- 25. Health-conscious consumers Preventative care patients Chronic disease patients Nutritionists Professional athletes Athletic trainers Doctors Dialysis centers and clinics Internet sales Pharmacies Retail outlets Doctor’s offices Device sales Sales of companion technologies (e.g. apps, trackers) Service/support Supplementary sales (e.g. test strips) Partnerships with health device companies and stakeholders WEEK2 Manufacturing Marketing Research and development Distribution Healthcare providers Insurance providers Health stores/ pharmacies Hospitals Life insurance companies Chronic disease patient support groups Intellectual property Device design Manufacturing facilities People Seamless, easy to use, trusted home health monitor Quick blood analysis Health suggestions FEATURE: Blood work results in less than 30 minutes PR: Avoids trips to the doctor/lab FEATURE: Portable equipment FEATURE: Conduct blood test in office/clinic GAIN: Early intervention possible GAIN: Reduces transportation and processing time Sales Marketing R&D Manufacturing Distribution Brand identity Convenience and value added at-office health monitoring solution Device design and capabilities
- 26. Preventative care patients Chronic disease patients Nutritionists Doctors Dialysis centers and clinics General physicians w/private practices Cardiologists Endocrinologists Internet sales Pharmacies Retail outlets Doctor’s offices Direct sales Device sales Sales of companion technologies (e.g. apps, trackers) Service/support Supplementary sales (e.g. test strips) Partnerships with health device companies and stakeholders WEEK3 Manufacturing Marketing Research and development Distribution Healthcare providers Insurance providers Health stores/ pharmacies Hospitals Life insurance companies Chronic disease patient support groups Intellectual property Device design Manufacturing facilities People FEATURE: Blood work results in less than 30 minutes PR: Avoids trips to the doctor/lab FEATURE: Portable equipment FEATURE: Conduct blood test in office/clinic GAIN: Early intervention possible GAIN: Reduces transportation and processing time Sales Marketing R&D Manufacturing Distribution Brand identity Convenience and value added at-office health monitoring solution Device design and capabilities
- 27. General physicians w/private practices Cardiologists Endocrinologists Pediatricians Allergists and immunologists Internet sales Direct sales Distributor network Medical network Lab network Device sales Service/support Supplementary sales (e.g. test strips) Partnerships with health device companies and stakeholders WEEK4 Manufacturing Marketing Research and development Distribution Healthcare providers Insurance providers Hospitals Life insurance companies Intellectual property Device design Manufacturing facilities People FEATURE: Blood work results in less than 30 minutes FEATURE: Conduct blood test in office/clinic GAIN: Early intervention possible GAIN: Reduces transportation and processing time Sales Marketing R&D Manufacturing Distribution Brand identity Convenience and value added at-office health monitoring solution Device design and capabilities
- 28. General physicians w/private practices Cardiologists Endocrinologists Pediatricians Phlebotomists at blood testing labs OPD Doctors in Tier-2 Indian cities and lower Internet sales Direct sales Distributor network Medical network Lab network Device sales Service/support Supplementary sales (e.g. test strips) Partnerships with health device companies and stakeholders WEEK5 Manufacturing Marketing Research and development Distribution Healthcare providers Insurance providers Hospitals Intellectual property Device design Manufacturing facilities People FEATURE: Blood work results in less than 30 minutes FEATURE: Conduct blood test in office/clinic GAIN: Early intervention possible GAIN: Reduces transportation and processing time Sales Marketing R&D Manufacturing Distribution Brand identity Convenience and value added at-office health monitoring solution Device design and capabilities
- 29. OPD Doctors in Tier-2 Indian cities and lower Internet sales Direct sales Distributor network Medical network Lab network Device sales Service/support Supplementary sales (e.g. test strips) Partnerships with health device companies and stakeholders Spare parts WEEK6 Manufacturing Marketing Research and development Distribution Healthcare providers Insurance providers Hospitals Regional distributor networks Intellectual property Device design Manufacturing facilities People FEATURE: Blood work results in less than 30 minutes FEATURE: Conduct blood test in office/clinic GAIN: Early intervention possible GAIN: Reduces transportation and processing time GAIN: Save lives GAIN: Reduce costs Sales Marketing R&D Manufacturing Distribution Brand identity Convenience and value added at-office health monitoring solution Device design and capabilities GET & GROW: Word of mouth GROW: IMA (India Medical Association) endorsement GET: Pilot programs with regionally influential doctors GET: Local conferences KEEP: Customer Service KEEP AND GROW: Introducing additional markers & tests
- 30. OPD Doctors in Tier-2 Indian cities and lower Distributor network Medical network Device sales Supplementary sales (e.g. test strips) Spare parts WEEK7 Manufacturing Marketing Research and development Distribution Healthcare providers Insurance providers Hospitals Regional distributor networks Manufacturers Lawyers (Int’l law, IP) Intellectual property Device design Manufacturing facilities People - Engineers People - Marketing Funding Office Space - India FEATURE: Blood work results in less than 30 minutes GAIN: Save lives GAIN: Reduce costs Sales Marketing R&D Manufacturing Distribution Early stage promotion at conferences & medical journals Design and iteration of device & diagnostic technology Contract with manufacturers Build relationships with distributors Obtaining patents Obtaining regulatory approval GET & GROW: Word of mouth GROW: IMA (India Medical Association) endorsement GET: Pilot programs with regionally influential doctors GET: Local conferences KEEP: Customer Service KEEP AND GROW: Introducing additional markers & tests
- 31. OPD Doctors in Tier-2 Indian cities and lower Distributor network Medical network Device sales Supplementary sales (e.g. test strips) Spare parts WEEK8 Manufacturing Marketing Research and development Distribution Healthcare providers Regional distributor networks Manufacturers Lawyers (Int’l law, IP) Global health NGOs Local financiers Government Intellectual property People - Engineers People - Marketing Funding Office Space - India FEATURE: Blood work results in less than 30 minutes GAIN: Save lives GAIN: Reduce costs Early stage promotion at conferences & medical journals Design and iteration of device & diagnostic technology Contract with manufacturers Build relationships with distributors Obtaining patents Obtaining regulatory approval GET & GROW: Word of mouth GROW: IMA (India Medical Association) endorsement GET: Pilot programs with regionally influential doctors GET: Local conferences KEEP: Customer Service KEEP AND GROW: Introducing additional markers & tests
- 32. OPD Doctors in Tier-2 Indian cities and lower Distributor network Medical network Device sales Supplementary sales (e.g. test strips) Spare parts Finalcanvas Manufacturing Marketing Research and development Distribution Healthcare providers Regional distributor networks Manufacturers Lawyers (Int’l law, IP) Global health NGOs Local financiers Government Intellectual property People - Engineers People - Marketing Funding Office Space - India FEATURE: Blood work results in less than 30 minutes GAIN: Save lives GAIN: Reduce costs Early stage promotion at conferences & medical journals Design and iteration of device & diagnostic technology Contract with manufacturers Build relationships with distributors Obtaining patents Obtaining regulatory approval GET & GROW: Word of mouth GROW: IMA (India Medical Association) endorsement GET: Pilot programs with regionally influential doctors GET: Local conferences KEEP: Customer Service KEEP AND GROW: Introducing additional markers & tests