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FROST & SULLIVAN BEST PRACTICES AWARD
Technology Innovation 2019
SMART HEALTHCARE - EUROPE
BEST PRACTICES RESEARCH
© Frost & Sullivan 2019 2 “We Accelerate Growth”
Contents
Background and Company Performance ........
BEST PRACTICES RESEARCH
© Frost & Sullivan 2019 3 “We Accelerate Growth”
Background and Company Performance
Industry Chall...
BEST PRACTICES RESEARCH
© Frost & Sullivan 2019 4 “We Accelerate Growth”
Frost & Sullivan has identified Australia-based R...
BEST PRACTICES RESEARCH
© Frost & Sullivan 2019 5 “We Accelerate Growth”
• Wheezo™ is a smart app that is still in the dev...
BEST PRACTICES RESEARCH
© Frost & Sullivan 2019 6 “We Accelerate Growth”
“I’m very excited that big data helps to predict ...
BEST PRACTICES RESEARCH
© Frost & Sullivan 2019 7 “We Accelerate Growth”
Significance of Technology Innovation
Ultimately,...
BEST PRACTICES RESEARCH
© Frost & Sullivan 2019 8 “We Accelerate Growth”
Key Benchmarking Criteria
For the Technology Inno...
BEST PRACTICES RESEARCH
© Frost & Sullivan 2019 9 “We Accelerate Growth”
The results of this analysis are shown below. To ...
BEST PRACTICES RESEARCH
© Frost & Sullivan 2019 10 “We Accelerate Growth”
Criterion 4: Brand Loyalty
Requirement: New tech...
BEST PRACTICES RESEARCH
© Frost & Sullivan 2019 11 “We Accelerate Growth”
Best Practices Recognition: 10 Steps to Research...
BEST PRACTICES RESEARCH
© Frost & Sullivan 2019 12 “We Accelerate Growth”
The Intersection between 360-Degree Research and...
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Respiri Award Write Up

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Respiri receives the Frost & Sullivan 2019 European Smart Healthcare Technology Innovation Award

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Respiri Award Write Up

  1. 1. FROST & SULLIVAN BEST PRACTICES AWARD Technology Innovation 2019 SMART HEALTHCARE - EUROPE
  2. 2. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 2 “We Accelerate Growth” Contents Background and Company Performance ........................................................................3 Industry Challenges..............................................................................................3 Technology Attributes and Future Business Value .....................................................4 Conclusion...........................................................................................................6 Significance of Technology Innovation ..........................................................................7 Understanding Technology Innovation ..........................................................................7 Key Benchmarking Criteria ....................................................................................8 Best Practice Award Analysis for Respiri ........................................................................8 Decision Support Scorecard ...................................................................................8 Technology Attributes ...........................................................................................9 Future Business Value...........................................................................................9 Decision Support Matrix ......................................................................................10 Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices .................................................................................................................11 The Intersection between 360-Degree Research and Best Practices Awards.....................12 Research Methodology ........................................................................................12 About Frost & Sullivan ..............................................................................................12
  3. 3. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 3 “We Accelerate Growth” Background and Company Performance Industry Challenges By creating a competitive and dynamic environment in the medical space, digital healthcare has gained popularity and traction in the healthcare industry. Patient-generated data is one of the top trends in digital healthcare, with wearables and medical devices providing valuable patient-generated information to both patients and physicians. These devices enable remote monitoring and provide vital real-time data, thus potentially saving lives. While glucose, heart rate, and blood pressure monitors are common monitoring devices, the market is lacking innovative patient-use products for monitoring respiratory ailments. Asthma is a particularly important respiratory condition that could benefit from home monitoring. Over 334 million people worldwide suffer from asthma, and given the general worsening of air quality across major global cities, this number is expected to exceed 400 million by 2025. The prevalence