Digital Hospital, Inc.
1009 E. Capitol Expwy #422 San Jose CA 95121 US
Call Us: (408) 809-4420
Call Us: (408) 809-4420
The Digital Hospital Inc. Investment Opportunity
Digital Health is on investors’ minds as the industry is on-track for a record year with 7.2 billion to private companies in the space. Digital Hospital, Inc. is developing a device which verifies dosage of insulin in a hospital, while offering investors a potential M&A exit within 5 years due to white space in large medical device companies' product lines for measuring below 1ml of medicine in a syringe.
We are veteran pharmacists, engineers, software programmers, marketers, and administrators who are building tomorrow's safer hospitals. (Click here to meet the team.)
Insulin is implicated in 33% of medication error related events. Dosing errors cause hypo or hyperglycemia resulting in prolonged length of stay, morbidity and mortality. There is no true confirmation of the dose that is administered by the nurse. Hospitals have invested heavily in their Electronic Health Records (EHR), thereby increasing patient safety. For example, the EHR now safely verifies when the nurse is administering 325 mg of aspirin because the dose is barcoded which enables automatic entry into the EHR when administered. However, insulin dosage is calculated by the nurse just prior to administration and entry into the EHR after administration is still done manually which can lead to human error.
Our medical device enables the accurate verification and documentation of insulin administered in a hospital setting. The medical device reads the barcode on the insulin vial and checks the dosage of insulin in the filled syringe. If the type and amount of insulin prepared matches the hospital's electronic Medication Administration Record (MAR), the nurse receives positive feedback from the system and a label is produced to attach to the syringe. At the point of administration, the syringe label is scanned, and the type and dosage of insulin is automatically recorded in the patient’s electronic health record (EHR).
Our first device has projected manufacturing costs of $400 per unit and a projected selling price of $2,499. Leasing option is available. Number of devices per hospital = 1 device per 8 beds. Worldwide there are 21,000,000 beds.
We also intend to separately license our volumetric IP to medical device companies who are involved with syringe measurement. Non-medical industries have also shown interest in licensing our technology for non-syringe uses.
Directors of Pharmacy in hospitals are our initial customers. We can save them money by decreasing their insulin costs, thereby increasing the hospital's medication safety for free. Eventually we will become the safety standard and devices will be purchased for the hospital to keep up with safety "best practices". Outpatient clinics have also expressed interest in buying our product.
The Competitive Landscape
The market's current gravimetric technology cannot confirm doses of 1ml and smaller, due to the difficulty in weighing such small amounts to the required accuracy. The normal insulin dose is 7/100ths of 1ml. We also offer other helpful features to reduce human error.
Our immediate need is for $1 million for product design and early manufacturing. We will need an additional $1-2 million to build the required technical support and sales infrastructure as we roll the product out.
*CB insights data.
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