Treatment for Peripheral Arterial Diseases(pad).
Essay by zobangalore • March 18, 2019 • Case Study • 635 Words (3 Pages) • 544 Views
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- Create a “job spec” for this product consisting of the following elements
Case: CV Ingenuity
- Functional, Social and Emotional jobs fulfilled?
- Functional job
- Treatment for peripheral arterial diseases(PAD)
- Minimize the cost involved in getting the treatment at little/low risk
- Social and Emotional Job
- Develop a Drug Eluting Balloon(DEB) as a simpler, cheaper and more effective way of treating PAD which has affected 8-12 million people in the U.S.
- Alternative to existing technology i.e. Stent being used to treat PAD
- What are the competing solutions that must be fired?
- Lutonix, Medtronic and AngioScore
- What is the most important barrier to overcome for the product to be hired?
- Clearing the PMA process which was the most stringent device marketing application required by FDA
- What is the most important process that must be put in place to consistently fulfill the job?
- Clinical trials need to be fulfilled in order to keep up with the policy and regulations of FDA
- What is the most important job metric to put in place?
- Being a fast follower of previous firms and not repeating the issues/mistakes committed by them
- Analyze the case using the “Six Forces” Model (13 points—7 for (b), 1 each for other elements)
- What Am I?
Consumer Innovation – This is for the benefit of people who have PAD
- Six Forces Alignment
- Players —Integrated systems who see potential in solving PADs via alternative solution
- Financing — Risk bearing entities would be paying for the cost of the product
- Policy — Needs approval from FDA for the new device
- Technology —Has the technology been clinical proven to assure it does not carry similar issues the earlier technology had
- Consumers — Patients suffering from PADs have improved quality of life
- Accountability — Reduced cost of treatment of PAD
Which are most critical and why?
The key elements are Accountability and Policy – As both are the reasons as to why we have the entire innovation is being carried out.
- Unless there is an approval from FDA the product cannot go into the market for actual clinical trials.
- It is also important to maintain cost as existing technology was an overhead
- Market Size
- The end consumers are PAD affected patients - Market size is big, as every 1 in 20 American above age of 50 years suffers from PAD
- Price point is lower than existing technology
- Competitive strategy – Fast followers; avoiding mistakes done by competitors
- Financial Viability—what is their breakeven sales volume and market share?
Proposed valuation - $20 Million
- Sustainability – Good R&D being carried out to ensure maximum impact for the treatment of PAD, Price is better than the earlier technology used to treat PAD disease
- Managerial Assessment – Good strategy; Focused on small technical team and 0% spend on marketing of the product. Multiple roles played by innovator
- Select one of the Innovator’s Discovery Skills and use it to enhance this innovation. (4 points)
Questioning
- What does the product do?
- What are the advantages of using DEB over older technologies which were used to treat PAD?
- How many times does an individual have to take up this treatment during his lifetime if the patient has PAD?
- Are the precautionary measures taken that could lead to another disease?
- Does the patient have to avoid any activities after administering this treatment?
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