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Report

Teaser, summary, work performed and final results

Periodic Reporting for period 1 - DIA-VIT (DIA-VIT, a non-invasive glucose self-monitoring device for diabetes patients)

Teaser

Summary

Under the Horizon 2020 SME Instrument Phase 1 we have prepared the Feasibility study with the detailed Business plan for the DIA-VIT project.

The aim of the Feasibility study was to determine under what conditions and what type of business model the DIA-VIT project would be feasible. Within the Feasibility study we have assessed the technical, operational, legal and timing aspects of the project, including SWOT analysis. We have explored technical maturity of DIA-VIT device and decided on how to organize the production. Legal aspects were considered regarding IP protection, certification and clinical testing, since they play a key role in determining the time required for DIA-VIT market entry.

Detailed Business plan was included into Feasibility study. We have developed DIA-VIT business model including detailed commercialization plan, explored the competition, defined our target customers, defined proper distribution channels and developed the marketing plan.

The Feasibility study represents the baseline for further DIA-VIT project development and for finding financial sources for the project implementation.

Work performed

The result of the Phase 1 project is the prepared Feasibility study with the detailed Business plan.

Within the project duration we have:
* explored in details the industry and its trends
* execute the thorough research of the competition
* further develop our product for non-invasive blood glucose monitoring DiaWatch (pivoting from the finger clip device to device in a form of a smart watch)
* prepared more detailed plan for the next phases of devlopment TRL7-TRL9 with the estimation of the resources needed (people, equipment, funds)
* explored the timing and legal demands that have to be fulfilled prior to the market entry
* start the preparations for the first clinical study
* filed the patent application (IP protection)
* defined our business model
* explored and decided on target customers, appropriate selling channels and selected the first markets to entry
* developed a marketing plan
* developed logo and visuals
* prepare the supply chain analysis - explored the potential suppliers, calculated and decided to outsource the production, when we will come to this phase
* set the main mailstoned up to the commercialization phase

Final results

Result of our action is the prepared Feasibility study with the included Business plan.

Through the Feasibility study preparation we are now even more convinced that our product DiaWatch has a great market potential and could really have an important impact on the global market. We believe that implementation of our project - that is finalizing the development and brining the product to market will positively affect the increase of the employment and growth performance not only with our company, but also with other companies in the supply chain. The product DiaWatch will benefit the users (diabetes patients) and positively contribute to the sustainability of the national health systems/economies.

We are planning to apply for a Phase 2 of the Horizon 2020 SME instrument tender. With the support of the EU financing, we will be able to finish the development of the new diagnostic device and bring it to the market.