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mastectomybra-blog · 6 years ago

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BLOG POST 7

KEY PARTNERS

What partners do we need?

Medical Product Distribution Companies

Why? These companies specialize in product distribution and act as a sales force to promote and market our product. They also relieve the overhead issues of logistics.

Risks? The biggest risk is that many of these distributors lean towards a private label deal. Our net margins will decrease however, in the long run, we are better off financially using the services of these outfits.

Why would they partner with you? Distributors are constantly looking to expand their product offerings and “catalogs. With our product being a unique and new innovation, distributors would want to have us on board in order to expand their own business.

Benefits of exclusivity: As far as giving a medical product distributor the exclusive rights to carry, promote, and sell our product we have the potential of giving them more incentives to have the sales force of the company promote our brand.

Cristina M. Checka, MD (Inventor)

Why? We will need to continue going back to her for licensing purposes.

Risks? She might decide to sell her license to other bigger companies or hospitals.

Why would they partner with you? She doesn’t have the knowledge or time to start and run a successful business. We also have a wide network for successful business development and launch.

Benefits of exclusivity: There is less competition and we can market our product as special by design due to the validity of the inventor being a M.D. Anderson surgeon.

Eunsook Kwon, PHD (Product Development)

Why? She has the knowledge, expertise, and resources to develop the product.

Risks? There can be a conflict of interest when it comes to putting down names under the patent for the design.

Why would they partner with you? It brings recognition to the industrial design school and her name as the director of the program.

Benefits of exclusivity: Through an NDA she won’t be servicing the competition.

Product Manufacturers

Why? They will provide the skills and resources needed to create our product and make sure it is top quality.

Risks? We have to be careful with who we choose. You get what you pay for so if we’re dealing with a cheap price, the quality will reflect the cost.

Why would they partner with you? We have a very high potential project with respectable partners that are helping us along the way. We have MDAnderson surgeons using their knowledge and network to gather information from other surgeons and patients. We have the dean of the industrial design program here at the University of Houston gathering information overseas and designing the best prototype possible. FInally, we have the faculty of the #2 entrepreneurship program in the US guiding us through the process.

Benefits of exclusivity: Communication will be easier because it will only be one to one. Price negotiation will be easier due to the fact that it is only us.

Board of Advisors

Why? Having the expertise of specialized individuals in the medical industry such as Physician Assistants as well as doctors who practice medicine in the field of breast oncology we gain a competitive advantage on specific insider information on product innovation and development.

Risks? Our company runs the risk of having a conflict of interest due to the board being made up of surgeons and industry specialists. With having high profile individuals on the board we may run into issues of having them wanting personal gains instead of the overall good of the company.

Why would they partner with you? The board members will be comprised of mostly Physicians and Physician Assistants, this product will be beneficial for their own practices and clinics.

Benefits of exclusivity: Exclusivity would not be beneficial to specific board members due to the fact that it would be limiting our potential market traction and sales.

Breast Cancer Foundations and Survivor organizations

Why? They will help spread our message across to spectators. Help fundraise through crowd-funding.

Risks? The product can be easily copied or homemade.

Why would they partner with you? To help other women have a better recovery experience than they did and to be part of the women empowering movement.

Benefits of exclusivity: It is hardly possible and would actually not be convenient for us since the more foundations we get backing us up the more validation and PR it brings to the business.

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mastectomybra-blog · 6 years ago

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BLOG #6

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mastectomybra-blog · 6 years ago

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BLOG POST 5

KEY ASSUMPTIONS

Target Market

Houston Market-3000 users

USA Market-331,530 users

Sales

Start in the US in spring 2020

Package

Our package is disposable

Personnel

Average salary $150K

Load factor 1x

Product Development

5 people to start

5 month to develop

Financing

Series A - $500K

Series B - $1 million

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mastectomybra-blog · 6 years ago

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BLOG POST #4

SECTION 1:

Through which channels do your customer segments want to be reached?

Our end-users will be patients that underwent a mastectomy and other breast oncology related procedures. Furthermore, in most cases these patients will not be the buyers do to the fact that our product will be physically fitted on the patient while still under anesthesia postoperative. So, our hospitals will be our buyers for this product and the surgeons within those hospitals will be the ones who get to choose to use our products or not on their patients. The method our team plans on using to supply the hospitals as well as market our product to hospital administrations is through medical product distribution company. These medical product distributors such as MEDLINE have the capacity to store and distribute our product as well as having a sales force to promote our product to the correct people in the correct positions.

How are they being reached now?

We will be developing and forming relationships with procurement managers from medical product distributors, such as MEDLINE.

Which channel is most cost-efficient?

The most cost-efficient channel will be we send our products to MEDLINE Medical Product Distributor. Signing contracts with a distributor will reduce the technicalities and simplify the supply chain to major customers.

How are your channels integrated with customer routines?

