Periodic Reporting for period 1 - MindCare (AutoMatic and Personalized Mental HealthCare Solution)
Reporting period: 2019-05-01 to 2019-10-31
There are over 1,100 million people who have a mental disorder worldwide, of which 268 million suffer from depression and 800,000 people yearly die from suicide. According to WHO, mental illnesses are the leading causes of disability-adjusted life years worldwide, and depression accounts for one third of this disability. In 2010, the global cost of mental illness was estimated at nearly $2.5 trillion (two-thirds in indirect costs) with a projected increase to over $6 trillion by 2030. In spite of these figures, treatments for mental disorder work and suicide attempts are partly preventable if doctors and caregivers monitor the treated patient mental health progression adequately. However, the healthcare and treatment of psychiatric patients are still inefficient because there is a lack of systems providing real-time information of the patient. In response, eB2 has developed MindCare, a mHealth solution that addresses the current lack of a real-time heath status monitoring for mental disorder patients.
The objectives were focused on defining the technological, commercial, and financial tasks to achieve the completion of our technology and start sales in Q3-2022.
The objectives were focused on defining the technological, commercial, and financial tasks to achieve the completion of our technology and start sales in Q3-2022.
We have performed a detailed market analysis of European, North American and LATAM patients; the European public and private providers of our target countries; and the sponsors (pharmaceuticals and Academia) involved in clinical trials for standard psychiatric treatment. Also, from the commercial side, we have outlined a commercialization plan to reach the market in 2022, assessed our FTO in the market and set our IP strategy. On the technical side, we have defined the development plan for an EIC Accelerator project. Last, on the economic side, we have developed a detailed business plan including the costs of development and commercialization, the financial projections and balance sheet for a 5-year period.
At short term, MindCare will facilitate diagnostics, will improve the quality of care, will accelerate the patient recovery, and will empower psychiatric patients for a better self-management. Further, it will deliver immediate benefits for care health providers and patients: by saving costs of treatments (€340,000 to €6.3 million/year) and lowering the days of hospitalizations (20%). Moreover, we expect after 5-years of commercialization, cumulative sales of 5.20M SaaS users, cumulative revenues of €179M, and an aggregate profit (EBIT) of €100M.