Over de innovatie
The data shows that the surge of COVID-19, even more, increased the need for remote appointments and digitalization. Telehealth utilization has spiked to more than 32 % higher than before the pandemic, consumer and provider attitudes toward telehealth have improved significantly since the pre-COVID-19 era.
Fear of patients getting exposed to the infectious disease (for example COVID-19) while visiting a health care facilities especially those from the risk group make them hesitate and delay the visit to the professional.
Lack of medical professionals. Usually, it requires medical personnel to examine a patient and measure their vitals.
During the surge of the pandemic, telehealth offered a solution to take care of patients remotely, and now we have a chance to reinvent virtual and hybrid care models to improve healthcare access, outcomes, and affordability. With MedicubeX eHealth station we offer the opportunity to have a doctor appointment in the comfortable and private soundproof booth and by using autonomous and sensor-guided technology patient measure own vitals and cardiovascular risk factors in less than five minutes which doctor can see immediately.
Next-generation UV-C light-based disinfection solutions ensure 99.8% disinfection of the surface and air inside the eHealth station. It turns on every time customer leaves the station and prevents the spread of infections among users.
The use of fully autonomous self-testing eHealth station can immediately free up the time of healthcare workers who would otherwise conduct tests in person. It will reduce the amount of hours that healthcare professional needs to work but also reduce the labor cost for an employer.
Reducing the cost of sick leave and retirement by preventing cardiovascular disease is a cost-saving tool for companies which makes them more attractive to workers as well.
Positive differentiation and publicity as an innovative and up-to-date healthcare provider help clinics to attract customers.
The station is built exclusively into the award-winning Framery acoustic booth made in Finland. It has a unique modern design, provides privacy and comfort for the patient.
High hygiene standards are achieved with next-generation UVC/Far UVC light-based disinfection solutions from Signify (Philips Lighting). The electronics are manufactured by our strategic partner Innokas Medical.
Each station is assembled on-site in one day from compact, easily shippable components.
Easy assembled, transportable, with a wide range of CE-medical devices eHealth station equipped with desinfection UV-C light combined in a modern soundproofed booth is a unique product on the market without identical competitors.
By using autonomous and sensor-guided technology, a customer can measure their own vitals and cardiovascular risk factors in less than five minutes. The station integrates the latest non-invasive CE-marked medical devices into a modular platform with a single UI, and data integration with patient information systems. The station can autonomously measure blood pressure, heart rate, oxygen saturation, respiratory rate, temperature, weight, body composition and skin Advanced Glycation End-products (AGE) while also taking an ECG, with machine analytics providing arrhythmia detection and heart rate variability (HRV).
The station is built exclusively into the award-winning Framery acoustic booth made in Tampere, Finland. High hygiene standards are achieved with next-generation UVC/Far UVC light-based disinfection solutions from Signify (Philips Lighting). The electronics are manufactured by our strategic partner Innokas Medical in Tallinn, Estonia. Each station is assembled on-site from compact, easily shippable components.
The station will a weighted CVD risk index so that measures can be taken to prevent the onset of the disease. The weighted CVD index developing together with VTT Technical Research Centre of Finland is based on six values (Age, Sex, BP, HRV, BMI and AGE) combined with machine learning algorithms and AI. The result is a proprietary CVD index available in mere minutes. In the long-term automation allows for scalable, low operating cost population screening which can lower disease burden and costs.
Management estimates that there are 5 - 6 similar, start-up health kiosk companies in the regions that the company operates in. Among those, the company considers their closest competitors to be:
A. H4D is a telehealth kiosk provider based in France. The company was established in 2008 and, according to Dun & Bradstreet, reported annual revenue of USD 2.27m in 2019.
B. Tessan is a telehealth kiosk provider based in France. The company was established in 2018 and, according to Dun & Bradstreet, reported annual revenue of USD 1.18m in 2020.
C. BeWell Innovations is a self-measurement station provider based in Belgium. The company was established in 2010 and does not display its annual revenue.
Aside from direct competitors, the following companies target the same audience that MediCubeX is trying to reach using a different approach.
A. Retail laboratories such as Synlab, Nightingale Health or Puhti. These companies offer invasive commercial blood tests without a referral for screening and wellness purposes.
B. Wearable devices such as smartwatches and rings (Apple, Samsung, Oura) can be seen as far-off indirect competition. These devices are intended to measure simple vital signs for fitness and wellness use, but not for detecting or predicting diseases.
Globally there are large companies, such as Sonka in China or Higi in the US with 10,000+ open health kiosks measuring blood pressure, heart rate and weight only. Their products are not applicable to the European market where privacy is an actual concern.
Within the healthcare market, we aim at public and private healthcare providers, such as hospitals, clinics and health centres, insurance companies and occupational health.
Within the telehealth market, we aim at community use such as at workplaces, pharmacies, sports centres and other public spaces.
The single unit price is approximately 40 000 euro.
The company has protected its brand with a registered trademark in Finland, also soon in the EU. The EU application was opposed, but we have now reached undestanding with the other party and are awaiting signing of a contract.
The company is currently discussing IPR protection of its CVD risk analysis tool planned for development with VTT. FTO was done by Kolster confirming patentability.
1.First phase starts in Desember 2022 where we will be testing the usability of the first prototype.
2.Second phase will be testing more advanced prototype device in real-life environment with our customers.
3.Third phase is commercial piloting with the customers after our product development is ready.
