In this phase we nourished the initially planned Phase 1 activities, which were namely:
1. Technological feasibility study: The gene panel has been optimized and we have acquired standard materials to evaluate the performance. Moreover, relating to the software development, we have modelled the business process, identifying the actors involved and the flow of the information and samples and identified a key partner for software development. The software will be integrated in the everyday routine handling of molecular diagnostic data and electronic reporting.
2. Market analysis: Analysis of user needs, competitive scenario, client segmentation, potential target, market dimension, competitor scenario has been started. This task has been e supported by the study of specialized reports, comparing information on potential competitors and alternative products, survey different potential users from industrial sectors, conducting exploratory meetings with industrial associations and professionals). Results show that as a whole the NGS market is valued at an estimated USD 4,031.7 million in 2016 and is poised to grow at a CAGR of 20.8% during the forecast period of 2016 to 2021. This is a dynamic market in nature and is witnessing many changes with new technologies and products being introduced to improve the efficiency and accuracy of the process.
3. Risk assessment: A preliminary analysis of the risks that are expected to be encountered during the validation, assessment and dissemination activities has been performed and results have been reported in the SWOT analysis planning actions to mitigate those risks, specifically: Delays in the clinical study validation; Delays in CE-IVD approval; changes in guidelines, protocols; Poor reception/ acceptance by healthcare professionals
4. Intellectual Property analysis: To determine the position of the technology developed in relation to the existing state-of-the-art a prior art search was conducted on more than a hundred patent databases to obtain sets of results relevant to the chosen subject of study. Based on the prior art search, although similar patented technologies offer solutions for a differential diagnosis of thyroid malignancy using FNA samples, the biomarkers to make this differentiation are diverse our invention has novelty compared to the state-of-the-art. Moreover Thyrotrust after the clinical study will rely on other several competitive advantages in respect to other similar technologies
5. Quality and regulatory routes: standard regulations and medical devices directives have been analysed and addressed to ensure the quality compliance, at the scope to obtain the CE mark. The clinical validation study has been designed and possible CROs has been identified to conduct the study on more than 4000 patients. Moreover a workplan and cost analysis for the validation study has been implemented with the CRO and clinical centers involved in the study have been selected.
6. Dissemination and exploitation strategy: the task regards dissemination and exploitation strategy, in order to maximize the impact coming from the expected results and an early economical and financial plan have been sketched and possible partners to maximixìze this task. To assess the operational and economic viability of the solution, the company has set a 5 year plan
in order to achieve a net profit of more than 2 million euros in 2023. the company has made the sales forecast, which at the same time permits to identify the associated operation cost and direct cost of developing and exploiting the solution. The results of this analysis conclude that the company will start having a small but significant profit aready 1 year after the end of the clinical validation.
launching the solution into the market
8. Partner search. The identification of partners for the panel and software production and distributors is in progress but we have achieved significant goals.
