Periodic Reporting for period 1 - SGSOFT (Antimicrobial wound care solution to prevent and cure wound infections and cut health care costs)
Reporting period: 2016-03-01 to 2016-08-31
With new bacteria constantly becoming resistant to antibiotics, wound infections are ever more dangerous and cause vast economic costs to society at large. Antimicrobial wound dressings, which by definition contain silver, are the most efficient method to prevent and cure wound infections. Until today such have been too expensive and known to release too much silver to the wound and blood circulation. Based on R&D and clinical trials at HUS (Helsinki University Hospital) since 2009, Silvergreen has successfully developed an affordable antimicrobial wound dressing that prevents and cures infections, and dramatically reduces the use of antibiotics and costs. Technically, SGSOFT neutralizes all known bacteria by a safe application of ionic silver (Ag+). SGSOFT is patented, Medical CE approved and ready for wider hospital verifications and mass-market uptake. Based on the SME Instrument Phase 1 funded feasibility study, SGSOFT requires a national market specific shift in wound care practice from merely treating infections with antimicrobial dressings to preventing infections, enabled by SGSOFT, the new affordable safe dressing. Even if SGSOFT is technically ready to be sold in the EU and countries that accept Medical CE, more time-consuming practical trials are required in the leading hospitals of the target markets to enable credible introduction to consumers. Based on the feasibility study, the ultimate time to market, to make SGSOFT an active part of every citizen’s and home’s medical first aid repertoire, is overall longer than anticipated. The revised go-to-market strategy builds on Finland, Switzerland, Germany and Singapore as entry markets. SGSOFT will be made available in different forms to B2B and B2C customers with cost structures and price points varying from country to country. A timeout of 6-12 months is needed to complete market specific value for money calculations, before finalising an SME Instrument Phase 2 proposal.
Task 1 produced both reassuring information and entirely new discoveries. The differences in the relevant ecosystem structures and customer requirements between the markets studied were far greater than anticipated. Task 2 deepened the company’s understanding of market structure and customer behaviour in the targeted markets, as well produced valuable new insights regarding market specific business models and product and distribution strategies. Fresh new evidence on SGSOFT value for money was received, but such was also delayed beyond the project period.
Task 3 was the culmination point of the feasibility study process. Most importantly, based on the results of Tasks 1 and 2, the selection of entry markets was revised. Furthermore, the new insights gained led to sharpening of the market specific go-to-market strategies. Task 4 was complementing tasks 1-3 so that the entire report effectively constitutes for a business plan.
In summary, the feasibility study was designed under prevailing market insights and, for the most part, conducted exactly according to the plan. Due to a continued delay in receiving fresh results from a clinical trial, the reporting deadline was asked to be extended. An extension of 2 weeks was graciously granted, which was much appreciated, but this was not fully sufficient to being able to finalise the report based on the best evidence. What particularly remained missing, was sufficient information to finalise the value for money calculations to the level anticipated and aimed for.
Task 3 was the culmination point of the feasibility study process. Most importantly, based on the results of Tasks 1 and 2, the selection of entry markets was revised. Furthermore, the new insights gained led to sharpening of the market specific go-to-market strategies. Task 4 was complementing tasks 1-3 so that the entire report effectively constitutes for a business plan.
In summary, the feasibility study was designed under prevailing market insights and, for the most part, conducted exactly according to the plan. Due to a continued delay in receiving fresh results from a clinical trial, the reporting deadline was asked to be extended. An extension of 2 weeks was graciously granted, which was much appreciated, but this was not fully sufficient to being able to finalise the report based on the best evidence. What particularly remained missing, was sufficient information to finalise the value for money calculations to the level anticipated and aimed for.
Silvergreen Ltd is a Finland based privately owned company that has developed an affordable antimicrobial wound dressing, SGSOFT, to prevent and cure wound infections. Using SGSOFT dramatically reduces the use of antibiotics and health care costs. SGSOFT works on all wound types: Acute, Chronic, Necrotic, Ulcer, Infected, Burn. By neutralizing all known bacteria by a safe non-releasing application of ionic silver (Ag+) the SGSOFT wound dressing solution can prevent and cure wound infections and reduce human suffering and all related costs. SGSOFT is patented and Medical CE approved, and ready for wider hospital verifications and full-scale, stepwise global commercialisation, starting with selected markets within the European Union.
Problem addressed: Severe risks are associated with infected wounds. With more bacteria becoming resistant to antibiotics, wound infections have become dangerous, cause massive costs and should be prevented by proactive use of antimicrobial wound dressings, which requires change of practice. In Finland, which represents only 1% of Europe population-wise, the total annual extra costs related to wound infections amount to 430M€. This includes hospital visits, hospitalisation and new treatments. In situations where wound healing is prolonged, or the wound already infected, antimicrobial control over the bacterial load is essential. However, until today, antimicrobial wound dressings have not been used to prevent wound infections, due to high cost and safety issues.
Problem addressed: Severe risks are associated with infected wounds. With more bacteria becoming resistant to antibiotics, wound infections have become dangerous, cause massive costs and should be prevented by proactive use of antimicrobial wound dressings, which requires change of practice. In Finland, which represents only 1% of Europe population-wise, the total annual extra costs related to wound infections amount to 430M€. This includes hospital visits, hospitalisation and new treatments. In situations where wound healing is prolonged, or the wound already infected, antimicrobial control over the bacterial load is essential. However, until today, antimicrobial wound dressings have not been used to prevent wound infections, due to high cost and safety issues.