In the phase I feasibility study, the prototype of Viomedo for the German market was analysed regarding its potential to serve the European market. The study included market validation, user need identification, analysis of the competition, identification of technical requirements and evaluation of Viomedo’s pricing strategy. The goal was to develop the steps necessary to get Viomedo from development stage TRL6 to TRL8.
To identify the requirements of Viomedo’s clients, interviews with all parties involved in a trial were conducted. Evaluation of answers of 120 patients from several European countries confirmed their demand for comprehensible trial information and access. Discussion with 4 leading patient advocacy groups validated these results.
The pharmaceutical industry’s main goal is to reduce the recruitment time of their clinical trials in order to get to market faster. Interviews with over 100 international researchers, study coordinators and clinical investigators validated their demand for higher patient recruitment numbers and shorter timelines.
The European market for patient recruitment has a size of $3,5 billion. Across Europe there is a need for a central platform that connects patients with clinical research. Current patient recruitment solutions offered in Europe do not provide a comprehensive solution. Viomedo represents the first patient centric trial platform that offers researchers and pharmaceutical companies effective patient recruitment and feasibility services for their clinical trials.
An IPR protection study assured that Viomedo does not infringe upon IP rights of any of the competitors. Additionally, an IP protection strategy was developed in order to build up a competitive moat.
Legal requirements for data security across Europe were analysed and considered on the product and business development roadmap. Furthermore, Viomedo’s pricing strategy was validated and a risk management plan created.
Based on the results of the feasibility study, the prototype of Viomedo is prepared for the European market. Once Viomedo expands across the EU, it will help patients to benefit from innovative research earlier and support development of novel therapies. Viomedo has the potential to turn the EU into a more attractive region for clinical research.
