by Dan Cohen
The problem we solve: Nobody likes needles. Patients stay away from procedures due to fear and anxiety. Injection complications are frequent and costly. Needlestick injuries cost the medical system hundreds of millions. There's no need for any of it, anymore.
About our solution: We have an FDA approved, easy to use self-administration tool for any liquid subcutaneous medication. Completely pain free, causes no scarring, generates no dangerous waste, and anybody can learn to use it on themselves without fear. Economically competitive with safe needle technologies but reduces anxiety, increases patient compliance, and carries benefits for practitioners and hospitals.Progress to date:
We are manufacturing the new products already. The devices were previously in the market and we have restored them. All animal testing, clinical data, white papers and FDA documentation is up to date. We are the only solution that is over-the-counter approved for diabetic insulin, and approved for any subcutaneous liquid that a physician or dentist wants to prescribe. We have some European distribution channels opening and we wish to bring it to the American diabetes market for the 300,000 patients newly diagnosed every year. So many other drugs can use this technology, including hormone therapies, painkillers, vaccines and cancer drugs. We are ready to go now!
Creator: Dan Cohen
Bio: I have been involved in early stage science and technology ventures since 1995, helping to guide and fund more than 40 enterprises in life sciences, clean tech and information technology.
Title: VP Strategy
If you are a health insurance company, these are the benefits in working with us;
If you are a drug developer, whether you are an innovator, biosimilar or generic provider;
Market SizeThe market size for needle-free injectors has been carefully measured, and we use research reports from both Transparency (2014) and Zion Research (2015) to set the metrics. The market boundary is needle-free injections that are spring-loaded (versus battery powered or gas injected). North American suppliers produced 2.2 million units last year and growth is projected to be 14.6% CAGR for the next five years. This only tells part of the story; the consumable supply market grows more quickly, since the growth is in diabetes (multiple injections per day) and the increase in injectable drugs available, increasing by 35% in the next 5 years.
Projected 3 Year GrowthProjected 3 year growth is to distribute or donate 200,000 units in the United States, mostly in the diabetes market, with consumable supplies increasing to match the indication. This would bring the company to just under 10% of the market, a figure that the former company had already reached. An additional 20% of product sales will account for the international markets, using existing distributor agreements.
How We Will Make MoneyOur revenue generation strategy is based on a smooth supply chain from the manufacturer to our distributors to the retail point of sales or clinical supply companies. The buyer's motivation is clear for the patient (avoiding pain and scarring), physician (time/reduced sharps), hospital (compliance) and insurance company (self care). Manufacturing, compliance and quality assurance are already in place with scalability to our 5-year projected targets. We have distribution agreements with 11 international organizations for the retail, clinical supply and hospital supply markets, as well as an online sales facility for the OTC product. Margins fluctuate depending on volumes, but in a classic "inkjet cartridge" model, the lifetime customer value is based on their use of the consumable products, whether the needle-free syringe or the disposable syringe. Margins for the device are between 35% and 45%, leaving a healthy space for the retailer while still keeping our price advantage. Margins or the consumables are in the 25% range and will continue to shrink with volume.
About our CompetitionThe competition in the United States is led by the J-Tip product by National Medical Products, currently holding over 70% of the market. However, the J-tip like most of the competitors (Zogenix, Antares, Glide, 3M and Pharmajet) is not meant for general use or available over the counter. The existing products are almost always found as co-marketed products with a specific drug - in the case of J-Tip, xylocaine, and for Pharmajet (one of the more visible companies), vaccine products. The market timing for a quality product available directly to the consumer is both unique and difficult to duplicate (FDA approval is required). Our own research, along with the Transparency and Zion collections, indicate strong opportunities for growth in all markets (both internationally and across disease indications).
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