medi-sure
TRANSCRIPT
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Medi-Sure Monitoring‘Alert Monitoring at it’s Best’ Fazal Chaudhry
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2+Outline
Introduction
Hypothesis/Methodology
Regulatory
Marketing Plan
Operational Plan
Financial Plan
Conclusion
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What is Medical Alert Monitoring?
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Retrieved From: http://www.silverangels.com/wp-content/uploads/2012/06/Hero_PersonalEmergencyResponseSystem3.png
Receiver Set Alert Monitoring Device
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5+How Devices Have Been Useful so Far
Help elderly during falls and other sudden related injuries
Helped in the cases of wandering patients. Prevented use of physical restraints and chemical sedatives that lead to adverse side effects.
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6How does it work in case of an emergency?
Retrieved From: http://www.permarsecurity.com/images/uploads/PERS%20PerMarDiagram_645x388.jpg
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7+Sounds Great! So what’s the problem?
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8+Issue: Can existing devices help in: Falls, resulting in loss of consciousness?
Alzheimer's or related Dementia wander away from base station?
High blood pressure?
Stroke?
Irregular heartbeat?
Seizure?
Can they easily monitor you when you leave your home?
Can they remove these worrisome thoughts to improve quality of life (QOL)?
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9+Answer: No, They Can’t
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+ 10Existing Market: Competitors
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11+Flaws with Current Alert
Monitoring Devices?
1. Lack of life-saving hardware capabilities
2. Multiple devises
3. Low build quality
4. Costs
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12+Result of Issues/Flaws
A huge void is created by the existing alert monitoring competitors.
Void results in an unmet need.
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Solution:
Medi-Sure Monitoring
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14+Seeking Investor
Seeking $700,000 in Venture Capital
1st stage financing: January 2015 $400,000 for engineering, design & testing
2nd stage financing: January 2016 $300,000 for regulatory pathways Also will aid in hire and training of employees,
production and provide for other necessary costing essential for business establishment.
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15+Hypothesis:
By 2017, Medi-Sure Monitoring will be a viable medical alert monitoring business in the healthcare industry.
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16+Methodology:
The primary methodology for testing the business feasibility (hypothesis) is dependent on financial analysis.
A consolidated pro-forma financial statement will be created to reflect the cost structure of companies in the industry.
Financial statements will then be constructed to reflect the higher cost of a better quality product and determine the feasibility on profit potential.
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Milestones To Achieve
Establish Medi-Sure Monitoring LLC.
Complete Product development.
FCC approval.
Locate space for leasing.
Hire first employees (Sales representatives).
Gain FDA approval.
First sale!
Obtain USPTO patent.
First profitable month!
Peak Sales - $1.1M for the month.
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18+Mission-Purpose Vision
Our Mission: make Medi-Sure Monitoring a viable business by 2017.
Our Purpose: increase awareness of medical alert monitoring industry and bring MedaHelp to the elderly population in efforts to improve quality of life.
Our Vision: reshape the future landscape of the medical alert monitoring industry.
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+Introducing…
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MedaHelp Product Features• Integrated GSM modem• GPS Locator• Bluetooth® • Panic Button• Accelerometer• Altimeter• Emergency speaker• Heart rate monitor• Blood pressure monitor• Enhanced processing chip• Wireless charging• EnerChipTM Solid State
Battery• Waterproof• Wrist watch
Included: Stub (for landline connectivity) and 2-port adaptor (for landline phone jack)
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Chosen Manufacturer:
Located: Taipei, Taiwan
Managing Director: Bryan Moore
Medical device manufacturing experience
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22+Why pick Titoma?
Possess Industry experience.
Deal directly with the regulatory agencies such as Federal Communication Commission (FCC).
Will obtain proper certifications International Protection (IP65).
Adhere to International Organization for Standardization (ISO-13485) which is harmonized with FDA Quality System Regulation (QSR).
Help facilitate in FDA process.