of asthma increases by 50% every decade, and about 250,000 deaths are attributed to the disease every year. About 14% of children and 8.6% of young adults worldwide experience asthma symptoms, indicating the disease’s significant economic burden on societies. In the European Union (EU) alone, the direct cost of asthma is estimated to be about €20 billion, the indirect cost is €14 billion, and the monetized value of disability-adjusted life years (DALYs) is estimated at €38 billion, meaning an annual cost of €72 billion in the EU alone. The United States bore an incredible burden of approximately $82 billion in 2013 because of asthma, and in Asia, asthma incurs a cost of nearly $4,000 per person per year. Therefore, tools that can effectively control and monitor asthma are extremely crucial. Although wheezing is one of the most common symptoms of asthma, no objective wheeze measurement device is currently available. Moreover, children are unable to undergo lung function tests, which is a major concern because 14% of this entire population experiences asthma symptoms. For adults, available lung function tests include spirometry and peak flow measurements; however, both tests often produce unreliable data. Although spirometry tests are more accurate than simple peak flow tests, they are costly, time consuming, and prone to patient misinterpretation. Smart inhalers use Bluetooth technology to detect the use and dosage, remind patients to use their inhalers, and gather data, such as respiration rate, breathing patterns and sounds, and information about asthma attacks. However, these inhalers can be incompatible with spacers (i.e., devices that ease the administration of inhalers) and could vary from a patient’s usual inhalation technique with traditional inhalers. Moreover, these products have compliance issues because they do not define who should download, process, and interpret the data. Therefore, asthma monitoring devices are needed that objectively measure wheeze rates, produce reliable and accurate data, and secure data management and sharing.
  4. 4. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 4 “We Accelerate Growth” Frost & Sullivan has identified Australia-based Respiri as effectively addressing these challenges by introducing innovative asthma monitoring products. Technology Attributes and Future Business Value Product Impact Respiri has been investing in digital health solutions for more than two decades. Persistent innovation in smart tools to manage respiratory conditions, Respiri has now developed a portfolio of smart devices aimed at remotely monitoring and managing chronic respiratory conditions. Respiri is a pioneer in this market and has built its products using its proprietary technology called Acoustic Respiratory Monitoring (ARM™). All of Respiri’s asthma detectors are contact sensors, similar to stethoscopes, that detect acoustic signals caused by respiration. As the air crosses the trachea (windpipe), an acoustic signature is recorded. Any deviation in this signal is an indication of a blockage, which manifests as wheezing. The ARM algorithm can detect these acoustic deviations and measure and quantify the extent of deviation. In effect, ARM measures the wheezing rate and intensity and presents this information as WheezeRate™. For a market that has grown accustomed to spirometers and manual flow rate detectors, Respiri’s ARM technology is a sophisticated improvement that requires no additional effort from the patient or manual interpretation of data from the measuring devices. The digital output is elegant; easier to share, manage, and interpret; and is well aligned with the growing trend of digital health and Internet of Things (IoT). Industry Impact Respiri has addressed the vital industry gap for effective asthma home monitoring by developing an electronic asthma diary that objectively tracks real-time wheeze rates. The company offers the following five products that have been approved by the Australian Therapeutic Goods Administration and carry the EU’s Conformité Européene (CE) mark. Four out of the five products have the US Food and Drug Administration (FDA) clearance. • PulmoTrack™ is Respiri’s flagship product that is used for hospital- and clinical-based real-time monitoring of wheezing and coughing. PulmoTrack helps manage severe asthma attacks in emergency rooms (ER) and intensive care units (ICUs) and is designed for use in pediatric pulmonary function testing and sleep labs. • AirSonea® is a digital stethoscope that is paired to a smartphone app (for iOS devices) to record breathing sounds accurately. The in-built intelligent algorithms diagnose and measure wheezing. Asthma symptoms, triggers, and medication use can be tracked on the app as well, and because the app is synced with the cloud, information is easily shared. Therefore, AirSonea is useful for developing and maintaining asthma management plans.
