Enabling medical device vendors to realize the potential of the data collectible by their devices

Project Information

bio-T

Grant agreement ID: 888653

DOI

10.3030/888653

Project closed

EC signature date 6 November 2019

Start date 1 December 2019

End date 29 February 2020

Funded under

• INDUSTRIAL LEADERSHIP - Innovation In SMEs

Total cost

€ 71 429,00

EU contribution

€ 50 000,00

Coordinated by

SOFTIMIZE LTD
Israel

Periodic Reporting for period 1 - bio-T (Enabling medical device vendors to realize the potential of the data collectible by their devices)

Reporting period: 2019-12-01 to 2020-02-29

Summary of the context and overall objectives of the project

"The Internet of Medical Things (devices), a fast-growing multi-hundred billion dollar industry, is revolutionizing healthcare by enabling remote use of collected medical device data. BUT medical device manufacturers, eager to monetize on the data, face gaps in securing private patient data and designing remote care workflows. The involved risks (cyber, HIPAA/GDPR fines, cloud OPEX, usability, and time-to-market) lead vendors to turn to external solutions.
The device-agnostic bio-T remote clinical-care cloud platform, leveraging decades of technological IoT and cloud expertise of its founders, securely manages common yet complex remote care workflows. This ""undifferentiated heavy-lifting"" accelerates the transformation of medical device manufacturers from capital sales vendors into digital service providers while reducing their cyber, compliance and technological risks. bio-T is powering clients today, connecting thousands of FDA-cleared devices commercially, and accredited an ""AWS Advanced technology partner"".
The objectives of the bio-T project are focused on defining the technological, commercial and financial tasks to improve the platform’s performance from a technical perspective as well as ensuring that the platform meets and exceeds the basic requirements for adoption by IoMT stakeholders"

Work performed from the beginning of the project to the end of the period covered by the report and main results achieved so far

During the Feasibility Study, an in-depth study of the market was made to determine further market needs and the best go to market strategy. A detailed description of the next steps to follow to bring the innovation to commercialisation, such as: identification of activities and upgrades required to reach TRL9, work packages and budget preparation, definition of the full supply chain, definition of the business model and commercialisation strategy, risks and market analysis was made.

Progress beyond the state of the art and expected potential impact (including the socio-economic impact and the wider societal implications of the project so far)

In-house from-scratch development in medical device companies is our biggest competitor due to the relative ignorance about and the infancy of the IoMT platforms. However, their teams usually have very little experience in regulated cloud-native software and IoT. bio-T is ahead of the competition as they have both the expertise and market experience to cater to all the needs of Medtech manufacturers and vendors. bio-T is already powering FDA approved solutions and working on providing more functionality through adding deep device insights

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