BME100 f2016:Group7 W1030AM L2
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LAB 2 WRITE-UP
Device Image and Description
Description: Similar to a catheter, includes a pressure sensor to aware the person of how full the bladder is as well as a valve for the person to control when they empty their bladder, allowing for more independence of those who suffer with urinary incontinence
Technical and Clinical Feasibility
Needed technologies: Catheter, Pressure Sensor, Release Valve(barring the need for electroactive polymers), Battery, Temperature gauge, Electroactive polymer materials
Things that could go wrong:
Will it work in the clinic?
What are the clinical risks?
Have similar products been in a clinical trial? How long was the trial?
Using the fundability worksheet chart, determine the scores (0 - 3) for technical feasibility and clinical feasibility and provide support for scores.
Our prototype increases the independence of the user as they would no longer have to rely on a caretaker to go to the restroom, as well as improve their self esteem due to no longer needing to use external devices to help urinary incontinence. As such, it is a better investment than diapers due to the fact that our prototype only has to be swapped every couple of weeks as opposed to a diaper which would need to be changed multiple times a day. It’s also better than normal catheters as the need for replacement is a few weeks longer than your average catheter. It also has a pressure sensor and a controllable valve which allows the consumer to decide for themselves when going to do their daily duties. This results in a higher demand from the consumers and an easy overtaking of any competition in the market.
Foley Catheter - $ 0.98
$ 30.00, our component cost is about $17.55 we would also have to factor in labor but assuming that we can eventually get to the point where we are able to produce our product without outsourcing for the components we are willing to say that a good estimate for charge is as expressed above. We would like to keep our price relatively low to be as competitve as possible considering that the best alternative, i.e : a regular catheter, is less than a dollar.
An extremely conservative initial market size analysis lands us at $562.5 million (75 million suffer from incontinence, assuming that around 25% of the sufferers switch to our product, with a charge rate of $30 per piece)
Following the criteria, we have derived a score of 243 on Kelvin Ning’s Fundability Criteria Worksheet. Due to little to no communication with potential consumers, we placed at a ONE for Customer Validation. For Market Size in the United States, we came up with a 3, due to after taking everything that could affect market size and conservative thinking, we still came up with nearly $700 million per year. Competition is extremely minimal in our market, as our closest competitors are diaper producers and catheters, both of which do not take full advantage of the technology available and are rather medieval compared to other devices in other markets. For IP position we determined we would have 3 as our product is similar to catheter which has patents already in place. We would kinda be piggybacking off that one as well as filing a patent to cover our additions.