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23+Developmental Process:
Retrieved From: http://www.titoma.com/product-development.php
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+Regulatory
Plan
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25+USPTO: Trademark
Trademark Medi-Sure Monitoring and MedaSure
Step 1, application will include a description of Medi-Sure’s goods and services offered
Step 2-5 Approximately 1 month.
If no objections are found, USPTO will publish the mark and a notice of allowance will be issued within 6 months (USPTO, 2010). Retrieved from: http://www.markmytrade.com/process-of-registering-a-trademark/
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Design Patent Application
1. Preamble; Includes applicant name, title & brief description of the nature and intended use of article.
2. Description of the figure(s) of the drawing
3. Feature description (optional)
4. A single claim
5. Drawings or photographs
6. Executed oath or declaration
File Non-provisional Application
An expedited examination process will then be considered for MedaHelp. Allow for the review within a 12 month time span.
If approved, a patent is granted for the term of fourteen years.
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27+FDA Regulatory
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+Target Market
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29+ Population Pyramid
Retrieved From: http://cnx.org/resources/c3de5f9474c018145c08f5d49add2969/Figure_13_01_06.jpg
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30+Number of Persons 65+ 1900-2030
Retrieved From: http://www.aoa.gov/Aging_Statistics/Profile/2011/docs/2011profile.pdf
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31+Geographic Distribution
Retrieved from: http://www.census.gov/content/dam/Census/library/publications/2014/demo/p23-212.pdf
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32+Emergencies Resulting in Hospital Visits
Estimated population for 2015: 47.5 Million
A total of 19.6 million yearly emergencies result in a visit to the hospital (CDC, 2013).
This represents 511 visits for every 1,000 elderly (CDC, 2013).
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SWOT Analysis• All-in-one device Flexible Operation• Superior Pricing Great Build Quality• Superior Value
Strengths
• New Company No brand recognition • Limited Resources Small Sales Force• Initial negative profitability on device• No experience in industry
Weaknesses
• Increased Revenue Increased Growth• Demand for MedaHelp New Revenue
Streams• Existing Market Product Efficiency • Baby Boomer Generation Low Service Cost
Opportunities
• Rising Costs of Business Entering Competition• Price wars between competitors• Industry Consolidation
Threats
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34+Location for Medi-Sure Monitoring
Location: Lincoln Park, New Jersey
Chosen due to: Low taxes
Benefits: Close proximity to New York, one of the largest business centers in the world.
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35+Market Segmentation
MedaHelps target market is quite segmented.
Competitors offer different protection levels Adds different levels of security.
Added security features allow for carrying additional monitoring device and also adds significant costs.
Market segment is not governed by any geographic area but by product lines and pricing.
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36+Market Segmentation
MedaHelp will fall into a new market segment since the existing segmentation is per feature and price.
Difficult to model market share for individual competitors due to lack of information and all competitors being privately held.
However, potential market size, competitor product details and pricing is known.
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37+What Do We know
What we Don’t know
We don’t know competitor share.
We do know competitor pricing.
We do know competitor product detail.
We know that there is an existing market.
We know that there is an entering baby boomer generation.
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Strategy & Implementatio
n
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39+Strategy & ImplementationPre-Launch
Create a website
Use organizations venues & key opinion leaders (KOL) to increase awareness of medical alert monitoring devices by showcasing their ability improve QOL.
This will be implemented 8 months before launch.
This strategy increases opportunity to maximize the potential market base.
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40+Pre-Launch
Prepare call center staff-pre orders.
Advertise on Google AdWords and AdSense.
This will be implemented 2 months before launch.
This strategy aligns with achieving return on investment to make Medi-Sure Monitoring a profitable business.
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41+Post-Launch Address unmet monitoring needs and its
potential for improving QOL.
This will be accomplished by sampling demo devices to key opinion leaders and various elderly support organizations and having them compare MedaHelp to its competitors.
Increase service staff and direct more revenue towards Google advertising.