  5. 5. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 5 “We Accelerate Growth” • Wheezo™ is a smart app that is still in the development phase. The app houses machine-learning capabilities that ensure patients take their medication as prescribed and not only as a rescue medication. Wheezo is expected to help people better understand and monitor their own asthma attacks. • SonoSentry™ is a stand-alone device with on-board computation and can be connected to a personal computer and to a cloud platform through a personal portal. SonoSentry is the first over-the-counter FDA-approved wheeze-detection device. • Wholter™ allows 8- to 24-hour home ambulatory recordings of nocturnal wheezing and coughing. Collecting data over a period of time can help physicians design more effective treatment plans. These products have been designed for home health monitoring and are more accurate than currently available devices. In addition, Respiri’s impactful and innovative products provide it with the first-mover advantage and, thus, a competitive edge in the industry. Customer Acquisition and Brand Loyalty For the Wheezo device, Respiri is targeting home health monitoring for children under 15 years of age. Peak flow measurements are highly unreliable for this target population because their lungs have not yet fully developed. The company recently conducted a market study with 632 families with children across three geographies: the United Kingdom, Australia, and Singapore, which are pilot markets where Respiri will launch Wheezo. The study showed that 61% of respondents provided their email address for registration when first interacting with the online survey. To put this into context, the average email opt-in rate is 1.95%, and the average rate for the top 10% of marketers is 4.77%. In fact, 32% of the respondents said they would spend $350 on this product, which is promising and indicates a tremendous appetite for this innovative device that could potentially reduce asthma hospitalizations and mortality rates. Respiri’s go-to-market strategy is underpinned by a sophisticated and far-reaching online approach. Respiri’s early launch countries constitute 25 to 30% of the entire asthmatic population, with 30% being children, or 2.5 million. An overwhelming majority of parents of these children are millennials and are typically familiar and comfortable with using the Internet. A recent research survey revealed that 82% of millennial parents turn to the Internet for parenting guidance, including seeking tips for emergency relief for asthmatic children. Because the industry has had little innovation in smart asthma monitoring, Respiri has a distinct advantage as a smart monitor company. In fact, 93% of Respiri’s respondents have already indicated that they would purchase the product online. Respiri’s visionary innovation is well supported by its market acceptance and brand connection with patients and clinical partners. The following quotes by early patrons demonstrate the impact and value creation the company has already had on its potential customers.
  6. 6. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 6 “We Accelerate Growth” “I’m very excited that big data helps to predict the attack. I will buy whatever it takes.” —Singapore “Sounds like a Godsend to parents like me… Love the concept and can’t wait to be able to purchase one.” —Australia “Great idea, and keeping track of your progress, then being able to show your doctor – genius.” —United Kingdom Visionary Innovation and Scalability The digital output that Respiri’s products produce readily feed into the growing digital space. Beyond immediate diagnosis, WheezeRate and other data that the ARM technology can find use in public health management and disease screening. Obtained digitally and managed on the cloud, the data allows for stratification by age group, geography, and other demographics; paves the way for a deeper understanding of asthma’s common triggers and the cost of treatment; and helps in the development of management plans. Therefore, as these additional values are realized, Respiri’s products will become popular across a larger number of functionally allied markets. As one of the first companies to offer a diverse portfolio of smart tools for asthma management, Respiri already enjoys a considerable head start over other companies that are only now venturing into this space. Frost & Sullivan commends Respiri for identifying the market urgency and for catering to numerous industry requirements through a patient-friendly and digitally scalable solution. Conclusion For a long time, asthma and other respiratory ailments have been subjected to unscientific and cumbersome diagnostic procedures. The absence of digital information makes prescriptions vague and ineffective and hinders the further understanding of these conditions and the proactive steps needed to prevent or manage them. Respiri’s suite of smart products for asthma monitoring addresses key issues and barriers in the home health monitoring industry. By leveraging its proprietary ARM technology, Respiri offers several non-invasive respiration monitoring systems that cater to asthmatic patients and their physicians by accurately recording breathing patterns and predicting asthma attacks. Patients and physicians are now equipped with greater control over wheeze monitoring, resulting in improved outcomes. For its strong overall performance and commendable technology leverage, Respiri has earned Frost & Sullivan’s 2019 Technology Innovation Award in the European smart healthcare industry.
