Compelling Product Offering
According to Medidata, one of the industry leaders in clinical trials software, up to 25 discrete systems run on a single trial with isolated data repositories. Medidata claims to cover 13.5 of the top 14 trial processes and to have the most complete platform in the industry. We believe the MyIRE platform provides a single, end-to-end integrated solution that works with and contains the functionality of all the current competing tools.
A Large And Increasing Number Of Studies
In 2017, there were 29,201 new studies registered with Clinicaltrials.gov. In addition, the number of studies registered each year has been increasing steadily. The 29,201 studies in 2017 is an increase of 27,082 over the 2,119 registered studies in 2000, which is equal to an annualized growth rate of approximately 17%. We believe the tailwind created by this rapid industry growth will add to the growth we expect MyIRE to realize by taking market share from existing competitors.
High Recurring Revenue Model
We believe that approximately half of MyIRE's revenue stream will be subscription based, driven by monthly charges for the life of a clinical trial. Recurring revenue translates to a less variable, more predictable revenue stream. MyIRE participants will be incentivized to maintain a subscription in order to continue to receive necessary updates, upgrades, access to the MyIRE ecosystem, and any “forks” to blockchain-enabled features.
Low Cost Alternative
We believe the modules we sold to our initial customers were one-tenth the cost of competing products even though we sold those modules at full price. We believe we can be the low-cost provider for all our modules. Furthermore, US law requires the results of medical research for drugs approved by the US Food and Drug Administration to be submitted to a database called ClinicalTrials.gov. Researchers who do not post results within a year of trial completion risk losing grants and can be fined as much as $10,000 per day. However, according to a 2015 article in +AllTrials, 50% of trial results are not published. When using the MyIRE platform, papers may be automatically generated by the platform at the completion of the trial, thereby lessening the obstacles that lead to results not being published. We believe this ease of publication will lead to cheaper publication without the risk of fines or other penalties that occur when papers are not published or not published on time.
Outstanding Operating Leverage And Return On Assets
Our initial infrastructure is already operational. Assuming that any additional customer location has only one study for that location, we believe the payback period for the hardware costs incurred for each additional customer will be approximately 12 months. If that additional customer location has two studies for that location, we approximate that the payback period for the incremental hardware would be reduced to one month. It is important to note, however, that we believe the equipment purchased for the additional customer will conservatively support 100 studies. Therefore, assuming 100 studies for that additional customer's location, we estimate the payback period for the additional hardware cost will be approximately one day.
Because of operating leverage and a low fixed cost structure, we believe MyIRE will ultimately achieve EBIT margins in excess of 50%.
Dispersed Customer Base
Due to the fact that the medical research field is highly fragmented, such a widely dispersed potential customer base reduces the risk that as the MyIRE network grows, it will become overly reliant on a small number of large customers.
Barriers To Entry
The MyIRE platform is a complex, customizable software. Even though we have designed the core of the MyIRE platform to be open source, a competitor would need to commit significant resources and time to replicate it. Also, the healthcare industry in which MyIRE will operate is highly regulated and subject to a complex set of healthcare laws and regulations, including, among others, the Health Information Technology for Economic and Clinical Health Act (HITECH), and HIPAA. We believe that creating and operating a software product like MyIRE that is also compliant with the substantial requirements of healthcare regulations presents meaningful barriers to entry for competitors.
We believe there are also excellent future growth opportunities for MyIRE outside of the healthcare industry. For instance, the processes for the development of new seeds for agriculture is similar to those used for drug design in the medical field. Accordingly, we believe agricultural companies could increase the efficiency of their product development cycle by incorporating MyIRE into their research and development process.
We believe researchers will complete trials at a faster pace when using the MyIRE platform versus competing products. With the MyIRE platform, workflows become reproducible, which reduces the cycle time from ideation through regulatory approval. We believe the impact will be more research done more quickly and for less cost.
MyIRE, Inc has customers.
MyIRE, Inc is generating revenue.
MyIRE Inc's software platform and infrastructure are operational.
MyIRE Inc is actively marketing the platform to prospective customers.
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