by Lloyd Nurse
We have proof of concept and working prototypes. The process has started for the first manufacturing of our MVP, the Miracle.
We are working on software development and will use funds for product enhancements and scaling.
Our ideas are about easy to use devices that helps patient to adhere to their Doctors instructions. It gives peace of mind to caregivers and relatives knowing that medicine can be taken as prescribed without errors and if there are complications, realtime data flow will enable timely intervention before an episodic event occurs. Seniors are able to take medicine safely and can now remain in their own homes for a very long time. Quality of life is significantly improved, pain and suffering is reduced and lives are saved. Patient also learn about their meds and illnesses at point of medication access in any language and can be made audible. An educated patient is an engaged consumer.
Newer outcome based payment models are being encouraged. The PolyPharmacy Manager can be given to patients to enable them to manage medicine and vital sign in realtime. Wearables and vitalsign metering devices can be added to the system for a total remote monitoring experience which reduces relapses and ER visits. These costs savings can benefit us all and can be used to pay professionals to prevent avoidable problems in the first place. Doctors can make more upfront
Re-admissions before a certain time can be costly to hospitals and medical institutions with regard to certain payers guidelines. a PolyPharmacy Manager given at point of discharge will enable continuous medicine and health monitoring throughout the recovery period while at home. Units can be sold or leased to patients.
Payers including Governments may reduce costs significantly be giving these units away through doctors and other providers. doctors can be paid to monitor profiles and patients can be given incentives like lower premiums, free prescription refills and out of pocket reduction when they participate in these management programs. Especially but not limited to those with deadly chronic conditions like heart, blood and respiratory disorders.
Over 4 billion prescription containing controlled substances are given out annually in the US and they all should be managed for safety. Like our roadways, all users are at risk. Accidents,errors and poor engagement causes our healthcare system over $290 Billion in avoidable costs. Seniors will be our primary market but everyone should be engaged. Baby boomers are retiring at the rate of 10,000 per day and they each should get one of these monitoring stations to catch progressive diseases before they become a major problem. Medicare has over 50M seniors. Everyone at risk with chronic illness that can be fatal without proper medicine management are also a priority. These units will be sold for $300. Medicare can give these to 50M at a cost of $15 Billion which will give a profit of $5.25 Billion at 35% margin. They will will in numerous ways.
We intend to achieve 10% market share within 3 years with gross margins at 35%. this will produce in excess of $100M in revenue in 2020 and will allow us to expand our platform to include products and services that will help patients to stay engaged and actively involved in healthy behaviors and outcomes.
We will sell these products to clinicians and seniors at profit margins of 35%. There will be the possibility for multiple revenue streams due to the massive data that will be generated.
The market is saturated with products that attempts to manage pill including sophisticated pill boxes.
Ours is the only solution that keeps medicine in their original dispensed containers and uses the IOT concept to track medicine access for multiple medicines. We also teach via display at point of medicine access with money games and trivia. Our concepts are patented.
We are a startup with no manufactured models. our first delivery is scheduled for July 2017.