Periodic Reporting for period 1 - Vitreoject (Disrupting Medical Instruments for Eye Care.)
Reporting period: 2019-02-01 to 2019-07-31
Vitreoject develops a specialized medical device to facilitate efficient, material-saving and safe injections into the eye. These injections are needed to treat vision-threatening diseases like age-related macular degeneration, retinal vein occlusion or diabetic macular oedema. Due to the chronicity of these diseases, the treatment needs to be repeated, leading to over 60 Mio injections per year in the European Union.
Vitreoject was supported by the EU SME instrument phase 1 over a period of six months. Throughout the funding, the company reviewed the feasibility of the device mainly in terms of market size, market opportunity, market approval and technical specifications.
We re-evaluated the market for intravitreal injections, including all treatable conditions using published data from studies as well as census data. Using reimbursement figures, we calculated the total market. The user savings were estimated using a bottom-up analysis to develop a pricing strategy for the final device.
The market opportunity was assessed using an in-depth study of current and future competitors that distribute similar products or could make the Vitreoject device obsolete. Furthermore, based on this data and in interviews with industry experts, the strengths, weaknesses, opportunities and threats were gathered.
Vitreoject identified market approval as one of the main challenges and therefore focused much attention to this crucial spot. Two experts supported us on market approval following medical device regulations to formulate and prepare a detailed strategy and a clinical study to allow reasonable financial and time-efficient planning of the following steps.
Furthermore, the R&D team of Vitreoject developed the device with constant feedback from clinical experts to its current state, where it is now ready to move from 3D-printing to manufacturing. This device was evaluated in a structured hands-on interview to highlight potential limitations or shortcomings.
We re-evaluated the market for intravitreal injections, including all treatable conditions using published data from studies as well as census data. Using reimbursement figures, we calculated the total market. The user savings were estimated using a bottom-up analysis to develop a pricing strategy for the final device.
The market opportunity was assessed using an in-depth study of current and future competitors that distribute similar products or could make the Vitreoject device obsolete. Furthermore, based on this data and in interviews with industry experts, the strengths, weaknesses, opportunities and threats were gathered.
Vitreoject identified market approval as one of the main challenges and therefore focused much attention to this crucial spot. Two experts supported us on market approval following medical device regulations to formulate and prepare a detailed strategy and a clinical study to allow reasonable financial and time-efficient planning of the following steps.
Furthermore, the R&D team of Vitreoject developed the device with constant feedback from clinical experts to its current state, where it is now ready to move from 3D-printing to manufacturing. This device was evaluated in a structured hands-on interview to highlight potential limitations or shortcomings.
We strive to disrupt the process of these injections by compromising all needed parts into one device, mak-ing it more efficient and material-saving. Our device has the potential to save € 249 Mio yearly in health care costs in Europe by reducing operating theatre time.