Our channel, distributors, are well connected with the administration of our customers, hospitals, who oversee the surgeons, who have the closest contact and best relationship with our end-users, the patients. Through distributors, we will be able to reach a greater number of customers than what we could have if it was just us going door to door. Not to mention, getting in contact with the buyer of a medical organization can be extremely difficult. It would probably take weeks, if not months before we would even get them to listen to us, whereas a distributor already has their contact information, and most importantly, their trust.

How do you create end-user demand?

We will increase our end-user’s demand by partnering up with breast cancer awareness organizations. Members of these chapters are automatically connected with the newly diagnosed patients to provide a sense of support and community. They give each other advice on the do’s and don'ts of recovery, and will advocate for our product with the new patients. We will also take advantage of our partnership with a renowned hospital such as M.D. Anderson, to promote PinkArmor in female-oriented magazines and blogs.

How is demand creation different for your different channels?

As of now, our main focus is going to be selling through distributors. The way we can create demand from them is by providing a great quality product that generates a high volume of sales, and has a huge demand. While we are working on this, we will be building a website that will allow us to sell directly to end-users. The way we create demand for that will be with good public relations, good marketing strategies and having a good effective product that proves what it claims to be.

Evangelism vs. existing need or category?

Although there have been several varying breast oncology recovery devices and products created over the years, nothing relatively close to our design has penetrated this industry’s market. Our product includes a handful full of variations from a design aspect that has been brought to attention in the past, however all of these variations were individual products. No other product exists in the market that includes all of our variations in the same idea of an “All In One” garment. All of the other products on the market are either bras with add ons for the needs of breast cancer patients, or products that is similar to a robe.

SECTION 2:

What kind of initial feedback did you receive?

Each person we have shared our product idea and rough prototype with has fallen in love with the idea and sees major potential to obtain a large segment of the market. Whether it be end user patients, surgeons, medical sales representatives, or potential distributors we have yet to see any major red flags. Initially we had confidence that our product was great, however after market validation through interviews and focus groups, we have only strengthened our beliefs of having potential to penetrate the medical recovery product industry.

What are the entry barriers?

When working in the medical field, it can be extremely tedious when attempting to reach the person in charge of purchasing products for the facility to use. This can take weeks, if not months go even get a point of contact.

Does anything change about your Value Proposition or Customers/Users?

Our value proposition and has not yet changed. Furthermore, it is important to note that we have two different value propositions. One being for the end user patient. The other being to the procurement departments of hospital administrations.

Does anything change or proposition extend or replace existing revenue for the channel?

Since we have decided to go through distributors for our sales, our profit margin will decrease slightly since distributors usually take around 20-25% of markup.

What is the “cost” if your channel, and its efficiency vs. your selling price?

A competitive price to break into the market for our product is $25 (considering that it is the current price hospital pay to competitors). The usual distributor markup is 20-25%, meaning that we would be selling our product for $18/piece wholesale. Cost of goods sold, including shipment, will average between $8-10. This leaves us with a profit of $8-10. To use distributor channels will help our product increase in demand faster through their salespeople and direct line with hospitals.

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mastectomybra-blog · 6 years ago

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BLOG POST #3

In our recent cycles of customer validation and target market research, we have reiterated our initial findings and hypothesis to prove that we are on the correct track and have a realistic understanding of how to approach the next steps of the development aspect of our business. This exercise helped us visualize our previous findings in a compelling format that will help us in the development of our business plan as well as future competitions.

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mastectomybra-blog · 6 years ago

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BLOG POST #2

BUSINESS MODEL CANVAS

CUSTOMER DISCOVERY

Section 1: This is what we thought the problem was (key assumptions and associated hypotheses)

All our original thoughts and hypothesis came from the initial information and introductory sessions when we first started our collaboration with MD Anderson, in early June 2019. Our team was able to collect information on the specific step-by-step procedures that associate with Breast Surgical Oncology. We were never under the false impression on any specific part of what the biggest pains were and why the market had a big aspect missing in terms of proper and efficient medical recovery products. What we found out through customer interviews, as well as further recent research, only helped build our case and story as to why surgeons need our product. None of the information we found changed the inventors, and our initial hypothesis in the slightest way. Furthermore, we found out that we were very close, if not spot on, in terms of the overall ideas we had and the major pains of this industry. The information we were constantly acquiring proved even further our concept. For example; by getting more feedback from others, we further built our original throughs and understandings regarding what types of materials caused more pain, and what sort of drainage the patient had to work with.

Section 2: So this is who we talked to (name and background of each customer interviewed)

Who are they?

We had two channels for reaching to patients who have gone through this surgery:

Our first channel was in person through a focus group. We had 7 patients give us their personal experience and what they thought could be done to improve the recovery process

The second channel was through an online blog site called Reddit. On there we posted an initial introduction explaining who we are and what our mission is. After that we had multiple patients describe to us the gruesomeness of their recovery process and also how they thought the recovery process could be improved.

(https://www.reddit.com/r/breastcancer/comments/d58rmo/advice_for_building_a_better_postop_bra/)

What is their role?

They were current and past patients who have undergone the surgical process known as “Mastectomy”.

They helped us by providing us with first-hand experience of what it was like to go through that process

How is their budget handled?

