| Company name: | Health Data and Analytics Ltd | Contact name & Job Title | Justin Cole, Director |
| Project title: | Creating a data analytics dashboard for the Wound, Stoma and Continence Care medical device markets | Month/year | December 2017 |
| Case study writer: | Merle Harrison | Account Manager | Nathan Walker |
| The background to the case study |
| Health Data and Analytics Ltd are a start-up company that aims to provide unique insights to healthcare markets via their bespoke data reporting tool. From the data, businesses can not only gain a better understanding of their business, but also develop a better understanding of their customers’ needs.
The company was incorporated in October 2017 and currently has 1 employee. |
| The challenge / trigger event |
| Services are currently available that enable businesses to integrate prescription databases to produce reports. However, they are mainly geared towards retrieving information relevant to the pharmaceutical industry. While searches can be modified to pull data that is more meaningful to other markets such as wound, stoma and continence care, the amount of data that exists is so vast that it makes searching very complex, costly and the results are difficult to interpret.
Health Data and Analytics wanted to build a bespoke database and develop a dashboard that could be used in the wound, stoma and continence care market, and could be purchased by wound, stoma and continence care product developers and care providers. The dashboard(s) would enable them to perform unique searches that would return manageable and easy to understand reports to help facilitate product development. This innovation would enable wound, stoma and continence care specialists and product developers to easily retrieve information that will inform patient care and product development, thus making it far easier for product developers and care providers to gain a deeper understanding into the factors that drive product choices and prescription preferences; this knowledge will assist them in developing innovative new products and treatments. Currently there is no dedicated platform that will create readily usable reports from raw data that is targeted to the wound, stoma and continence care market. |
| The solution |
| The company identified a gap in the market based on their experience in wound, stoma and continence care product sales, and they aimed to deliver the first product of its kind to the market. In order to do this, they required the creation of a bespoke and searchable wound, stoma and continence care database from NHS prescriptions, and they required the services of a software developer in order to build the software and create data analysis tools.
Medilink East Midlands awarded an Innovation Support Grant to the value of £6,000 through the SoLSTICE project, which is part-funded by the European Regional Development Fund. |
| The results / evaluation |
| The grant from Medilink EM enabled Health Data and Analytics to get their first product into development much sooner than anticipated, and exploit the gap in the market. The grant intervention also allowed the company to progress with the project at minimal risk.
As a start-up company, Health Data and Analytics are expected to benefit greatly from this project; with an expected boost in turnover, profits and employment.
|
| Medilink East Midlands’s role/Quote from the company |
| “Through previous membership dealings, I knew of the great support that Medilink offer, when I started my new company, Medilink got in touch and suggested they may be able to help with initial funding support. I met with an excellent Medilink Project Manager, who guided me through the application process”
“Medilink assisted me with essential capital to help fund the development build of my software solution” “Medilink provided essential cashflow, meaning that I was able to advance my business opportunity and stay debt free” “Without Medilink’s involvement my business start-up and trading would have been delayed and I would have had to borrow money at commercial interest rates meaning that my future cashflow would be compromised” Justin Cole, Director, Health Data and Analytics. |
| Environmental and Corporate Social Responsibility |
| “Where ever possible meeting are held via skype, or screen share demo’s meaning less car travel and less Co2 emissions.”
|