MedVector’s mission is to greatly accelerate the clinical trial process allowing Pharma to save lives, faster. Our proprietary telemedicine platform increases patient access by removing geographic barriers, increases doctor participation by not referring-away, and balances demographics for the FDA. Now everyone has access to advanced medicine regardless of location or economic status.
Pre revenue about to launch.
In 2017, 4 million subjects were needed for clinical trials, but only 1.8 million were enrolled, leaving a missing 2.2 million untapped (source). Our accessible technology and reach can address this crucial valley.
Our goal is to fill the 2.2 million subject gap worth $57.4 billion by expanding the supply side of the market to meet the demand. While MedVector is expanding the market rather than competing for current market share, if successful, it will inevitably capture some of the current market as well.
Problem or Opportunity
Before Pharmaceutical companies can sell or market new drugs to the public, they must conduct a Clinical Trial to get the approval of the FDA. Clinical trials are notoriously slow due to HIPAA privacy laws, making finding, recruiting, and enrolling patients into clinical studies very difficult. The #1 delay in clinical trials is patient recruitment. While a single patient might only take 6-12 months to complete a study, the average length of a clinical trial is more than 10 years! (source) And the problem is bigger than just finding the patients. Our research concludes the majority of qualified subjects are unattainable due to geography, HIPAA privacy laws, socioeconomic limitations, or doctors and gatekeepers unwilling to refer-away.
To make the problem worse, the 20 year clock on the medical patent starts with the first subject in a clinical trial. So, for every day/month/year lost in the clinical trial, is also a day/month/year lost patent protection (profitability) for Pharma. And these numbers are really big… For a medication like Humira, this equates to $1.66 BILLION a month.
Solution (product or service)
At MedVector, we believe greater patient access through telemedicine is the key to faster clinical trials. Our industry-first telemedicine platform for finding, enrolling, and connecting subjects to clinical studies is the solution. With MedVector’s Prime-Control Telemedicine Technology, no subject is too far away or left behind.
While there are lots of new businesses in the space, we're created a unique mousetrap that allows us to partner with most of our "competitors." Our biggest direct competition risk is "the old way," similarly to how Uber's biggest competitor was "hailing a taxi."
There are also other companies using telemedicine for clinical trials, but for different reasons. For example, Science37 is using telemedicine to alieviate dropout rates, whereas we are using it to eliminate geographic constraints.
Advantages or differentiators
MedVector has developed the first "Prime-Control Telemedicine," which is the opposite of peer-to-peer. So, while most telemedicine requires downloads, settings, passwords, ours knows where it is and it just works.
Also, MedVector has created one of the largest searchable hospital networks while remaining HIPAA compliant. Hospitals and Private Practices are willing to share data with us because our technology protects them from referring away.
MedVector has a 35% markup on medical testing done at subject locations. At maturity we have other revenue streams we can turn on, such as patient sourcing fees and profit sharing agreements with hospitals and private practices.
MedVector connects patients to studies using HIPAA-compliant video conferencing technology called Telemedicine. This increased access allows for more diverse subject groups, easier FDA approval, and in turn, more affordable medications.
Our remote clinical service eliminates geographic barriers because our plug-and-play telemedicine kit can be drop-shipped to any hospital, private practice, or surgery center. And, for appointments with no medical tests, we’re working on an Ap for at-home use. Now, anyone can participate in advanced medicine regardless of where they live or economic status.
Once subject-candidates have been identified, MedVector connects them to approved clinical trial sites, via telemedicine, from the comfort and convenience of their home hospital or doctor’s office. Because these subjects use their local facilities to complete clinical trials, there are no more horrible commutes, and all of the medical tests associated with the study become billable revenue for the local hospital/practice.