BME100 f2017:Group5 W1030 L2: Difference between revisions
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==Fundability Discussion== | ==Fundability Discussion== | ||
With the 1's in place in Customer Validation, Regulatory Pathway, and Reimbursement (as placeholders, as we cannot find these at this time), our product should not be funded, having received a score of only 24. | With the 1's in place in Customer Validation, Regulatory Pathway, and Reimbursement (as placeholders, as we cannot find these at this time), our product should not be funded, having received a score of only 24. | ||
However, based on our positive IP Position, relative lack of Competition, potential Clinical Feasibility, and high Technical Feasibility, we predict that this product has great market potential, especially if we get a chance to research the Customer Validation more and get started on FDA approval (which would affect the scores of Regulatory Pathway and Reimbursement). For these reasons, we believe that the score would be high enough to be a good score investment-wise. We would predict our Customer validation to be a 3 (as those already using sunscreen would likely be invested in reapplication) and 2 for Regulatory Pathway, given our IP Position research which revealed that although our product is unique, it is similar to others and uses mostly technology that has already been approved. | However, based on our positive IP Position, relative lack of Competition, potential Clinical Feasibility, and high Technical Feasibility, we predict that this product has great market potential, especially if we get a chance to research the Customer Validation more and get started on FDA approval (which would affect the scores of Regulatory Pathway and Reimbursement). For these reasons, we believe that the score would be high enough to be a good score investment-wise. We would predict our Customer validation to be a 3 (as those already using sunscreen would likely be invested in reapplication) and 2 for Regulatory Pathway, given our IP Position research which revealed that although our product is unique, it is similar to others and uses mostly technology that has already been approved. | ||
[[Image:Group5 W1030 L2 Fundability.jpg|thumb|frame|left|Group 5 10:30 Fundability Worksheet for UV-based Temporary Tattoo Sunscreen-Reapplication-Reminder]] | |||
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Revision as of 17:06, 18 September 2017
BME 100 Fall 2017 | Home People Lab Write-Up 1 | Lab Write-Up 2 | Lab Write-Up 3 Lab Write-Up 4 | Lab Write-Up 5 | Lab Write-Up 6 Course Logistics For Instructors Photos Wiki Editing Help | |||||
OUR TEAMLAB 2 WRITE-UPDevice Image and DescriptionThis product is a temporary tattoo that utilizes special ink which changes color based on amount of uv exposure. By using this product, a customer would be reminded to reapply sunscreen in the time it takes for the sunscreen to wear off. Since the purpose of sunscreen is to block a certain amount of UV rays, applying sunscreen over the applied tattoo would allow the tattoo to effectively "sense" when the sunscreen is no longer effective, as it is UV-sensitive. As more of the sunscreen wears off, UV rays will easily hit the pigments in the tattoo causing it to change colors. This is a proposal of the main design of our product. It would serve as the logo of our company. We chose the sun as the tattoo since our product is related to the sun. The sun is the tattoo that is applied to your body while the square in our picture represents the backing paper and transfer film. Our company will sell many types of tattoos to attract different age groups, but for our "main" tattoo we wanted a simple design so that it doesn't appear to be only for children. http://www.openwetware.org/images/5/51/BME100_f2017Group5_W1030_L2.jpg
Technical and Clinical FeasibilityTechnical Feasibility b. What are the challenges? c. What are some potential obstacles? In the fundability worksheet, this product would receive a score of 3 in the technical feasibility category, as most of the technologies exist currently--the only developmental work that would need to be done is slight alteration of existing photochromic ink to make it specifically sensitive to measured amounts of UV-rays.
b. What are the clinical risks? c. Have similar products been in clinical trial? How long was the trial? In the fundability worksheet, this product would receive a score of 2 in the clinical feasibility category, as most of the technologies were already tested; however, the modification of the altered UV-sensitive photochromic ink would have to be tested and FDA approved, as it is still a possibility for leading to health risks, being an unknown chemical for human skin. Market AnalysisValue Creation Our product is also unique and more valuable because of the interesting and cool designs--thus, it serves an aesthetic purpose of looking "cool" instead of solely the functional one. Market Size 69% of Americans use sunscreen (http://abcnews.go.com/Health/SkinCare/story?id=7637104&page=1), and since the U.S. population is 326,002,603, this means about 224,941,796 Americans could be interested in our product. Since our packs are sold in sizes of 30, it lets people apply one tattoo a day which means they would need 12 packs a year. In order to calculate our market size, 224,941,796 would be multiplied by .05,10, and 12 to give a number of $1,349,650,776. However, some people are disinclined to wear tattoos even to protect their health so the number would be slightly lower.
Fundability DiscussionWith the 1's in place in Customer Validation, Regulatory Pathway, and Reimbursement (as placeholders, as we cannot find these at this time), our product should not be funded, having received a score of only 24. However, based on our positive IP Position, relative lack of Competition, potential Clinical Feasibility, and high Technical Feasibility, we predict that this product has great market potential, especially if we get a chance to research the Customer Validation more and get started on FDA approval (which would affect the scores of Regulatory Pathway and Reimbursement). For these reasons, we believe that the score would be high enough to be a good score investment-wise. We would predict our Customer validation to be a 3 (as those already using sunscreen would likely be invested in reapplication) and 2 for Regulatory Pathway, given our IP Position research which revealed that although our product is unique, it is similar to others and uses mostly technology that has already been approved.
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