Periodic Reporting for period 1 - MYA (MYA, the innovative diagnostics platform for the full mapping of personal allergies)
Reporting period: 2016-06-01 to 2016-09-30
Globally allergic conditions are on the rise the, asthma is one condition that can be characterize as allergic disease. The WHO estimates that there will be 400 million patients will asthma by 2020. Sufferers of Asthma and allergic diseases have reduced quality of life and I severe allergies even death. The direct and indirect cost associated with management and treatment of asthma and allergic condition is high. The European healthcare services spend € 4.3 billion each year and more than € 3.6 billion spent on pharmaceuticals. Looking at indirect cost it is estimate more than € 100 billion due to lost work and school days . Timely diagnosis and proper management are key in reducing the morbidity and mortality associated with allergic reactions However the traditional health systems is not equip to address the demands of the allergic health needs and patients often have to spend 3-5 years going through the diagnostic protocols in order to the answers to allergic condition. Our solution MYA aims to disrupt the traditional diagnostic system by provider all-in-one diagnostic solution through our MYATMarray as the first line diagnostic solution. Supported by ICT (MYA-AM) platform to monitor and manage users allergic profile after their diagnosis. Our objective with MYATM is to bring to market the first patient centred allergy diagnostic and management solution thereby reducing the morbidity and mortality associated with allergic disease.
In order to confirm the feasibility of our project we have carried out a 3-month study consisting on:
- Techno-economic analysis: Which includes detailed protocol for validation study , potential configuration of expanded MYATMarray which can diagnose up to 95% of allergic conditions
- Thorough market analysis: Which identifies market trends and competitors and environmental barriers and facilitator for market entry
- Updated business and financial plan according to market analysis and review financial forecasts: We developed unique business strategy for our commercialization, we have identified commercial partner who can support the MYA distribution to different key retailers across the EU.
-Development of complete Execution Plan for the Phase 2 project, including planning, organization, risk analysis and budget
- Techno-economic analysis: Which includes detailed protocol for validation study , potential configuration of expanded MYATMarray which can diagnose up to 95% of allergic conditions
- Thorough market analysis: Which identifies market trends and competitors and environmental barriers and facilitator for market entry
- Updated business and financial plan according to market analysis and review financial forecasts: We developed unique business strategy for our commercialization, we have identified commercial partner who can support the MYA distribution to different key retailers across the EU.
-Development of complete Execution Plan for the Phase 2 project, including planning, organization, risk analysis and budget
We have aim to have deployed EU wide in our fifth year of commercialization. We will start in Italy as our commercial partner has strongest and highest network of centres that can potential sell MYA. As we are using exiting distribution and marketing channels we are able to focus our efforts in disseminating and promoting MYATM across key EU markets . We have developed a sales strategy and we understand we will need to refine our plan for implementation, which we will do during our phase 2 study.
The commercialization of MYA will also enable our company to grow, both financially- achieving revenues of approx. €22.6 million and profits of €5.6 million in 2023- and in personnel- we will hire 4 more people.
The commercialization of MYA will also enable our company to grow, both financially- achieving revenues of approx. €22.6 million and profits of €5.6 million in 2023- and in personnel- we will hire 4 more people.