Module 8 - Evolution of Business Models in Diagnostics & Precision Medicine Flashcards
Visiopharm mvoed from what to what?
From Image Analysis Company to Diagnostic Player
What does Visiopharm do?
Our mission is to transform pathology through AI based image analysis, tissue mining and standardization
Visiopharm is a world leader in tissue expertise and technical solutions,
enabling effective decisions based on accurate knowledge
Where is the industry of diagnostics moving towards? Enabled by?
From “one-size-fits-all” to stratified medicine (grouped patients) to Precision medicine (for individuals or very small groups)
Precision Diagnostic enable Precision Medicine
Toolbox
* New test modalities
* Improve current test method
*Digitalization (e heath)
What are CDx?
Companion diagnostic ( CDx )
A companion diagnostic is a medical device, often an in vitro device, which provides information that is essential for the safe and effective use of a corresponding drug or biological product
Does CDx improve succes?
CDx guided target drugs significant increases the success rate for clinical trials.
- From 28% (all drugs) to 62% with CDx Guided Targeted Drugs!
Is Ai driving transformation in Healthcare?
AI can have a significant socio economic impact on European health systems. Especially withing 8 areas:
1) Robotics
2) Wearables
3) Imaging
4) Labs
5) Monitoring
6) Real World Data
7) Virtual Health Assistance
8) Personalized Apps
What is the estimated socio-economic impact of Ai on EU health systems?
1) 400.000 lifes saved yearly
2) 200 Billion euro in annual savings
3) 1,8 billion hours freed up every year
Mention a few examples of were Ai is driving transformation in healthcare?
1) Radiology: Image recognition. means that artificial intelligence in medicine can reduce medical professionals’ workload and radically transform the state of healthcare in less developed or remote rural areas.
2) Dermatology: AI powered tools are designed to identify skin cancer by feeding a vast number of images of malignant melanomas and benign moles.
3) Cardiology: AI based tools can be applied for identifying risk factors with retinal medical image analysis.
4) Oncology: AI is forecast to assist in decoding individualized cancer diagnoses and developing a treatment plan.
Is Ai-driven healthcare growing?
YES! In 2028 the global artificial intelligence in healthcare market is estimated to account for 123 billion USD
Technology Adoption follows what shape?
Technology S-curves, where the newest technology is often worse than the incumbent to start with, but then overtakes in once more mature.
Easier for startups to cater to the beginning smaller market.
What is the technology adoption life cycle?
1) Innovators – 2,5%
- Seek out novel technology and want’s to try new things. Important to make others try new things by observing them.
2) Early adopters 13,5%
- Quickly see value in new technology, don’t love the technology for the technology (unlike innovators)
“The Chasm” - can be hard to cross
3) Early majority – 34%
- Practical minded consumers. If a product seems useful (and enough early adopters are showcasing it) they will try it
4) Late majority - 34%
- Wait for a technology to become established. Don’t feel comfortable in their ability to deal with technology and waits for big companies to offer their needed product
5) Laggards - 16%
- Are often not looking to buy new tech, but can be forced by societal implication (NemID only online etc)
What is the whole product model?
A model showcasing the different levels of a product development:
1) Core product: Clear benefits
2) Actual product: Features (and, quality, packaging, branding, style, color, fashion)
3) Augmented product: Standards, installation, integration (and, services, warranties, financing, additional software and hardware, customer care, deliery)
What is the link between technology adoption and research clinical continuum?
Utilizing the adopters curve as a view on research and development.
Basic research & translations research
1) Innovators – 2,5%
2) Early adopters 13,5%
“The Chasm” - can be hard to cross
Clinical trials:
3) Early majority – 34%
4) Late majority - 34%
5) Laggards - 16%
Explain the product life cycle for a Diagnostic Solution.
Diagnostics product lifecycle:
● Shorter development time (3-7 years vs. 12-15 years of a pharmaceutical)
● Lower regulatory barrier
● Lower investment commitment (5-100 million USD vs. 250 million to 2 billion USD of pharmaceutical)
● Explains the increase in FDA approved diagnostic solutions during the last years and reinforces the importance of product life cycle management
Lifecycle is as the classic pharma lifecycle but with less negative cash flow to start
Are patents important for a diagnostics solution? Why?
Yes!
● Patents are important to make it more difficult for competitor companies to compete.
● However, such patent protection are unlikely to be able to lock competitors out from the market
● VisioPharm employed different patent strategies to the different products. Seem to place less importance on patenting their AI solutions
● Patents can be argued to be of less importance than pharma.
● More important to have an encompassing solutions with various types of services and support.
