Periodic Reporting for period 1 - DIABETESMART (The first Clinically Validated AI-powered Diabetes Assistant)
Reporting period: 2019-05-01 to 2019-08-31
Diabetes is a growing worldwide concern (425 million diabetics in 2017). It is a leading cause of death and its prevalence is increasing (19.2% rate). It requires long-life care management from a physician care team and patient daily self-management. Apps have been probed to improve diabetes self-care of patients, but the challenge is to identify a clinically validated one among the thousands existing. Our solution outperforms current state-of-the-art since we offer a (1) Class IIA, (2) AI powered that provides personal recommendations based on the individual’s lifestyle and regional context and (3) focus on end-user allowing connection with medical devices and fitness trackers.
We target the Diabetes Care Market, €69.10B in 2016, forecast to reach €137.28B by 2022, 12.4% CAGR. We aim to offer DIABETESMART to corporates (yearly tariff) and to diabetics Type 1, 1.5 and 2 (monthly subscription scheme) who will benefit from real-time clinically meaningful insights based on AI. We foresee to reach a gross profit of €9.65 million by 2026 with a ROI of 9.9€.
We target the Diabetes Care Market, €69.10B in 2016, forecast to reach €137.28B by 2022, 12.4% CAGR. We aim to offer DIABETESMART to corporates (yearly tariff) and to diabetics Type 1, 1.5 and 2 (monthly subscription scheme) who will benefit from real-time clinically meaningful insights based on AI. We foresee to reach a gross profit of €9.65 million by 2026 with a ROI of 9.9€.
Technically, we established our roadmap to improve the prototype and implement the new features. Thanks to our market research we identified new target markets and widen our scope by including: Global Type 1&2, Diabetes Care and Digital diabetes care. We identified key market drivers that will fuel the adoption of our product and market barriers. We studied our direct competitors (solutions not dependent of proprietary devices) and indirect ones (inbuilt apps). We confirmed our freedom to operate analysis and probed that our technology does not infringe any existing patent. We fine-tuned our commercialization strategy and established agreements with a partners in each our target countries. We shaped our projected sales revenues from 2022-2026.
DIABETESMART aim to facilitate routinely glucose management and empower patients to measure blood glucose more frequently to optimize their glycemic control. We have probed in our pilot study that users of our solution reached their target optimal blood glucose levels x3 times faster than using standard management methods. Direct benefits of our solution for end-users are also, that we are positioned at the best price patients would be willing to pay for a diabetes management app and that we address the unmet needs of patients, including wireless automatic transfer of data from devices and prediction of personal trends based on data stored, among the top priorities.