|01/26/2016 - 13:06||aida.boukhris|
HTH - High Technology used in Healthcare
Smart Implants, an IoT solution for healthcare
Hip implant failures can occur unpredictably and dangerously, often resulting in complications that can be severely painful and debilitating to the patient. We are developing a device that can be contained within the implant. This device can monitor the implants integrity and periodically sends updates to confirm the state of the implant or to alert of significant damage. This is intended avoid the potential injury that can occur with a sudden failure of the implant as well as cut the medical expenses associated with checkups and emergency failures. By monitoring the implant's condition, we can allow it to remain within the patient up to right before the critical failure point, but ultimately remove it before the implant fails on a scale that injures the patient. This will save the patient from not only pain and discomfort, but also the hospital expenses that can be associated with an emergency failure.
Unlike most hospital equipment, the descision for which implant to use lies ultimately with the doctor, as such the doctors are our customers rather than the hospital management. However, while the doctor is our customer, it is important for us to consider the patients and health insurance companies who are then purchasing the operation from the doctor. By targetting private clinicians we can offer the doctor edge over his competitors by allowing him to provide patient security, which is appealing to both the patients and the insurance companies.
The market for hip replacement implants is already well established and extremely competitive, however it often receives a negative public image on account of faulty products causing severe injury to their patients, despite quality control regulations that are designed to prevent this. We believe that by offering patient security as a priority we immediately make ourselves distinct from the competition. We intend to approach a current manufacturer with a view to collaboration, if we were to approach a company which has recently suffered a large scale product recall, then we can promise to rebuild their public image by showing that our idea gives patients security.
Implants that are currently on the market have manufacturing costs of around $400 but can retail at up to $10,000. This means that, despite the additional device we will be adding to the implant, the product can still be very profitable when sold in the top pricing range. We believe that the product will sell in this pricing range because it minimises patient suffering and offers long term savings on hospital expenses.
María Martell Gálvez BsC Industrial Electronics Engineering
Almudena Rojo Guillén BsC Aerospace Engineering
Cameron James Meng Bio-engineering