History Of Lifewatch V Medical Smartphone

Published Date: 02 Nov 2017

mHealth or m-Health: includes the use of mobile devices in collecting aggregate and patient level health data, providing healthcare information to practitioners, researchers, and patients, real-time monitoring of patient vitals, and direct provision of care (via mobile telemedicine).

eHealth is defined by The World Health Organisation as "the use of information and communication technologies (ICTs) for treatment of patients and track diseases, research, educate students and monitor public health". (The Future Direction of Clinical Care, 2013)In recent times we have witnessed a growing number of innovations in different sectors as well as the healthcare, mobile devices can now be used to provide healthcare information to patients and real time monitoring of vitals can be done via mobile telemedicine.

Company Summary

LifeWatch AG (LifeWatch), was formerly known as Card Guard, is the leading healthcare technology and solutions company, they specialize in production of advanced telehealth systems and wireless remote patient monitoring device. They offer a whole range of comprehensive platform of innovative patient technologies and services which helps physicians detect and analyze symptoms before they become major health problems, this in turn enables physicians to establish stronger connections with at-risk patients and provide better guidance to patients as well as creating value and gaining patients trust. LifeWatch Corp. is listed on the Swiss Stock Exchange (LIFE) and it operates in the US, UK, Brazil, Switzerland, Netherlands, Japan and Israel.

Brief History of LifeWatch V Medical Smartphone

The initiative for the LifeWatch V began in 1999 with a patent filed by the CEO, Dr. Yacov Geva, on the use of cell phones to monitor one’s health and lifestyle. It took many years to understand the complexity of integrating different features into a smartphone. LifeWatch Technologies Ltd., based in Israel, is a leading developer and manufacturer of telemedicine products. LifeWatch V, is the world’s first medical Android –based smartphone for patients and health conscious consumers as it enables effective management of their illness. The smartphone has built-in sensors which can be used for monitoring heart rate, pulmonary function, ECG, stress levels, body fat analysis, blood sugar levels, body temperature and galvanic skin response. The LifeWatch V can be used anywhere in any geographical region, service providers – telecom and mobile operators – can easily adapt the technology to provide added service to subscribers.

With the use of LifeWatch V, patients can share information with their physicians, and monitor their lifestyle for a healthier living and doctors can provide care for patients at a distance using high performance computing to handle large volumes of data. The opportunities are endless introducing this healthcare device in developing countries.

External Analysis (Macro – Environment)

Economic - The LifeWatch V medical smartphone understands consumer sentiments, especially with the ongoing economic downturn and high unemployment rate worldwide, low consumers’ disposable income and low stakeholder confidence in business, but in recent times the economy seems to be showing signs of improvement, with new inventions springing up there seems to be a significant increase high stakeholder confidence. The device is expected to reduce hospital visits and thereby saving cost for consumers, this is a huge value creation from mhealth to consumers.

Regulatory – LifeWatch V makes sure it complies with every country’s legal environments and the complexities involved within certain the telecommunication and healthcare industries. Just recently LifeWatch V got the CE Mark approval to launch the smartphone in the European Union. (LifeWatch.com, 2012)

Marketing - The cost of the device is expected to be within the range of $500 and $700 a unit, (Fleisher, 2012) and will likely be introduced to other market, this scientific mhealth breakthrough is expected to restore freedom and ease to the lives of millions of patients throughout the world. With the help of Internet which is having a profound impact on marketing mix strategy in today’s business world, the device will add value to millions of lives rather than just having a device that is used for making calls only.

Technological – The stainless steel-framed phones is manufactured by TechFaith Wireless Communication Technology in China according to Israeli specification and industrial design, the device has inbuilt interface options in Hebrew, English, Italian, Russian, Japanese, Spanish, Portuguese, and Chinese. (Fleisher, 2012) at the moment LifeWatch AG has decided to launch the device in the US as it has technological foundation which enables LifeWatch V to leverage multiple tools like mobile technology and Enterprise 2.0 methodologies to streamline operations, and also use the already existing highly skilled workforce with collaborative knowledge management systems to help in achieving the objectives of mhealth and encourage product adoption among potential consumers.

Quantitative study of demand

In the United States alone there are 28 million people living with diabetes and more than 100 million "addressable patients with diabetes" globally, the Current global sales for diabetes testing solutions top $12 billion, while estimates by U.S. insurers indicate improved compliance by diabetic patients can save upwards of $4,000 per person per year. (Telcare, 2013) Tools used for quantitative study involves Surveys, Questionnaires, Randomized controlled trials, Systematic reviews/meta -analyses

Qualitative study of demand

To cover a proper qualitative study of demand is very complex especially in the healthcare industry, it involves practitioners and patients with a combination of research tools such as observational methods, in-depth interviews, case study evaluations, focus groups, In-depth Interviews and Key informants Participants.

