Through support from the H2020 SME Instrument, Phase I, Ostoform has successfully identified a manufacturing partner and achieved clarity on device manufacturing cost. In addition, a manufacturing process for the combination and assembly of the advanced materials has been established. With this, Ostoform has addressed a major point relating to the feasibility of the overall business. Ostoform is now confident that the device can be manufactured and sold at an appropriate profit margin.
Ostoform has also been able to add a new and key employee to its team, in the position of Chief Operations Officer. The COO will manage communications with the manufacturing partner with the aim of achieving low-cost and efficient supply chain and manufacturing processes.
Ostoform has developed a strong understanding of the reimbursement landscape for its device both in the US and in Europe, and countries with favourable reimbursement have been identified.
New learnings on reimbursement have had a major influence on both Ostoform’s clinical and commercial strategies. Ostoform will gather additional clinical data to share with healthcare systems to achieve favourable reimbursement. In addition, countries with more favourable reimbursement conditions have been identified and these countries will be targeted initially for commercialisation.
Through the Feasibility Study, Ostoform has received support and coaching in the area of Intellectual Property. Ostoform has, since receiving this coaching, built on its patent portfolio by filing four additional patent and two trademark applications. Ostoform also has a much clearer and more cost-effective IP strategy now in place.
