Periodic Reporting for period 1 - DentistRobot (In-mouth drilling robots for automating tooth repair and scaling dentist revenues)
Reporting period: 2019-02-01 to 2019-05-31
Dental caries and severe periodontal disease are major contributors to the loss of natural teeth. About 30% of Europeans aged 65–74 years have no natural teeth, which reduce their function and quality of life. Nowadays, the most commonly used teeth replacement procedures are prosthetics and implants. While prosthetics are more affordable and versatile, when they require the reshaping of the teeth the procedure can take longer and there is a higher risk of malpractice because of the inaccuracies of the manual procedure. This can cause various side effects from a less durable prosthesis to the loss of the teeth.
DentistRobot Ltd was set up with the main aim to eliminate the inaccuracies by introducing robot technology to the dental industry with our combined software and hardware solution that has been protected with a copyright (see video: https://youtu.be/LW8QiS369ao). It simplifies and improves the process of several teeth replacement procedures reducing the chance of malpractice and improving the patient's satisfaction while increases the number of patients served during a given time. Right now we have a working prototype, and we want to test the procedure in a real patient's mouth. We intend to enter the market within 2 years.
To achieve our goals, we re-evaluated some of our technical decisions as well as our market researches. We also extended our knowledge about the current legislation processes within the European Union (and beyond). In order to enter the market fast and to be able to supply the demand we made partnerships with manufacturing and distributor companies.
DentistRobot Ltd was set up with the main aim to eliminate the inaccuracies by introducing robot technology to the dental industry with our combined software and hardware solution that has been protected with a copyright (see video: https://youtu.be/LW8QiS369ao). It simplifies and improves the process of several teeth replacement procedures reducing the chance of malpractice and improving the patient's satisfaction while increases the number of patients served during a given time. Right now we have a working prototype, and we want to test the procedure in a real patient's mouth. We intend to enter the market within 2 years.
To achieve our goals, we re-evaluated some of our technical decisions as well as our market researches. We also extended our knowledge about the current legislation processes within the European Union (and beyond). In order to enter the market fast and to be able to supply the demand we made partnerships with manufacturing and distributor companies.
We carried out a technological and economic feasibility study in order to evaluate the full potential of our development. The outcomes were positive, and therefore we will continue our development.
During the Phase 1 execution we have made the following main findings:
• According to our market study the potential market is significant and it is continuously growing
• The emergence of CAD/CAM systems in the dental sector is increasing
• There is a significant rise in demand for dental aesthetics
• The growth in dental tourism creates huge market opportunity in our region
• Market restrains such as reduction in dental reimbursement and decreasing number of dentists create new opportunities for DentistRobot
• The updated cost calculation for our commercial product revealed a slight increase in costs but it is still very competitive considering the benchmark technologies and still results in fast return on investment through the whole value chain.
• Our pricing strategy to include CAPEX and OPEX elements has been validated with potential customers
• We have made partnerships with manufacturers and distributors who have global coverage
• The regulatory environment for the commercialisation of DentistRobot has been analysed and the process has been defined
• The relevant technological and commercial risks have been identified and the corresponding mitigation actions have been detailed
• The IPR strategy has been updated
• The Freedom to Operate study has been elaborated with a positive outcome (the relevant patents have been collected and analysed)
• The objectives for the product development and commercialisation have been defined
• The work plan to achieve the objectives have been created
• The strategic business plan has been updated
• A detailed commercialisation and scale up methodology were created
• Based on the findings a financial model was created showing a fast break even and significant return on investment
• According to our market study the potential market is significant and it is continuously growing
• The emergence of CAD/CAM systems in the dental sector is increasing
• There is a significant rise in demand for dental aesthetics
• The growth in dental tourism creates huge market opportunity in our region
• Market restrains such as reduction in dental reimbursement and decreasing number of dentists create new opportunities for DentistRobot
• The updated cost calculation for our commercial product revealed a slight increase in costs but it is still very competitive considering the benchmark technologies and still results in fast return on investment through the whole value chain.
• Our pricing strategy to include CAPEX and OPEX elements has been validated with potential customers
• We have made partnerships with manufacturers and distributors who have global coverage
• The regulatory environment for the commercialisation of DentistRobot has been analysed and the process has been defined
• The relevant technological and commercial risks have been identified and the corresponding mitigation actions have been detailed
• The IPR strategy has been updated
• The Freedom to Operate study has been elaborated with a positive outcome (the relevant patents have been collected and analysed)
• The objectives for the product development and commercialisation have been defined
• The work plan to achieve the objectives have been created
• The strategic business plan has been updated
• A detailed commercialisation and scale up methodology were created
• Based on the findings a financial model was created showing a fast break even and significant return on investment