In this 5 month SME-Phase-I-project we have analyzed the
A: Economic Feasibility,
B: Technical Feasibility
C: Regulatory Feasibly
for the business case of CardioWatch. We summarized the results in a detailed business plan and in an economic and technical feasibility study.
In the Economic Feasibility, we performed a Market Review (market size, market trends and forecast, patent- and market-analysis of competitors, identifying unique features of own solution).
Sources for possible improvements have been identified, e.g. the manufacturing process, to meet the required high-quality levels of a miniaturized, long-term, biocompatible miniature sensor for the human body. These modifications are considered achievable in Phase II, so that the overall feasibility is further improved. Due to the strong positive business forecast and the positive outcome of the technical feasibility this project will be continued.
Detailed business evaluation and structuring of an updated business plan highlights the clinical need and the strong economic feasibility of the implantable sensor. Production cost are well below thresholds to gain proper margins. The implementation of a Quality Management System (QMS) and the First-In-Human-trials necessary for certification and market entry are also considered thoroughly. This led to an expansion of the strategy of market entry preparation and project planning for Phase II.
We have identified our unique selling points (high miniaturization, biocompatibility, patient’s safety, true mobile measurement, low production costs) and reshaped the customer groups analysis.
The potential market entry barriers have been identified, which are for example high regulatory levels for development and production. A Quality Management System (QMS) according to ISO 13485 is required. Therefore, we develop the product in accordance to the QMS already in place within the consortium.
The steps and timeline for certification of the product, including medical trials, CE certification and FDA approval was planned.
During analysation of reimbursement models of the product, reimbursement for even for more expensive devices with less functionality was found. To bring the product into market, a detailed forecast of costs was derived. Profit and loss accounts show Return on Invest shortly after the end of the Phase II project.
We derived basic requirements of the product and the project and formulated Go / Abort criteria for a Phase II project and worked out a detailed plan on actions for a Phase-II project application.
Using miniaturized electronics provided by EvoSense Research & Development GmbH, we have demonstrated, that energy and signal transmission from the outside into the implant, which is located inside a porcine heart, is possible under circumstances reflecting the use in human.
A first production chain for the basic pressure sensing diaphragm was set up. We have demonstrated that by means of novel 3D nanoprinting techniques (Nano3DSense) by the SME Nanoss GmbH ultra-small sensor sizes and minimally invasiveness, high biocompatibility and patient’s safety and inexpensive device production can be achieved.
The technical feasibility shows that the development of the implant with mechanical, electronic and software parts is feasible to costs in good congruence with our business model derived.
The results of this phase I project will be exploited in that way, that we will use them to structure the phase II project, the market entry and an updated business plan for further development. The results of the technical feasibility can be used to further develop a stressable demonstrator, which will be used for public presentations.