Periodic Reporting for period 1 - GlucoTab (A Novel ICT Assistant Solution for de-Risked Management of Insulin Dosing and Blood Glucose Levels in Hospitalized Patients with Type 2 Diabetes)
Berichtszeitraum: 2016-11-01 bis 2017-02-28
Up to 30% of patients admitted to hospital suffer from type 2 diabetes. The therapy and the insulin dosing must be individualized per patient, making the diabetes treatment an enormous challenge for the health system. Current diabetes therapy in hospital wards often still relies on paper charts, which often has gaps, is hard to read and forces the user to perform necessary calculations manually. Existing electronic patient record system are not built to handle the arduous decision-making process of diabetes management, which requires up to date monitoring of glucose levels. In addition, these systems due to regulatory reasons cannot perform complex calculations. Thus, hospital staff is saturated, responsibilities on decisions are not clear and nearly one in three hospital patients with diabetes are affected by errors. Hence type 2 diabetes patients suffer from reported serious complications: increased infection rate, respiratory and acute renal failure, longer hospital length of stay and even death.
GlucoTab® is an ICT based software that offers a complete electronic record focusing on blood glucose, provides guidance on the most suitable insulin dosing therapy with dose calculation and assists on the arduous decision-making process for the daily management of type 2 diabetes. Thus, it standardizes task management, eases the personnel’s work-flow, reduces risks of serious complications and hereby health system costs.
The overall objectives of the Phase 1 were the commercial, technical and financial viability of GlucoTab® to confirm the feasibility of further development.
GlucoTab® is an ICT based software that offers a complete electronic record focusing on blood glucose, provides guidance on the most suitable insulin dosing therapy with dose calculation and assists on the arduous decision-making process for the daily management of type 2 diabetes. Thus, it standardizes task management, eases the personnel’s work-flow, reduces risks of serious complications and hereby health system costs.
The overall objectives of the Phase 1 were the commercial, technical and financial viability of GlucoTab® to confirm the feasibility of further development.
We have performed a market analysis to verify the commercial potential and to support our market activities, a global Freedom-To-Operate analysis and Intellectual Property management strategy. From the technical viability, we have a complete execution plan for the Phase 2 project, including planning, organization, risk analysis and budget.
From our financial viability plan, we estimate a total investment for 2-years Phase 2 project over € 1.8 million, a maximum cash flow need of € 2 million in year 2019, being € 1.8 million from project needs and €0.2 million, from commercialization financial needs of the first years.
From our financial viability plan, we estimate a total investment for 2-years Phase 2 project over € 1.8 million, a maximum cash flow need of € 2 million in year 2019, being € 1.8 million from project needs and €0.2 million, from commercialization financial needs of the first years.
GlucoTab® automatically calculates appropriate insulin doses and clinical pilot trials already showed that glucose control is improved without increasing dangerous hypoglycemic episodes. The built-in workflow management features reduce the risk of errors and the patient stay costs. Considering the direct cost/complication, GlucoTab can generate yearly savings of up to 4 times the first year investment costs.
In turn, GlucoTab® will generate revenues of €12.8 million after five years of commercialization. We aim to achieve these estimated sales thanks to the creation of 9 positions, including IT Engineers and our sales force.
In turn, GlucoTab® will generate revenues of €12.8 million after five years of commercialization. We aim to achieve these estimated sales thanks to the creation of 9 positions, including IT Engineers and our sales force.