Problem
The mission of the ABC Company is to employ an Ion Robot Device (IRD) in surgical procedures to reduce pain and minimize panic. Over the past three decades, the medical sector has gone through the challenge of assuring and ensuring that surgery is less painful as well as not scary to patients. Most patients suffering from critical illnesses that require surgery have been hesitant to accept such procedures because it scares them, and it is very painful. Since surgery and operation procedures take a lot of time, productivity in hospitals and medical facilities is low. Surgeons must carefully take their time to minimize the occurrence of an error(s). Due to the consumption of a lot of time, many hospitals have failed to perform operations immediately. They have ended up giving patients appointment dates that could take up to a few weeks or months. Patients have been bothered by such events, and some even die in the process of waiting or forced to go through painful experiences.
Opportunity
According to Abdollah et al., the emergence of IRD would solve most of the following problems, if not all (2017). First, patients are expected to be more confident in undertaking surgeries as it would be less painful and very safe. The innovative technology device would be fast and more accurate, and therefore, increasing the chances of success ( Abdollah et al., 2017 ). Additionally, critical operations such as lung surgeries would be treated with precision and accuracy that would see patients survive and cured. IRD would enable surgeons to operate critical body organs comfortably without pressure, fear, or doubt. Despite its costs, the medical facilities need to invest in it as it would fast, accurate, and safe to patients.
Delegate your assignment to our experts and they will do the rest.
IRD devices would be working side by side by surgeons to ensure that even the delicate of all surgeries are a success ( Hamet & Tremblay, 2017) . IRD will not only minimize errors in surgeries or operations but also reduce stress among patients and their families ( Bryant et al., 2018 ). Patients would no longer be worried and stressed because of the pain or the doubt of success. Families and friends would also be at ease, knowing that their loved one has high chances of success in surgery.
Due to high productivity, that the device will enhance, patients that need surgery or operation services would no longer have to wait or take an appointment of a month. They are likely to be admitted to operation chambers once they are in hospitals. Such progress will prevent other problems, such as death or long-suffering, from happening. The target market for IRD includes the government, not-for-profit organization in the medical field, and privately-owned hospitals. The government would need the device to improve the quality of public health organizations, especially when it comes to surgeries and operations.
Product Overview
IRD is utilizing technology that is improving the current medical process. Operations and surgeries have been in existence since the inception of medicine and other related fields. Critical procedures have been in the hands of medical practitioners, surgeons, for many decades. In this era of technological advancement, innovations such as IRD should be used in medical facilities to enhance accuracy, safety, and speed ( Bryant et al., 2018 ). This device would not only increase the safety of patients but also increase productivity in hospitals as it consumes less time. The product is a computerized device that would be employed as a medical tool during medical operations and surgeries. Medical practitioners will work with robots side by side to perform both high and low-risk surgeries. Since it would be a robot, it will work faster and more precisely during procedures and hence, minimizing the occurrence of errors.
Additionally, it will work for long hours without taking a break, if need be. This product would be ideal and safe in operations that surgeons term as critical and those of fewer chances of success ( Kasina et al., 2017 ). Above all, the device matches the 21 st Century technological advancement, and therefore, it is only proper for stakeholders in the medical field to utilize the present opportunity.
Key Participants
The incorporation and employment of IRD in the medical field would call for partnerships among various stakeholders in the sector. The number one partner would be the government. The government, through the appropriate department or ministry, must approve the safety and the relevance of the product in the medical field before it could be launched in medical facilities. Also, the government would be the biggest customer of the company. There is a need to improve public health by investing in the latest innovations, such as IRD in public hospitals. Charitable organizations are also key contributors as far as this business is concerned. According to Carfagno, manufacturing, and acquisition of IRDs is a very expensive venture (2019). It would, therefore, be necessary to bring in not-for-profit organizations to be among the financers.
Regulations and Pricing
Gaining market approval from the FDA requires a well-throughout strategy. Together with a consulting company, I would research and understand all the guidelines and regulations as outlined by the FDA and any other relevant authority in the country. The knowledge would ensure that my product and its launch in medical facilities would be in line with the government’s provisions. I would also have well-trained personnel who would educate, create awareness, or assist medical practitioners to understand the device and the technology used. Above all, the strong communication link with FDA before and after the assessment process is very important. IRD is subjected to change as technology is dynamic. The device can only be upgraded to be better to serve the future emerging needs of patients ( Kasina et al., 2017 ). Since the device would improve health services in hospitals, both public and private, it would be necessary to expand the business to meet the demand. While IRDs can cost up to $1.5 million (Carfagno, 2019), there are many benefits to that this technology would offer. The pricing would be fair relative to the advancements and improvements the device would provide to the hospital and patients.
The projected gross margin is 20%, and therefore, it is anticipated that the business would be profitable and successful. The projection of revenues is very important, and various ways would be utilized to arrive at the same. Estimating expenses in categorizes; fixed costs or overhead, variable costs. Estimation of salaries, advertisement and marketing, licensing or legal fees, and utility bills costs would be put into consideration. Doubling or over-estimating expenses would eliminate the possibility of the projected revenue falling short. For instance, if fixed and variable costs amount to $150,000, the company should over estimate the same to $250,000 or double. R&D would be enormous, given the nature of the business. There would be a need to invest more in research and development to ensure all emerging issues are incorporated.
References
Abdollah, F., Jindal, T., & Menon, M. (2017). Surgical training in the robotic surgery era: the importance of structured programs. European urology focus , 3 (1), 117-118.
Bryant, A., Wei, B., Veronesi, G., & Cerfolio, R. (2018). Robotic surgery: techniques and results for resection of lung cancer. IASLC Thoracic Oncology, 12(5), 283-288.
Carfagno, J. (2019). Top 5 Robotic Surgery Systems. Docwire, 6(1), 13-45. Retrieved from https://www.docwirenews.com/future-of-medicine/top-5-robotic-surgery-systems/
Hamet, P., & Tremblay, J. (2017). Artificial intelligence in medicine. Metabolism , 69 , S36-S40.
Kasina, H., Bahubalendruni, M. R., & Botcha, R. (2017). Robots in medicine: past, present, and future. International Journal of Manufacturing, Materials, and Mechanical Engineering (IJMMME) , 7 (4), 44-64.
