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FEASIBILITY ANALYSIS Andrea L. Barnes Eastern University Field Research Project.

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Presentation on theme: "FEASIBILITY ANALYSIS Andrea L. Barnes Eastern University Field Research Project."— Presentation transcript:

1 FEASIBILITY ANALYSIS Andrea L. Barnes Eastern University Field Research Project

2 INTRODUCTION  Product- Peak-2-Go  An electronic peak flow meter designed to plug into the data port of cellular phones  Accompanying cellular phone app to interpret and track data from the peak flow meter  App allows users to trend their measurements over time  Data can be sent to physician if desired

3 CONCEPT MODEL © Gaurav, 2014

4 PRODUCT DESIRABILITY  Reviewed product idea with: Pulmonologist, Respiratory Therapist, Two Adult Asthmatics, and One Adult with Alpha-1 Antitrypsin Deficiency  Product Strengths: Physician monitoring, Ease of use, Potential for insurance coverage  Product Concerns: Information transmission security, Cleaning of the device, Device transferability  Overall desire to test a prototype device

5 PRODUCT DEMAND  SurveyMonkey survey sent to 30 individuals with Alpha-1 Antitrypsin Deficiency  83% response rate  60% of respondents likely to purchase the Peak-2-Go product  One concern expressed as to cost of product

6 INDUSTRY ATTRACTIVENESS  Few competitors in the market  Current apps on the market are not integrated with peak flow meter  Growth in the mobile health app marketplace

7 ORGANIZATION FEASIBILITY  Registered nurse with experience in respiratory disorders  Personal interest  Informatics and coding experience  Mentors available to serve as resource

8 FINANCIAL FEASIBILITY  Start-up costs:  Create code: $500,000/$250,000  Production costs: $1 million  Other expenses: $1 million  Total Costs: $2.5 million  Similar product on the market- AsthmaMD  Over 500,000 downloads

9 OVERALL FEASIBILITY  Results point to the product being a favorable business to pursue  Steps to pursue  Further research  Find investors  Develop prototype

10 REFERENCES  AsthmaMD. (2014). About. AsthmaMD: Track. Control. Live Better. Retrieved from http://asthmamd.org/about/  Comstock, J. (2013, March 14). Report: 1.7B to download health apps by 2017. MobiHealth News. Retrieved from http://mobihealthnews.com/20814/report-1-7b-to-download-health-apps-by- 2017/http://mobihealthnews.com/20814/report-1-7b-to-download-health-apps-by-  Conn, J. (2013, December 14). No longer a novelty, medical apps are increasingly valuable to clinicians and patients. Modern Healthcare. Retrieved from http://www.modernhealthcare.com/article/20131214/MAGAZINE/312149983 http://www.modernhealthcare.com/article/20131214/MAGAZINE/312149983  Goedert, J. (2012, June 12). Kalorama tracks mobile medical app market. HealthData Management. Retrieved from http://www.healthdatamanagement.com/news/mobile-medical-apps- applications-market-kalorama-44597-1.htmlhttp://www.healthdatamanagement.com/news/mobile-medical-apps- applications-market-kalorama-44597-1.html  Gaurav. (2014). Smartphone compatible peak flow meter for asthma patients. DamnGeeky. Retrieved from http://www.damngeeky.com/2014/04/08/20007/smartphone-compatible-peak-flow-meter- asthma-patients.htmlhttp://www.damngeeky.com/2014/04/08/20007/smartphone-compatible-peak-flow-meter- asthma-patients.html  iHealth Beat. (2013, September 12). Reports predict significant growth in mobile health market. News Archive. Retrieved from http://www.ihealthbeat.org/articles/2013/9/12/reports-predict- significant-growth-in-mobile-health-markethttp://www.ihealthbeat.org/articles/2013/9/12/reports-predict- significant-growth-in-mobile-health-market  Thomas, C. (2011, March 6). How much does it cost to develop an app? The Ultimate Step-By-Step Guide. Retrieved from http://www.bluecloudsolutions.com/blog/cost-develop-app/#devcostshttp://www.bluecloudsolutions.com/blog/cost-develop-app/#devcosts  U.S. Food and Drug Administration. (2010, August 31). FY 2003 and FY 2004 unit costs for the process of medical device review. Medical Devices. Retrieved from http://www.fda.gov/MedicalDevices/DeviceRegulationandGuidance/Overview/MedicalDeviceUs erFeeandModernizationActMDUFMA/ucm109215.htm http://www.fda.gov/MedicalDevices/DeviceRegulationandGuidance/Overview/MedicalDeviceUs erFeeandModernizationA


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