Periodic Reporting for period 1 - AITEP (Accurate Intravenous Therapy for Every Patient)
Período documentado: 2017-12-01 hasta 2018-05-31
Over 90% of patients in a hospital receive some form of intravenous (IV) therapy making it a wide-spread and critical component of modern medicine. IV therapy involves administration of medications or fluids through a needle or catheter. It is commonly prescribed for patients whose condition cannot be treated effectively by oral medications, or who require re-hydration. IV therapy is prone to errors – in the U.S alone 2.3 serious human errors per 100 IV administrations occur, costing an estimated two billion euros per year. The therapy is typically conducted manually by counting the number of drops over a period of time, then calculating the infusion rate and visually monitoring the treatment efficiency. The human inaccuracies and mistakes cause complications to patients, prolong hospitalization time and accumulate additional expenses.
The overall objective of the AITEP project was to remove the drawbacks associated with the current IV therapy. Monidor has developed a high-accuracy IV monitoring device – Monidrop. At the heart of the development is the patent pending technology that utilizes infrared light beam measurement for accurate drop calculation in a simple and cost-effective form. Specific measurement algorithms have been developed and verified both in house and with hospitals in order to provide accurate infusion speed and total volume. Monidrop will assist clinicians in giving balanced IV therapy in the safest, easiest and most cost-effective way.
The overall objective of the AITEP project was to remove the drawbacks associated with the current IV therapy. Monidor has developed a high-accuracy IV monitoring device – Monidrop. At the heart of the development is the patent pending technology that utilizes infrared light beam measurement for accurate drop calculation in a simple and cost-effective form. Specific measurement algorithms have been developed and verified both in house and with hospitals in order to provide accurate infusion speed and total volume. Monidrop will assist clinicians in giving balanced IV therapy in the safest, easiest and most cost-effective way.
The specific objectives of the feasibility study were to validate the economic and technical feasibility of the novel product. The study provided Monidor with four key results.
• First, Monidor has a clearly defined business plan which enables the commercialization of the technology. Creation of the business plan included, among others, detailed market studies and market prioritization, analyses of hospital purchasing processes, and definition of the collaboration model with distributors.
• Second, Monidor has guaranteed the product-market fit of Monidrop. This step was done together with Oulu University Hospitals and Nordic Test Beds collaboration network, and it included technical feasibility testing, feedback gathering and product adjustment.
• Third, the company has ensured that Monidrop is safe and functional in hospital environment by doing the usability study at Oulu University Hospital.
• Last, Monidor has now a clearly defined IPR strategy to support the commercialization activities and protect innovations with patents.
• First, Monidor has a clearly defined business plan which enables the commercialization of the technology. Creation of the business plan included, among others, detailed market studies and market prioritization, analyses of hospital purchasing processes, and definition of the collaboration model with distributors.
• Second, Monidor has guaranteed the product-market fit of Monidrop. This step was done together with Oulu University Hospitals and Nordic Test Beds collaboration network, and it included technical feasibility testing, feedback gathering and product adjustment.
• Third, the company has ensured that Monidrop is safe and functional in hospital environment by doing the usability study at Oulu University Hospital.
• Last, Monidor has now a clearly defined IPR strategy to support the commercialization activities and protect innovations with patents.
Based on the phase 1 study results, Monidor has validated the economic and technical feasibility of the proposed project. All the planned tasks were completed in time and gave expected results. The study has confirmed us that there is a great business opportunity and the right time for our device. Monidor has already started and will continue implementing the business plan created in this project. With diligent execution of the plan, we believe we can create a new global trend for the infusion therapy monitoring and can that way help improving the quality of the health care.