Reach out towards consumer review websites such as: consumerreports.org, consunmeradvocate.org and
medical-alert-systems-review.com
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42+Pricing Policy Unit and subscription pricing.
Bulk of the revenues and profitability will come from subscriptions.
Price: $89.99 per unit and subscriptions at $54.99 per month.
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43+Advertising & Promotion
Direct promotions through website
Partnering with health professionals such as Geriatricians
Appealing to key opinion leaders with influence
Key Conference Venues The American Geriatrics Society (AGS) Medical Alert Monitoring Association (MAMA) Medical Occupational Therapy Association (AOTA) Assisted Living Federation of America (ALFA) Home Health Nurses Association (HHNA) American Association of Retired Persons (AARP)
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44+ Advertising & Promotion: Budget
Initial advertising budget: $120,000 per year
Budget will address online advertising costs as well as cost for key opinion leaders.
Track results of online advertising by providing discount on the monthly subscription. A $5 per month reduction will be offered for the year, for every key leader referred client.
Online advertising will allow for tracking advertising effectiveness through Google AdWords and AdSense.
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+Operational
Plan
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Start-Up Fixed Costs
$250.000 As quoted by Bryan Moore, Titoma.
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47+Operational Fixed Costs
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Location Costs
A lease for a 10,000 square foot commercial facility in New Jersey charging an annual rental rate of $7.00 per square foot.
Cost: $9,250 per month or $111,000 annually.
Serve as warehousing facility and service facility.
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49+Technology Costs
Service: AT&T will provide Medi-Sure Monitoring IT needs and MedaSure coverage.
Cost: $4,300.00 per month
Retrieved From: http://www.corp.att.com/gov/images/one_fedgov_cloud_offers_costeff_primary_6unit_470x186.jpg
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50+Payroll & FICA Taxes
Warehouse Employee: 40 hours per week, $12 per hour. $1,920 per month or $24,960 per year.
Call Center Employee: $15 per hour. $2,607 per month or $31,286 per year.
Cost Per Employee
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51+Total Employee Cost
For every 2,000 subscriptions a 24-hour representative will be added to assure maintaining quality coverage of 168 hours per week.
A 24-hour employee is actually covered by 4 full time employees and 1 part time employee.
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52+Cost of Goods & Service
Every 2,000-subscription mark will require additional staff of 24-hour service representative.
This can be a combination of 4 employees working 8 hours a day and a part timer to provide for flexibility in scheduling to avoid paying overtime.
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53Pro-Forma Income Statement
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1 2 3 4 5
Total Revenue 0 88267.22 2115903.83 5790904.08 10721881.61
Net Income -304020 -190824.7125012
843903.310434926
2558847.84933293
5104701.48670146
(1,000,000)
1,000,000
3,000,000
5,000,000
7,000,000
9,000,000
11,000,000
Revenue & Income Growth
Total Revenue Net Income
Years
Dollars
($)
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Financial Plan
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56+Financial Plan
Seeking $700,000 in Venture Capital
1st Stage Financing: January 2015 $400,000 for engineering, design & testing
process with Titoma.
2nd Stage Financing: January 2016 $300,000 for FCC, USPTO and FDA approval
process.
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57+Conclusion
The financial analysis deduces that Medi-Sure Monitoring can be a viable and profitable enterprise by providing MedaHelp to customers in the medical alert monitoring industry.
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Thank You!
Questions?Feedback
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59+References:
CDC. (2013). Products - Data Briefs - Number 130 - October 2013. Retrieved from http://www.cdc.gov/nchs/data/databriefs/db130.htm
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61+Significant Milestones
•Medi-Sure LLC established.January 2015
•Product development completed.December 2015
•FCC approval granted.March 2016
•Location space leased.May 2016
•First employees (Sales representatives) hired.June 2016
•FDA approval granted.September 2016
•First sale!November 2016
•USPTO patent approved.December 2016
•First profitable month!February 2017
•Peak Sales - $1.1M for the month.December 2019
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62+