Periodic Reporting for period 1 - Piomic (Empowering homecare solutions in advanced wound care)
Reporting period: 2019-11-01 to 2020-02-29
Due to an aging population with growing rates of obesity and diabetes, over 50M patients suffer from hard-to-heal wounds annually, which has created a severe cost burden to global healthcare systems. Piomic Medical AG, a Swiss Med-Tech company founded in 2016, develops a medical device to promote wound healing in hard-to-heal wounds. The COMS One device matches market trends for portability and patient self-management. Patients may benefit from a faster healing process as well as an improved treatment outcome. Early traction allowed Piomic to conduct a first in human clinical trial to evaluate safety and efficacy of its product and engage CE certification. The management team of Piomic consists of professionals with interdisciplinary knowledge in science and engineering, paired up with experts in regulatory affairs, life science and product development. We believe life shouldn't be defined by a medical condition. By developing a therapy which is safe and effective we hope to set a better future for everyone in need. The objective of the project was to assess its technical, commercial and financial viability.
The feasibility study has shown positive results, proving that Piomic’s device is:
• Technologically feasible: It is possible to improve the design of the current prototype to achieve a manufacturing cost reduction. A phase 2 project addressing the required improvements and feature upgrades to address core customer needs has been initiated.
• Commercially feasible: Piomic targets the wound care market and a health technology assessment for Switzerland has shown, that the COMS One Therapy System may reduce costs for the healthcare system and hence commercially makes sense. Piomic’s business plan has been adopted to ensure a successful market entry.
• Economically feasible: The financial requirements for Piomic commercialisation have been estimated and incorporated into a thorough sales forecast.
• Technologically feasible: It is possible to improve the design of the current prototype to achieve a manufacturing cost reduction. A phase 2 project addressing the required improvements and feature upgrades to address core customer needs has been initiated.
• Commercially feasible: Piomic targets the wound care market and a health technology assessment for Switzerland has shown, that the COMS One Therapy System may reduce costs for the healthcare system and hence commercially makes sense. Piomic’s business plan has been adopted to ensure a successful market entry.
• Economically feasible: The financial requirements for Piomic commercialisation have been estimated and incorporated into a thorough sales forecast.
To reduce health care system costs, the timely transfer of patients from inpatient settings to less expensive post-acute care settings, such as the subacute out-patient or home setting, has become a top priority, particularly in developed countries. Piomic is clearly ahead of state-of-the-art solutions due to its easy application combined with the positive clinical results. Furthermore, it enables better treatment for patients which could not be treated before. It has the potential to be a disruptive technology within wound care by facilitating more wound closures hence reducing the associated health care costs and increasing patient survival rates due to fewer amputations.