advanced medical technologies
Insights, perspectives and inside data from medtech market analysis at MedMarket Diligence, LLC
Dear Med Market Diligence, My name is Steven Middleton. I was wondering if you point me in the right direction. I recently, last week, submitted my first invention idea to a crowdfunding site called Indiegogo.
My project is to manufacture a low cost temperature controlled pill box. I was wondering if you would be willing to post a review about my project on your blog? Or if you could point me in the right direction of who I am supposed to contact. Here is a link to the pill box I came up with: http://www.indiegogo.com/projects/the-chill-pill-box
I don’t know the best way to promote it so I thought I would try emailing your blog. I have never been very good at marketing, that is why I became and engineer, but when I don’t know how to do something the only thing I know how to do is ask questions. Anyway, if you could help me or point me in the right direction that would be really great. I sincerely appreciate your time and consideration already. Thanks, and I hope you have had a great weekend. Sincerely, Steven Middleton
Before pointing you in the right direction for investment, I think it is worth recommending to you that you nail down a number of critical elements that define the value of your invention. The first is to define the need, which must entail providing supportive clinical literature on the impact of sub-optimal temperature on pills in terms of the lost efficacy of the drug, or worse. (As an aside, what about insulin? Type 1 diabetics need to keep insulin at reasonable temperature, so you might consider a similar technology associated with insulin.) Then, how does the temperature sensitivity or the impact of temperature vary by different pill types? Can you then also indicate, to put it in the blunt terms that healthcare systems understand today, the positive impact on healthcare costs and/or quality of life of (more) optimal temperature management of pills? Lastly, assuming that temperature sensitivity can be correlated with degradation of pills and their efficacy in some significant numbers, then what are the barriers to entry of any other competitor with a pill temperature management device? Moreover, to play the devil’s advocate, why can’t pill temperature be managed via storage of pills in a controlled environment, as via HVAC regulated by a thermostat? These are some obvious questions that ANY investor (Indiegogo or conventional venture capital) will want to have answers to in order to determine the scope of the need that is solved by the technology and the competitive advantage it holds over alternatives.
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