Analysis of competition

Although LifeWatch V is known as the World’s 1st Medical Smartphone, it doesn’t have any direct competitor at the moment but competition exist in two different market, which might encroach on its market share when its launched globally and made available to all like every other phone in the market, these competitors are the other manufacturers of medical monitoring device and leading manufacturers of smartphone using downloadable software applications.

Competition Analysis

Medical Industry

CardioNet

Pfizer

Roche

Internal Analysis

Performance Analysis: Sales, Market Share and Profits

The Device is relatively new and is yet to be rolled out globally, the company still prefers to withhold details regarding the phone’s availability and other pricing options, but they plan to launch the smartphone in initial markets through local partners.

Analysis of Marketing Strategy to Date

McKinsey & Company a very well-known management consulting firm was asked to conduct a Go-to-Market Analysis for LifeWatch V healthcare solution Smartphone, which it intends to launch the healthcare solution smartphone world-wide (Lifewatchv.com, 2012) and in the latest mobile health market research by Frost & Sullivan indicated a market size of USD 1.5 billion in 2011 in the U.S. alone. In the initial markets LifeWatch has identified several local partners to enter into strategic partnerships with, they are listed below.

Analysis of client portfolios

The company plans to go into Collaboration with mhealth services operators across the globe. Such as Orange, AT&T, Telefonica, Vodafone, Aircel, Relaince, Airtel, MTN, Tata, Telenor.

SWOT Analysis

Strength

Service Management Platform

Broad Range of Products

Robust Research & Development Capabilities

Weakness

Overdependence on the US Market

Declining Returns

Opportunity

Growth in the Home Healthcare Equipment Market

Aging Population

Sleep Diagnostic Market Potential

Threats

Healthcare Reform Bill

Risk of Product Obsolescence

Stringent Government Regulations

Intense competition

Key Proposed Actions

Dr. David Lee Scher, a key opinion leader for 20 years, stressed on the fact that Mobile health technologies will ultimately become an integral part of healthcare delivery. These apps will need to have seamless connectivity with the electronic health records (HER) and it would make sense to do this via the patient portal as the wireless technology will communicate information from or near the patient. (http://healthcaretechnologymagazine.com/HTM/index.php/en/healthcare-technology-magazine-blog/item/2627-mhealth-connectivity-is-key-to-success)

Easy to use with multiple language functions, improve productivity and satisfied patients by delivering innovation and value to the market

Build awareness and educate users regularly.

Goals and Objectives

The LifeWatch V healthcare solution Smartphone is expected to serve as support by healthcare providers through a designated network

It is expected to reduce frequency of readmission as well as reduce waiting room patients

To form strategic partnership/alliance with the major telecommunication provider who already has a well-respected figure of 45,639,749 subscribers and market share of 42.7% 250 Home health care patients served by the end of first year with the use of other devices owned by LifeWatch.V

Increase training by the end of first year.

Earn a reasonable gross sales by the end of first year.

Manage a market survey to gain minimum of 80% of Customer Satisfaction feedback indicating satisfaction with the device and services.

Management of chronic disease, remote patient monitoring, Patient medication management, Patient/health care provider communication, Clinical support tools, Medical reference tools

Marketing Strategies

Although the company did not unveil any details regarding the phone’s availability and pricing options, it is expected to launch the smartphone in initial markets through local partners.

Marketing Mix

Undisclosed

Segments (Targets, Brand Strategy, Positioning)

Unknown

Sources of profits and volumes

Awaiting global launch.

Marketing mix towards customers/distributors

THE NIGERIAN MARKET

According to mobithinking report which was recently concluded, it was reported that Nigeria is known as Africa’s most populous nation and has just recently surpassed 100 million active mobile subscriptions nationwide, this figure represents 65.8 percent of the population. Mobile phone subscribers clearly outnumbered fixed lines users and PC penetration is very low in the country, which makes the mobile device the de facto communications device for calls, messaging and accessing the Web. (Favell, 2012)

Challenges

Lack of National eHealth Strategy and Policy to help facilitate the program.

Highly unstable electric power supply.

Complete lack of government commitment (policy, legislation, funding etc.)

No awareness of the major advantage of eHealth

Non existence of ICT infrastructure

High rate of cyber crimes

Inadequate human resource capacity.

Poor internet connectivity by providers

Poor attitude towards embracing something new

External Analysis

PESTEL

Political

Government instability especially in most part of the country

Economic

Growing economy, most people own up 3 smartphones

Social

Income distribution is low, changing lifestyles and high level of eductaion

Technology

Low government spending on health sector, lack of high speed connectivity

Environment

Poor regulatory bodies

Legal

Complete lack of government commitment (policy and legislation.)

IMPLEMENTATION STRATEGY

Adopted from PowerPoint Presentation on Kenya National eHealth Strategy, 2011-2017, at eHealth Africa Conference by Dr. Esther Amma Arthor Ogara, Head eHealth, Ministry of Medical Services, Kenya