Timex–IIT/ID

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Timex–IIT/ID

  1. 1. December 2011 | Institute of DesignTIMEX innovation presentationChris Cacci, MDM
  2. 2. Today’s baby-boomers willlikely spend more yearscaring for their parents thanfor their children. 11 A/PACT: Aging Parents and Adult Children Together http://seniorhealth.about.com/library/eldercare/bl_apact.htmNew Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 2
  3. 3. The stress that comes along with the voluntary job of being a care-giver can build to such a high level that it becomes life- threatening to them. 2 http://www.blueprintforcaregiving.com/New Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 3
  4. 4. TIMEX does connected timepiecesCareCareMinderA “telehealth” solution fore ective remote care-givingNew Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 4
  5. 5. System architecture Non-emergency reminders: • hydration • medication • activity Emergency alerts: • fallNew Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 5
  6. 6. Why TIMEX? Aging population knows and trusts the TIMEX brandTIMEX has already entered theheath care market33. “A Study On Distribution Channel” undertaken at Timex Group India limited, submitted by E. Karthika (reg.No:12309631019) of Gojan School of Business and Technology Redhills, August 2010New Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 6
  7. 7. Why remote monitoring? $22bilBecause of an aging market. MARKET 4 +78% GROWTH IN SMARTPHONE USERS AGE 55+ IN US THISBecause of smartphones. YEAR 5 11% of adult U.S. cell phone users have downloaded an app to monitor health64. Kalorama Remote and Wireless Patient Monitoring Markets KLI6487095, projected 2015 metric5 http://bigthink.com/ideas/382096 http://www.ama-assn.org/amednews/2011/11/14/bisb1114.htmNew Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 7
  8. 8. Why now? Timepiece industry threatened—now on multiple devices7Booming wireless monitoring 25.4% marketdevice market 8 growth by 20157. http://www.slate.com/articles/business/moneybox/2007/03/takes_a_licking_and_stops_ticking.html8. http://www.ama-assn.org/amednews/2011/11/14/bisb1114.htmNew Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 8
  9. 9. Benefitsto the care-giver Peace of mind Less invasive to Connected when Trusted partner your daily routine you can’t be thereNew Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 9
  10. 10. Benefitsto the aging parent There’s no place Integrated technology Unobtrusive A ordable like home Alerts, emergencies, medications, EMRNew Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 10
  11. 11. How it worksScenario 1—ACTIVITY MONITORINGNew Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 11
  12. 12. How it worksScenario 2—MEDICATION 1 2 3 4New Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 12
  13. 13. How it worksScenario 3—HYDRATION 1 2 3 4New Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 13
  14. 14. How it worksScenario 4—EMERGENCY/FALL 3b 1 2 3aNew Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 14
  15. 15. Ideal customerMeet Marcy.“They are beginning “It can easily getto wonder about my overwhelming. My soncommitment at work.” was sick and I wasn’t there. He still needs me.”“All of a suddenthere’s no ‘me’ time.” Marcy is 55 years old, divorced with a teenage son. Her 85-year-old widowed mother, Helen, lives 30 minutes away. Helen has fallen several times during dizzy spells and sometimes forgets to take her arthritis and heart medications. Marcy is exhausted from trying to balance everyone’s needs. She feels alone and guilty about her feelings of resentment.New Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 15
  16. 16. Pain Promise “My family and work still need You will always be connected. my attention. I can’t be in three places at once.” “I never thought I’d become a full- Eliminate medication and dosage confusion.time record keeper. I can’t keep all the meds and dosages straight.” “What do we do if money CareMinder is the lowest cost/high value runs out?” option on the market. “If Mom could just remember to Stay ahead of avoidable critical emergencies. drink fluids and take her meds, we could have avoided that last expensive trip to the ER.” “Between kids, work and Mom, Peace of mind.I really need a break, but who would be here in case of an emergency?” New Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 16
  17. 17. Business case Telehealth market size TOTAL AVAILABLE MARKET 60 +25.4% $54bil 40 IN $BIL. 20 $43bil 0.8% 0 max expected current annual growth PHILIPS consumer by 20158 Lifeline market7 market share 7. Modern Healthcare; 4/25/2011, Vol. 41 Issue 17, p30-33, 4pNew Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 17
  18. 18. Business case Revenue per customer/year LOW (100k users/yr) MED (200k users/yr) HIGH (400k users/yr)10 Care CareMinder Care CareMinder Care CareMinder $72/initial watch and app: watch, app, monitoring: watch, app, monitoring: $60/mo $10/mo $25/mo $25/mo free app free app free app $700/yr $120/yr $300/yr $300/yr $490MM/yr $11MM/yr $60MM/yr $120MM/yr ~1.6% of current ~8.5% of current ~17% of current TIMEX TIMEX revenue 9 TIMEX revenue revenue 8. Kalorama Remote and Wireless Patient Monitoring Markets KLI6487095 9. TIMEX revenue $700MM/yr 10. Based on 8,000 Walgreens locations in US and selling 4 subscriptions per monthNew Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 18
  19. 19. Moving forwardKeys to success ChallengesPartnerships Why Walgreens Pharmacy: No specific Medicare funds Symbiotic Core Competencies can be used to pay for home • Pharmacies possess medical experts, smart phone apps, and telehealth delivery. trust from target market Spending reductions of approximately • 8,000 locations in US 7.7–13.3% ($312–$542 USD) per intervention. The American Telemedicine Association is currently working to align the values of Medicare with the growing population.Leverage existing technologies• Watch manufacturing• Heart-rate monitor (Ironman™)• Indiglo Battery life TIMEX is currently working kinetic energy• WIFI/possible GPS from body movement to power watch.• Sensors (Ironman™) This may be a potential solution to• 2-way communication to data log (Ironman™) improve battery life.New Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session 19
  20. 20. December 2011 | Institute of DesignThank you

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