OncoStats is a software that collects Real World Evidence (RWE) in Oncology both in hospital and at home.
- Braga, Portugal
Categories: Healthcare Digital Mixed B2B/B2C
OncoStats aims to be the leading software to change the practice of Oncology.
In short, OncoStats allows clinical information to be registered in a systematic and structured manner in a database, with every piece of registered information being previously validated by a physician. Patients also submit standardized information during ambulatory treatments (patient-related outcomes) and are actively engaged through a dedicated app. The data we gather is then used to produce real-world evidence (RWE) that impacts the way oncology care is delivered.
Please note that the app is currently being developed.
Clinical information is almost entirely stored in the form of unstructured data (e.g. free-form text) inside hospital's databases. Most companies that work with data choose to focus on techniques to create value from these sources, usually Data Mining, which demands huge numbers of individual patient data to combat their imprecise nature. Instead, OncoStats chooses to focus on providing a software platform that is used by doctors every day, improving their workflow in a meaningful way while, at the same time, effortlessly collects valuable, robust and clinically validated information. Objectively, this means that for every 100 individual patient datasets collected with OncoStats, we estimate that Data Mining techniques would need 10,000 individual patient datasets to match the same accuracy and value.
OncoStats has an impact on several dimensions:
- For Oncologists, it means time saved when producing patient reports, it improves the quality of clinical information and reduces the likelihood of errors by supporting decisions on patient staging and choosing the most appropriate therapy for individual patient characteristics.
- For Patients it results in better care received and they are provided with a tool that they can take home during treatments to report adverse effects, receive support and keep in touch with their doctors.
- For Hospital Administrators and Clinical Directors it results in drops in consultation duration times and in costs due to less inappropriate exams being ordered and more accurate diagnosis. They receive better performance indicators which allows their institution to be recognized as an "Excellence/Reference” center, which ultimately brings more patient referrals. They will find it easier to attract deals with Pharmaceuticals for clinical trials and RWE studies.
- For Pharmaceuticals it means quality RWE and drug safety surveillance data is being collected which should allow for better deals with regulatory agencies and governments when negotiating drug prices and copayments.
We have also had interest from Governments and Regulators regarding the product.
Substantial accomplishments to date
We are currently running a real world pilot in a Portuguese public hospital that will integrate with the existing IT ecosystem, coexisting with and complementing the local Electronical Medical Records (EMR) system.
Because the same basic EMR runs in many hospitals in Portugal, a successful pilot has the potential to become a launch platform for nearly every public hospital in the country.
We are also currently running a real world pilot in private hospital from one of the largest healthcare groups in Portugal.
These two hospitals will be our first 2 clients at the end of the pilot duration (early 2017).
By leveraging the capabilities of OncoStats and the unique market conditions in Portugal, we foresee that Portugal will become a centralised hub to collect Real-World Evidence with an impact that resonates in the way Oncology is practiced throughout Europe.
Our target audience is cancer treatment institutions (both public and private hospitals). OncoStats intends to sell software licenses, analytics reports and cement partnerships with Pharmaceuticals (generating RWE pipelines).
The price for licenses is based on several variables: contract duration, number of cancer modules, number of clinical users and number of patients.
The base license price includes an annual automated analytics report for the hospital administration. A customized report to address specific needs (e.g. criteria fulfillment to become a Reference/Excellence Center, clinical trials criteria application, etc.) can be negotiated in the contract.
The number of cancer modules is flexible: for example, an initial contract agreement can be had for a single cancer module (e.g. OncoStats for Breast Cancer) but other modules can be added later in the future at an additional cost.
We intend to cement partnerships between pharmaceuticals and the hospitals that use OncoStats for the collection of RWE, including drug efficiency and safety indicators and adverse events reports.