Risks associated with product development. Our eHealth station will be a CE-marked medical device. When developing, producing, and selling new products we may face unexpected responses from our customers and other demands we have to take into account, leading to elevated costs.
Risks associated with business execution and future capital requirements. Not achieving our goals, running out of the runway and not managing to raise the next round are potential risks. If we are unable to execute our plans as currently anticipated, we may experience difficulties with raising additional capital, which could have an adverse impact on our growth, or on the company itself.
Risks associated with regulation. MedicubeX operates in the highly regulated medical technology sector, where failure to meet the requirements of regulations and/or authorizations may lead to delays in bringing products to the market.
Risk associated with the uncertainty of market acceptance. The field of medical services is very tradition-focused and hesitant to entirely new concepts. Our business success depends on how quickly we are able to penetrate our target market and scale up our service concept reaching universal market recognition.
Risk associated with competition: The European Health Kiosk / Station market is still very immature with no competitors in the Nordics. However, there are already local operational competitors in Central Europe. Established Asian or American companies are not competing at the moment as they are not operating in Europe, but this may change.
Risk associated with staff and recruitment. MedicubeX relies on its team members for the delivery of business success, and at the start of sales, a small business may suffer adverse effects if it cannot attract new hires into critical roles, or if key staff members leave the business.
Risk associated with operations. MedicubeX’s operations are highly dependent on the continuity of its and by extension its customers' software, technology systems and third-party service providers.
Risk Factor related to revenue. The company has not yet sold any units to customers, so there remains the risk that the company is unable to find buyers at a price that will deliver profitable returns.
We aim to create an eventual network of 5 000 eHealth stations in Europe, where up to 10 000 health kiosks/stations totaling 400M€ are expected to be sold by 2027. Our growth is supported by well established, contractual partnerships with the Finnish export companies Innokas Medical and Framery. Framery has exported its products to over 70 countries. We can access Framery's extensive international sales and distribution network to jumpstart our international sales.
Heikki Rautajoki, (Chairman, CFO, Co-founder): Experienced co-founder and seed investor in several health tech start-ups, such as Mobidiag and Medigoo. Advisor-mentor for over 300 start-ups and early-stage growth companies from 1998 till the present. Accredited advisor and evaluator at SPARK, Tech-Tour and Health Incubator Helsinki and EU Horizon program.
Based on discussions with potential customers we believe that there are unmet needs of healthcare digitalization and automation fueling strong growth in Europe in the 2020s. Our product development is steered by the relevant needs of healthcare providers struggling to meet the demands of ageing populations and limited workforce. Widespread implementation of eHealth stations will make preventive healthcare more accessible at a lower cost - leading to a decrease in overall costs, mortality and morbidity.
Our potential clients are:
- Companies (B2B); Private healthcare providers, insurance, workplaces
- Consumers through other companies (B2B2C)
- Third sector and foundations.
- Public administration or public authorities (B2G); Municipalities, healthcare districts, public hospitals
MedicubeX has major competencies in Medical Technology and Strategic Management of startups. The company needs to develop further competencies in sales and customer relationships management, health data regulatory issues, and artificial intelligence in the medical field. We do some of the user interface and user experience development in house and some of it with external partners. However, it is in our interest to hire a data analytics oriented software specialist who has previous knowledge of artificial intelligence and big data. With this, we will further optimize the customer experience and gamification in order to help motivate the lifestyle changes of our customers.
Sales and customer relationships management expertise can be developed partially in-house by Swart Liesbeth who is our Marketing Coordinator and bringing native understanding of the Dutch and German markets and in-house language skills to the team. Regulatory know-how and MDR-grade software are planned to be outsourced from strategic partners such as Innokas Medical.
Our business model requires previous knowledge of scaling healthcare business to European markets. However, we also require a deeper understanding of market-specific business intelligence and the identification of new business opportunities. Additional critical competence is needed in developing the SaaS business model related to the MedicubeX companion app. The company is currently in the process of forming an advisory board with competencies in medical device development, funding and scalable business execution.
MedicubeX´s platform allows the integration of future novel non-invasive measurement methods, which could allow for the prediction of other diseases, such as skin and lung cancer or Alzheimer's disease.
The health kiosk/station market is a segment of the massively growing telehealth market currently worth EUR 84 billion globally, estimated by McKinsey & Company in 2020 to seven fold by 2025 with a CAGR of 38,2% and estimated to eventually reach EUR 250 billion. Data Bridge 8/2021 forecast in 2021 that the global health kiosk/station market size will reach EUR 1.6 billion by 2028. We aim to create an eventual network of 5 000 eHealth stations in Europe, where up to 10 000 health kiosks/stations totaling 400M€ are expected to be sold by 2027.
Our growth is supported by well established, contractual partnerships with the Finnish export companies Innokas Medical and Framery. Framery has exported its products to over 70 countries. We can access Framery's extensive international sales and distribution network to jumpstart our international sales.
1. Concept ready. Develop and assemble the P0 proto with it to be ready for in-house testing. Nov/Dec 2022
2. Design input initialization and finalization. Dec/Jan 2022
3. Design freeze. System integration and testing. Mar/Apr 2023
4. Verification ready and product testing. Jun/Jul 2023
5. Design transfer ready. Final product ready according to approved DMR file. The product is ready to be shipped to the clients as a Medical device. Aug/Sep 2023
In 2024 turnover expected to be 2 295 000 euro and 12 210 000 euro in 2025.
The estimated turnover in 2026 year is 37 140 000 euro.