  7. 7. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 7 “We Accelerate Growth” Significance of Technology Innovation Ultimately, growth in any organization depends upon finding new ways to excite the market and upon maintaining a long-term commitment to innovation. At its core, technology innovation, or any other type of innovation, can only be sustained with leadership in three key areas: understanding demand, nurturing the brand, and differentiating from the competition. Understanding Technology Innovation Technology innovation begins with a spark of creativity that is systematically pursued, developed, and commercialized. That spark can result from a successful partnership, a productive in-house innovation group, or a bright-minded individual. Regardless of the source, the success of any new technology is ultimately determined by its innovativeness and its impact on the business as a whole.
  8. 8. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 8 “We Accelerate Growth” Key Benchmarking Criteria For the Technology Innovation Award, Frost & Sullivan analysts independently evaluated two key factors—Technology Attributes and Future Business Value—according to the criteria identified below. Technology Attributes Criterion 1: Industry Impact Criterion 2: Product Impact Criterion 3: Scalability Criterion 4: Visionary Innovation Criterion 5: Application Diversity Future Business Value Criterion 1: Financial Performance Criterion 2: Customer Acquisition Criterion 3: Technology Licensing Criterion 4: Brand Loyalty Criterion 5: Human Capital Best Practices Award Analysis for Respiri Decision Support Scorecard To support its evaluation of best practices across multiple business performance categories, Frost & Sullivan employs a customized Decision Support Scorecard. This tool allows our research and consulting teams to objectively analyze performance, according to the key benchmarking criteria listed in the previous section, and to assign ratings on that basis. The tool follows a 10-point scale that allows for nuances in performance evaluation. Ratings guidelines are illustrated below. RATINGS GUIDELINES The Decision Support Scorecard is organized by Technology Attributes and Future Business Value (i.e., these are the overarching categories for all 10 benchmarking criteria; the definitions for each criterion are provided beneath the scorecard.). The research team confirms the veracity of this weighted scorecard through sensitivity analysis, which confirms that small changes to the ratings for a specific criterion do not lead to a significant change in the overall relative rankings of the companies.
  9. 9. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 9 “We Accelerate Growth” The results of this analysis are shown below. To remain unbiased and to protect the interests of all organizations reviewed, we have chosen to refer to the other key participants as Competitor 2 and Competitor 3. Measurement of 1–10 (1 = poor; 10 = excellent) Technology Innovation Technology Attributes Future Business Value Average Rating Respiri 9.5 9.5 9.5 Competitor 2 8.5 7.5 8.0 Competitor 3 7.0 6.0 6.5 Technology Attributes Criterion 1: Industry Impact Requirement: Technology enables the pursuit of groundbreaking ideas, contributing to the betterment of the entire industry. Criterion 2: Product Impact Requirement: Specific technology helps enhance features and functionalities of the entire product line for the company. Criterion 3: Scalability Requirement: Technology is scalable, enabling new generations of products over time, with increasing levels of quality and functionality. Criterion 4: Visionary Innovation Requirement: Specific new technology represents true innovation based on a deep understanding of future needs and applications. Criterion 5: Application Diversity Requirement: New technology serves multiple products, multiple applications, and multiple user environments. Future Business Value Criterion 1: Financial Performance Requirement: Potential is high for strong financial performance in terms of revenues, operating margins, and other relevant financial metrics. Criterion 2: Customer Acquisition Requirement: Specific technology enables acquisition of new customers, even as it enhances value to current customers. Criterion 3: Technology Licensing Requirement: New technology displays great potential to be licensed across many sectors and applications, thereby driving incremental revenue streams.