They will most likely get the garment put on right after surgery and charged to their overall hospital bill. If the hospital they reside in doesn’t provide it, they have the option of buying it in-store or online, through different retailers.

As a medical device that directly caters to the patient's wellbeing, the budget is of minimal consideration.

How do they find new products for work?

Browse online or through word of mouth by the surgeon or other women who went through the same experience.

How much time do they spend looking for recovery alternatives?

Based on the patient’s responses, we are able to say that the patients spend most, if not all of their time under-recovery looking for other products. We’ve had most responses say that their recovery experience consists of them continuously searching for a better product due to pains and inconveniences presented by their current product.

Section 3: This is what we learned (data collection and summary of what it tells you)

The current post-surgery bras available in the market do not treat inflammation, pain relief in the incision areas, nor allow for drainage of wounds. Furthermore, an increase in the number of patients returning to hospitals for unexpected and unplanned visits due to complications after these procedures give evidence that there is a current deficiency in recovery products.

Get them to say the problem you want to solve is a problem they have.

We developed the mastectomy recovery vest. The purpose of this vest is to ease the recovery and lessen the pain that breast cancer survivors deal with after undergoing the mastectomy operation. The vest is built with anti-microbial and compressive material. The vest includes a more efficient drainage system and cold therapy, which reduces inflammation and blood clotting which are common challenges during the recovery process. With all the applications our vest includes, breast cancer patients will be able to go back to day-to-day activities faster since the vest will increase their mobility overall recovery time.

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mastectomybra-blog · 6 years ago

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BLOG POST #1

VALUE PROPOSITION

Our mastectomy recovery vest helps major hospitals treating breast cancer who want to improve on patient overall satisfaction by providing them with a more effective recovery and reducing the number of returning patients unlike the current post-surgery bra being provided by many hospitals.

DISCOVERY & HISTORY OF OUR PRODUCT

The partnership between MDAnderson and The Wolff Center for Entrepreneurship began in July 2019. We are the first team from the Wolff Center to take on such an endeavor with the recent partnership with MD Anderson. Out of this connection, came the idea of the creation of a “Post Mastectomy Recovery Garment”. MD Anderson’s Surgeon Cristina M. Checka, MD from the Division of Surgery at the Department of Breast Surgical Oncology, is well versed and familiar with the struggles of working with the current post mastectomy recovery bras in the market, therefore, she invented a more effective version of this idea. Dr. Checka came up with this idea because she wants to solve many of the problems her patients experience. Her patients have experienced issues with drainage, blood clotting, and swelling, therefore, this product tackles these problems. We plan to provide an even more innovative product that will ease the recovery process for patients, which is our and Dr. Checka’s ultimate vision.

PRODUCT & SERVICE DESCRIPTION

Our product is a Post Mastectomy Recovery Garment, which helps cancer patients experience highly improved mobility while alleviating pain, inflammation and blood clotting. In addition to our leading edge compression and anti-bacterial fabric, the garment includes integrated tubes to assist with the drainage of harmful body fluids, external pockets that allow the patient to secure cold/heat packs on incision areas to reduce pain, and an adaptable size front-closing that gives a flexible option for personal preference of fitting.

Picture of our prototype?

CURRENT STATUS OF OUR IP

Although the recent partnership between the Wolff Center for Entrepreneurship and the MD Anderson Cancer Center was established in the beginning of July 2019, we have implemented and taken very crucial steps in this short time. Our partners on the MD Anderson side have submitted a request to the Office of Technology Commercialization as a formality in taking the first step to introducing this modern, unique and innovative design into today’s health care product market. Our team is currently awaiting a decision on that request and we are due for an answer at any moment. Furthermore, our team has been diligently working on our end. We have established a collaboration with the University of Houston’s Industrial Design Program under the Gerald D. Hines College of Architecture to design several different models of the Post Mastectomy Recovery Bra. That department of the university will be assisting us heavily in creating a digital 3-dimensional prototype design of the bra with leading edge software as well as an official prototype. Once a design and physical prototype have been decided on, which we expect to happen over the next two months roughly, we will file for an official U.S. Design Patent. This product does not require a U.S. Working Patent filing or F.D.A Approval. This filing could very well occur earlier than expected considering that there is currently a rough physical prototype in existence. The reasoning behind this idea, design, and business plan has been in the works for the past 2 months.

KEY ASSUMPTIONS

This bra is catered to mastectomy patients of all ages that wish to have a smooth and painless recovery that will allow them to transition back to their daily activities. Our team plans to primarily market this innovative product to hospitals nationwide, in addition to female-oriented retail stores. Organizations such as MD Anderson, currently provide a medical device to patients recovering from surgery in addition to female-oriented retail stores that we plan on replacing. Our hypothesis is that our team will have backing and support from various key cancer survivor associations nationally through our connection with Jenee Babbora (breast cancer survivor and Co-founder of Inflammatory Breast Cancer Foundation), along with a long term relationship with M.D. Anderson through our inventor who is currently a surgeon in the Houston Medical Center Campus.

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