Use of proceeds
Our strategy for the use of proceeds is the following:
- Team and product development (85%): we'll focus on the recruitment of additional software developers, a graphic designer and a principal investigator/lead researcher; an important effort will be made to improve the integration of OncoStats with a number of IT ecosystems in order to benefit from a nearly "plug-and-play" approach in future sales to new institutions; the development of additional cancer modules (we started with breast cancer, next up is colon, gastric, lung and prostate cancer - approximately 3 months development per module); the development of the app that patients can take home during treatments to report adverse effects, receive support and keep in touch with their doctors.
- Develop our international expansion strategy (10% funding), establishing strategic partnerships with cancer treatment institutions with a focus in Europe, South America and Asia.
- Working Capital (5% funding).
Our target market is public and private hospitals that treat cancer patients (software licenses and analytics reports). It is expected that pharmaceutical companies will enter as potential clients when partnerships form between them and the hospitals that use OncoStats for the creation of RWE data pipelines.
We are mainly interested in the European, Asian and South American markets. Our research suggests that these are markets characterized by basic or non-existent EMR systems, allowing for a more rapid expansion since integration with existing systems is simpler.
Characteristics of target market
Our company has identified 50 public cancer treatment institutions in Portugal and over 3000 in Europe (12 countries).
On a national level, we see Portugal as unique in Europe since the majority of all public hospitals use the same EMR, called SClinico®. It is developed by a government held company and it's a "one size fits all" EMR, which we think lacks any specific tools for cancer care.
Private hospitals in Portugal, which can be divided into 4 large groups (Luz Saúde, José de Mello Saúde, Lusíadas Saúde and Trofa Saúde) and each have their own distinct basic EMR system.
In Europe, in the general EMR market, Logica® and Tieto® are key players, but to our knowledge they lack specific solutions in Oncology.
We feel the there is an equal lack of independent Oncology specific tools. The ones that exist are usually developed in-house, tend to be rudimentary, serving only specific needs of that institution and do not have commercial aspirations.
EMRs that are key players in the US (e.g. Epic®, Cerner®, etc.) are also struggling to expand in Europe due to regional differences and government restrictions, and they also lack any differentiation in Oncology. Flatiron® is a success case in the Oncology space having acquired the largest Oncology specific EMR in the US and establishing several key partnerships, but are solely focused in US market.
There will be different approaches, one at the national level in Portugal and one at the international level.
First, we'd like to emphasize that the health IT market in Portugal is quite unique - the same EMR (SClinico) has a very large market share in public hospitals.
We see this as a clear advantage and Portugal is a perfect launch market for us. The pilot that we are currently running in a public hospital uses Sclinico and we are seeking a level of integration that will allow us to position OncoStats as a tool that complements Sclinico and we hope to be present in nearly every hospital in Portugal in the next 2 years.
In the private sector we have launched a pilot in a hospital from one the largest health groups in Portugal and we see this as a platform to expand to every other hospital in that group.
Pharmaceuticals can be important partners.
We believe that "word of mouth" between doctors and hospitals will be our most effective marketing tool, one that carries a very low cost and one that also works when expanding to international markets.
Our approach for international markets will be to develop strategical partnerships with cancer treatment institutions, reference names in oncology and pharmaceuticals.
As marketing strategies, we'll also focus on emotionally-compelling online and offline media; referral testimonials using video marketing with reference players in the medical industry.
OncoStats is a software that is built "by doctors for doctors".
Since we focus so much on usability and user experience with oncologists, we understand exactly what their needs are and provide a tool, that not only is pleasing to be used but also one that suits their needs on a day-to-day basis.
Oncostats differentiation is determined by the:
- Quality of the information collected (standardized and clinically validated);
- Ability to co-exist and integrate with current hospital EMRs, addressing specific needs in Oncology that are otherwise ignored;
- Launch of the product in a "single EMR" market (Portugal) giving a strategic advantage;
- Integration with patient data, using an at-home app during ambulatory treatments, correlating the clinical side with patient-related outcomes.
We expect to have a lower entry price since we can negotiate licences based on individual cancer modules, lowering the barrier for sale. This means that a contract licence can be negotiated for a single module (e.g. Breast Cancer) and other modules can be added later at an additional cost.
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