  10. 10. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 10 “We Accelerate Growth” Criterion 4: Brand Loyalty Requirement: New technology enhances the company’s brand, creating and/or nurturing brand loyalty. Criterion 5: Human Capital Requirement: Customer impact is enhanced through the leverage of specific technology, translating into positive impact on employee morale and retention. Decision Support Matrix Once all companies have been evaluated according to the Decision Support Scorecard, analysts then position the candidates on the matrix shown below, enabling them to visualize which companies are truly breakthrough and which ones are not yet operating at best-in-class levels. High Low Low High FutureBusinessValue Technology Attributes Respiri Competitor 2 Competitor 3
  11. 11. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 11 “We Accelerate Growth” Best Practices Recognition: 10 Steps to Researching, Identifying, and Recognizing Best Practices Frost & Sullivan analyst follow a 10-step process to evaluate Award candidates and assess their fit with select best practice criteria. The reputation and integrity of the Awards are based on close adherence to this process. STEP OBJECTIVE KEY ACTIVITIES OUTPUT 1 Monitor, target, and screen Identify Award recipient candidates from around the globe • Conduct in-depth industry research • Identify emerging sectors • Scan multiple geographies Pipeline of candidates who potentially meet all best- practice criteria 2 Perform 360-degree research Perform comprehensive, 360-degree research on all candidates in the pipeline • Interview thought leaders and industry practitioners • Assess candidates’ fit with best-practice criteria • Rank all candidates Matrix positioning of all candidates’ performance relative to one another 3 Invite thought leadership in best practices Perform in-depth examination of all candidates • Confirm best-practice criteria • Examine eligibility of all candidates • Identify any information gaps Detailed profiles of all ranked candidates 4 Initiate research director review Conduct an unbiased evaluation of all candidate profiles • Brainstorm ranking options • Invite multiple perspectives on candidates’ performance • Update candidate profiles Final prioritization of all eligible candidates and companion best-practice positioning paper 5 Assemble panel of industry experts Present findings to an expert panel of industry thought leaders • Share findings • Strengthen cases for candidate eligibility • Prioritize candidates Refined list of prioritized Award candidates 6 Conduct global industry review Build consensus on Award candidates’ eligibility • Hold global team meeting to review all candidates • Pressure-test fit with criteria • Confirm inclusion of all eligible candidates Final list of eligible Award candidates, representing success stories worldwide 7 Perform quality check Develop official Award consideration materials • Perform final performance benchmarking activities • Write nominations • Perform quality review High-quality, accurate, and creative presentation of nominees’ successes 8 Reconnect with panel of industry experts Finalize the selection of the best-practice Award recipient • Review analysis with panel • Build consensus • Select recipient Decision on which company performs best against all best-practice criteria 9 Communicate recognition Inform Award recipient of Award recognition • Announce Award to the CEO • Inspire the organization for continued success • Celebrate the recipient’s performance Announcement of Award and plan for how recipient can use the Award to enhance the brand 10 Take strategic action Upon licensing, company is able to share Award news with stakeholders and customers • Coordinate media outreach • Design a marketing plan • Assess Award’s role in future strategic planning Widespread awareness of recipient’s Award status among investors, media personnel, and employees
  12. 12. BEST PRACTICES RESEARCH © Frost & Sullivan 2019 12 “We Accelerate Growth” The Intersection between 360-Degree Research and Best Practices Awards Research Methodology Frost & Sullivan’s 360-degree research methodology represents the analytical rigor of our research process. It offers a 360-degree-view of industry challenges, trends, and issues by integrating all 7 of Frost & Sullivan's research methodologies. Too often companies make important growth decisions based on a narrow understanding of their environment, leading to errors of both omission and commission. Successful growth strategies are founded on a thorough understanding of market, technical, economic, financial, customer, best practices, and demographic analyses. The integration of these research disciplines into the 360-degree research methodology provides an evaluation platform for benchmarking industry participants and for identifying those performing at best-in-class levels. About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages more than 50 years of experience in partnering with Global 1000 companies, emerging businesses, and the investment community from 45 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com. 360-DEGREE RESEARCH: SEEING ORDER IN THE CHAOS

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