The problem we solve: The tennis elbow, Lateral Epicondylitis (LE), is one of the most common worldwide work related disorders and by far the biggest orthopedic injury. Evidence based research has shown that approx. 2% of the total population worldwide is suffering yearly from an LE. Already for the Netherlands this would imply that yearly approx. 350.000 people suffer from a Tennis Elbow and in Europe already over 10 million people. Despite these high numbers and the relatively easy recognizable injury the tennis elbow has never been paid much attention to by orthopedic surgeons as no real effective standardized treatment is known and consequently the Tennis Elbow has been a bit a forgotten subject. ITEC Medical has, in collaboration with the leading European elbow surgeons, developed a new standardized method for treating this injury.
About our solution: ITEC Medical has invented, developed and patented a device treating the exact site of the injured tendon by perforation of a holder with 12 small needles, our ITEC Disposable or short ITEC-id. Exact position of the needles is guaranteed by ultrasound guidance, which shows the exact dimensions beforehand. Instead of 70% failure rate we claim to have zero being by far the most accurate device for an elbow treatment available in the market. The ITEC Medical method is fast, accurate and standardized. No longer a surgeon is needed but a nurse practitioner can also perform the treatment. Recent studies by (Prof. Dr. D. Eygendaal et al.) showed that the present manual injections, even performed by specialists, have a failure rate of 70 % i.e. injection not in the tendon. This compared to a study with our ITEC device were the failure rate was 0% we can conclude that our ultrasound guided ITEC method will drastically increase the “hit” rate and thus treatment costsProgress to date:
ITEC Medical is an ISO 13485 certified company and has a patent on both its device and disposable.
Currently our device is stationed in 12 Dutch Hospitals and 2 Belgium. After our certification in May we have sold over 400 disposables and this number is growing every day. The next step is Germany where we are targeting numerous hospitals and clinics directy and through organizing Congresses and seminars. We have an European patent and the US is pending. The next step will be injection moulding as the current production method is labour intensive and more expensive when bigger batches are needed. We are looking for sponsors for the following:
Market expansion in Germany and the rest of Europe
FDA Approval in the US
Injection Moulding of our disposable
Creator: Marco Eygendaal
Location: Zürich (de)
Bio: Result orientated and independent entrepreneur with many years of field experience. Proven track record of many successfully introduced and implemented projects. Main areas are the food industry, medical industry and ICT. Experienced, motivational strong appearance and able to lift ITEC Medical to the next level to achieve maximum results with available resources. In possession of the right network, education and skills to achieve the best possible outcome for stakeholders.
Title: Managing Partner
Currently the treatment of a Tennis Elbow in a hospital is time consuming, inefficient en very expensive. Our device will dramatically improve turnover time as 4 to 5 patients can be injected in one hour by a trained nurse practioner, leaving valubale time for a surgeon to address his attention somewehere else and be far more efficient.
Studies have shown that the General Practitioner forwards 2% of his patients to a specialist. https://www.nhg.org/standaarden/volledig/nhg-standaard-epicondylitis
So for the Netherlands, with a strong primary care and low referral rates to Hospitals the numbers for a tennis elbow is as follows:
2% in population è 50% seek medical help at a General Practitioner è General Practitioner sends 2% to Hospital.
For the Netherlands, with approx. 17 mln. inhabitants, this would imply: 17.000.000 è 350.000 è 175.000 è 3.500 patients/year
As can be found in the enclosed tables we have used these statistics for other European Countries as well. However, in most countries these numbers of patients will be higher because of the very rigid primary care we have in the Netherlands and 10% will be not be an unrealistic figure.
Projected 3 Year Growth
Initially, we will use the Netherlands as a pilot market in year one with 2 hospitals. In 2016 we project a number of 30 hospitals and in 2017 this will be copied to the bigger EU countries as the United Kingdom, France, Italy and Spain, totalling 97 hospitals but in potential over 68.000 patients (all based on 2%). In 2018 we will include the US with over 1 million potential patients and over 7.000 hospitals.
Again, in our view these figures are reserved but realistic.
How We Will Make Money
The business model of ITEC Medical can be clearly defined is as only one single Device is being produced for a specific operation, were the total cost of ownership is in control by one company. This enables to exactly determine the market potential and possible earnings.
For our ITEC-id and ITEC-it we will apply in the Netherlands a dual pricing strategy where we market the Medical device as a low cost, easy to use device. The ITEC-it will be sold on cost price plus a small mark-up basis to cover any additional costs. The disposable needle-holder on the other hand will be used as the cash generator. The unique patented needle-holder can be produced at relatively low cost at our own facilities for the coming years. Our cost for the ITEC-id is currently around € 25,- a piece, based at very low batch numbers and we know the cost price will go down further to around € 15,- a unit once we will produce considerable vol
About our Competition
The ITEC Medical Device is patented in the Netherlands with patent nr. 2004558 and EU patent nr. 11161095.2. Our US patent is pending and will probably be registered in 2016. We even have the option to register a worldwide patent.
There are alternatives but currently there is no direct competition. Being the only unique supplier we are in the so-called “Blue-Ocean” (W.Chan; R.Mauborgne, 2005) were only the alternatives can be seen as a threat.
Currently the five common used interventions for a treatment are:
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