The action taken during the Phase 1 project enabled us to develop a business plan for commercializing MCR TOOLS. The study identified the key factors and market constraints influencing future marketing & sales and confirm the market potential of the system. The analysed areas include:
- Market potential: analysis the demand for MCR TOOLS,
- Geography of the business: identification of the key European markets for the launch of the product,
- User needs mapping: in-depth analysis of the users' needs,
- Key stakeholders on the market: strategy to engage key stakeholders,
- Analysis of established hospital information systems: identification of key HIS providers in Europe and analysis the technological basis of those systems,
- Partnerships: analysis potential partners for marketing and sales,
- Strategy to reach the targeted users: development the appropriate strategy, taking into account the users' needs mapping; marketing & promotional strategies,
- Competitors: development a good understanding of the competitive landscape and existing market barriers,
- Legal and regulatory constraints: analysis all legal and regulatory aspects of the planned activities,
- The economics of the business: elaboration a financial projections and forecasts and definition the volume of sales needed to cover the expenses and become profitable,
- Capital requirements: identification future capital requirements to move the business forward.
We have also developed a business strategy in accordance with Monitor CR's vision, values and long-term development & revenue goals. As a main result of all actions taken, we have formulated the final business strategy and business model based on the results of all the analyses. The result of Phase 1 is a comprehensive market analysis with a detailed business model. Apart from developing the concepts of strategy, Monitor CR has also been conducting R&D works, implementing them and analysing the preliminary feedback received on their implementation. Currently, the IT system is on TRL-7, as it has already been successfully demonstrated in the operational environment at two leading clinical hospitals in Poland with the participation of one of the largest and most innovative pharmaceutical companies in the world. An outcome of Phase 1 is an innovation project that demonstrates high potential in terms of company competitiveness and growth, underpinned by a strategic business plan.
Monitor CR's dissemination activities with regard to MCR TOOLS include: presentations for hospitals and CROs/Sponsors to highlight various aspects of the system: legal, social, financial and economic; participation in the European thematic conferences and meet-ups (ex. UK e-health week, MEDICA Trade Fair, Life Science Open Space); publications in social media (Linkedin) and cooperation with business partners.
