This project is to develop a real-time infant diagnostic device that safe guards babies during birth. This is achieved with an optic based biomarker sensor. This diagnostic device will for the first time provide doctors with a real-time, continuous and objective measure of foetal well-being during labour. The learning curve for front line staff will be nominal for this new device as the technology will be incorporated in an existing medical device. The biomarker is very familiar to clinicians, and the threshold levels for intervention are already established. This innovative solution uses the latest technology deployed to a long-standing problem.
The objective of this study is to assess the commercial viability of the product and quantify the business opportunity. The areas included:
1. Voice of the Customer Analytics
2. Assessment of Healthcare Costs & Reimbursement
3. Route to Market Evaluation
4. Regulatory & IP Strategy
5. Market Size Assessment
6. Project Scope, Resourcing & Budget
There are many reasons why new products fail or are delayed to market launch, of which lack of planning and research in the early stages can be one of the main contributors. The completion of the feasibility study has enhanced our knowledge of the market, the customers and the commercial environment. BlueBridge Technologies (BBT) has identified and investigated the challenges to successful product realisation and developed strategies to navigate and overcome these challenges.
The management, staff and associates of BBT have eight years’ experience running a product development business, with proven success despite difficult economic times. Commitment to and expenditure in R&D is strong when there is a belief in the future. However, this was not the case when we launched the company in 2007, the beginning of the global economic downturn. The company would not have survived if we were not capable of delivering world class value to clients, ability to budget and effectively project manage while delivering innovative projects for major clients like Stryker, Medtronic, Covidien, West Pharma and Cook Medical.
Securing the funding for developing and launching this product would have a profound effect on the growth prospects for BBT and ensure that a much-needed product is launched. Clinicians, babies, and the healthcare industry need this product as they are currently compromised the existing technology at their disposal. BBT passionately wants to lead the response to this market need.
