Photo - DrugCard
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DrugCard

Deliver fully automated solution for pharmacovigilance

Ukraine, Kyiv city
Market: Internet and IT, Pharmacology
Stage of the project: Prototype or product is ready

Date of last change: 07.04.2021
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Idea

Pharmacovigilance (PV) is a crucial drug development function that ensures the safety of medicinal products. Our goal is to automate core processes of PV fully: medical literature monitoring, storage, and analysis of adverse reactions, signal detection, and Integration with national and
global regulators

Current Status

We have more than 10 clients on the free trial period and 4 clients that are ready to sign contracts.

Market

Total pharmacovigilance software market in 2021 - about 200 million US$.
Growth rates (CAGR) +7,6% per year. Due to Research and Markets forecast - the total market in 2027 will be $292M.
At the moment,
World TAM = 200M$
World SAM (30%) = 60M$
World SOM (10%) = 6M$

Pharmacovigilance software is penetrating market point. We want to diversificate to other Life Science Software. According to Life Science Software - Global Market Trajectory & Analytics, Global Life Science Software Market to Reach $8.5 Billion by 2027.

A number of pharmaceutical and biotech companies:
USA: 3000
Europe: 5000
CIS: 230
Ukraine: 115

Problem or Opportunity

Pharmacovigilance is a crucial drug development function that ensures the safety of medicinal products. Market authorization holders (companies, who sell medicines) required to have a good established internal pharmacovigilance process. But at the moment:
- Companies do not have a single digital solution for pharmacovigilance
- Companies use manual information processing (which is not in line with global requirements)
- Companies spend a lot of resources on medical literature monitoring (approx. 1 staff rate for 40 drugs in companies portfolio list)



Solution (product or service)

Develop a fully automated pharmacovigilance platform for adverse drug reaction reporting and medical literature monitoring - SaaS DrugCard.

Competitors

ArisGlobal
Functional literature search, which however does not include local country journals, which violates the regulatory requirements of the respective countries.

Embase
Includes more than 8,000 sources for literary monitoring, but does not include local journals. High prices - from $ 5,000 per month. There is no module for monitoring instructions for medical use of reference drugs.

PvEdge
Literary monitoring and monitoring of instructions for medical use of reference drugs functions have not been implemented.

Oracle
Literary monitoring and monitoring of instructions for medical use of reference drugs functions have not been implemented. High pricing policy.

OtipharmDataPro
Literary monitoring is not functional (it is not possible to review the found articles, unstable work, small number of sources). Adverse reactions handling is not valid according to the current standards.

DS Base
No literature monitoring module, but there are other modules for working with drugs, documents and files. The company mainly delivers solutions on clients’ servers rather than use the SaaS model, which burdens customers with system maintenance.

Advantages or differentiators

DrugCard software is the only comprehensive solution on the market to automate all 12 critical pharmacovigilance processes

Digitization of pharmacovigilance processes in compliance with the best recommendations of global regulators. Manufacturability and innovativeness of the solution.
Automation of all critical pharmacovigilance processes
Helicopter view. Our development team and work experience provide us with a global vision of appropriate and quality software for the pharmaceutical market:
Use of advanced information technologies and construction of appropriate IT infrastructure, which is becoming increasingly important in a strictly regulated environment.
Deep understanding of pharmacovigilance, thanks to the acquired pharmaceutical education and experience both in the commercial sector of the pharmaceutical market and in the scientific
Experience working with local and international regulators and pharmaceutical companies

Finance

We work on the SaaS model. Our prices:
Ukraine - from 399$ to 1199$ per month
World - from 1119$ to 2799$ per month

Our goal is to achieve $1.5M annually by the end of 2024 (100 clients).
We have pessimistic and optimistic forecasts.
2021 - 310k / 225k (30/20 clients) respectively
2022 - 750k / 475k (50/30 clients) respectively
2023 - 1 110k / 650k (75/45 clients) respectively
2024 - 1 545k / 850k (20/30 clients) respectively

Business model

SaaS model. Monthly payment.
Key metrics
Marketing:
Active Companies - the number of companies that have entered into a contract to use the service
CAC, customer acquisition cost - the cost of attracting 1 client (company)
ARPPU - the average profit of 1 company that has entered into a contract for a certain period
GMV, gross merchandise volume - the gross volume of trade transactions
LTV, lifetime value - how much revenue a company that uses the product for the entire period of time
Return On Sales - Total profit

Product metrics:
Compliance - compliance of the product with the regulatory requirements of a particular regulator
Total Sources - the total number of sources of medical information
Processed articles - the total number of articles processed by the company
Safety information articles - the total number of articles with information on drug safety
Total ICSRs - Total number of treated adverse reactions
Happiness - the satisfaction of a particular user of the company from the product (ease of use, periodic survey of system users) (an indicator of the KPI framework - HEART)
Engagement - frequency of visits of a specific user of the company (an indicator of the KPI framework - HEART)

Money will be spent on

Closing vacancies (2 Developers, 1 tester, 3 sales manager)
Accelerate development (Reaching new customers thanks to unique functionality)
Entering the international market (CIS, Europe, and the USA)
Diversification (Area of clinical research and registration of drugs)


Offer for investor

5% of the Company's share capital

Risks

Changing resource sites, publication format, which requires constant analysis and monitoring
Competition from existing companies.
The economic crisis in the country, the world, which reduces the solvency of potential customers

Incubation/Acceleration programs accomplishment

None.

Won the competition and other awards

None.

Invention/Patent

In registartion proccess.

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video