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FEASIBILITY ANALYSIS Andrea L. Barnes Eastern University Field Research Project
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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
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CONCEPT MODEL © Gaurav, 2014
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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
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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
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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
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ORGANIZATION FEASIBILITY Registered nurse with experience in respiratory disorders Personal interest Informatics and coding experience Mentors available to serve as resource
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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
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OVERALL FEASIBILITY Results point to the product being a favorable business to pursue Steps to pursue Further research Find investors Develop prototype
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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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