LAB 2 WRITE-UP
Device Image and Description
The Alzheimer’s monitoring watch is fitted with a classic watch face and a comfortable wristband in order to insure that the Alzheimer’s patients will not be inclined to take the watch off. Other important physical features of the watch include a panic button and a QR code on the back of the watch face containing the medical information of the patient. Despite its simple physical appearance, the watch will contain GPS, heart rate and sleep monitoring capability, a speaker, and a microphone. The data recorded from these features will be viewable to the patient’s caregiver on the app compatible with the watch. In addition, the caregiver will be able to record messages and reminders on the app for the watch and receive feedback from the patient using the microphone and speaker features of the watch. The purpose for this watch is to decrease the difficulty of caring for an Alzheimer’s patient while also increasing the independence of the patient in a safe and secure way.
Technical and Clinical Feasibility
What are the technologies needed?
The technologies needed for our watch include GPS, heart rate monitoring capability,
sleep monitoring capability, a speaker, a microphone, ability to connect to wifi or
possibly a cellular data network, the ability to connect to an app which will store and receive all the data from the watch, and a long-lasting rechargeable battery.
What are the challenges?
All of these technologies already exist, so our technological feasibility is high. Our only
challenge is regarding the battery, as it would be optimal for the caregiver to have to change the battery as little as possible.
What could go wrong?
If the battery life of our watch is too short, it will reduce the appeal of the watch to the
caregiver, as they will have to worry about charging it frequently. The patient may have
to charge the watch themselves, which could lead to them forgetting to put the watch
back on. In addition to this, a short battery life increases the risk of the watch dying, and
the patient therefore becoming unmonitored.
The patient could be inclined to remove the watch without the caregiver knowing. If the patient where to wander without the watch then the caregiver will have no way to know they have left or a way to find them.
Will it work in the clinic?
It would be easy to test our watch, as wearing the watch would pose no risks.
What are the clinical risks?
Our watch has very little clinical risk. However, one risk that could occur is, if the watch
malfunctions, the patient will be left unmonitored. Another risk that would leave the patient unmonitored is whether or not the patient decides to remove the watch. This could happen in a panic or simply at night when the patient sleeps.
Have similar products been in a clinical trial? How long was the trial?
No clinical trials have been conducted for testing talking watches or watches associated
with Alzheimer’s patients. The majority of clinical trials involving Alzheimer’s patients are to test the effect of various drugs on patient’s symptoms. We foresee no issues in our products clinical trials because the risks are low. Some of these risks include if a patient takes off the product unknownst to the caregiver, or any issues with battery life.
Compared to our competitors our product improves upon their design with added features that cater to alzheimer patients. This new product has the capability of tracking a patient without the embarrassment of wearing an ankle bracelet. It also has the ability to monitor the heart rate and sleeping patterns of its wearers. Some existing products have the ability to record memos, our product takes this a step further and allows the caregiver to record set reminders for their patient. Our product is able to connect to a cell-phone app and thus gives both the caregiver and concerned family members the ability to watch over the Alzheimer’s patient.
The total cost of our product to produce is estimated to be $51.65 the sale price will be $64.99. This markup is $13.34 from from the production cost of the product and thus a 25% profit from each watch. While there are cheaper ‘talking watches’ none are able to offer the features available in our product. Some competitors go up to around $30.00 but only have an embedded speaker.
5.4 million Americans live with Alzheimer's. Our product is tailored to those in the moderate stages of Alzheimers yet each person who has been diagnosed will eventually pass through the moderate stages and be within our target audience. Thus the market size is $350,946,000.
|Market Size (US)
We gave our product a score of 3 in technical feasibility. All of the components of our design are simple and straightforward, utilizing technology that already exists, such as GPS and heart rate and sleep monitoring. Other similar smartwatches exist, such as the Apple watch.
We gave a product a score of 3 in clinical feasibility. Clinical trials are not required for watches. Our product has a very low risk factor.
The market size is around 350M which gives our product a fundability score of 2. Even if the number of possible customers fluctuates the market size has a buffer of 150M above the 200M mark for a fundability score of 2.
Based on the scores for customer validation, market size, competition, IP Position, Technical Feasibility, and Clinical Feasibility, our product will be fundable. Market size, competition, and customer validation all received a score of 2 while IP Position, Technical Feasibility, and Clinical Feasibility all received the highest score of 3. The Alzheimer’s watch will be easy to manufacture due to the technology that is already available to produce it and will not require clinical trials because it is a watch. The market size is a reasonable 350 million dollars, providing a large potential for profit. For these reasons, the Alzheimer’s monitoring watch is a fundable product.