timex telehealth 2011 - careminder pitch

8/10/2019 Timex Telehealth 2011 - CareMinder Pitch

1/17

1Chris Cacci | Scott Massing December 8, 2011 New Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session

Todays baby-boomers willlikely spendmore yearscaring for their parents thanfor their children.1

1 A/PACT: Aging Parents and Adult Children Together

http://seniorhealth.about.com/library/eldercare/bl_apact.htm


2/17


The stress that comes alongwith the voluntary job of beinga care-giver can build to such ahigh level that it becomes life-threatening to them.2http://www.blueprintforcaregiving.com/


3/17

Chris Cacci | Scott Massing December 8, 2011 New Product Definition/Sonders Institute of Design Fall 2011 ID543 B Session

TIMEX does connected timepieces

A telehealth solution foreffective remote care-giving

CareMinder


4/17


System architecture

Emergency alerts: fall

Non-emergency reminders: hydration medicationactivity monitor


5/17


Aging population knows and truststhe TIMEX brand

Why TIMEX?

4. 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 2010

TIMEX has already entered the

heath care market4


6/17


Because of smartphones.

Because of an aging market.

Why remote monitoring?

3 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 2010

4 http://www.Comingofage.Com/senior-marketing/5 http://bigthink.com/ideas/382096 http://www.ama-assn.org/amednews/2011/11/14/bisb1114.htm

GROWTH INSMARTPHONEUSERS AGE 55+IN US THIS YEAR5

+78

%11%of adultU.S. cell phone users

have downloadedan app to monitorhealth6

$22bilMARKET4


7/17


Why now?

Timepiece industrythreatenednow onmultiple devices3

3 http://www.slate.com/articles/business/moneybox/2007/03/takes_a_licking_and_stops_ticking.html5 http://www.ama-assn.org/amednews/2011/11/14/bisb1114.htm

Booming wireless monitoring

device market5

25.4%market

growthby 2015


8/17


Peace of mind

Peace of mind andminimized guiltbecause you cantalways be there.

Connected whenyou cant be there

Youll be the first toknow any potentialdangers, 24/7.

Benefits

Less invasive toyour daily routine

You can attend to yourlife because you knowshes safe.

Trusted partner

Financially stable,credibility (157 yrs inbusiness) and a historyof innovation.

to the care-giver


9/17


Integrated technology

Alerts:Haptic and audioalerts serve as hydration,heart-rate and medicationreminders.

Immediate action: A direct

link is sent to care-giversor emergency care whenrequired.

Doctors and medications: Adatabase accrues accuraterecords.

Theres no placelike home

Studies prove seniorsare healthier living inyour own home.

Unobtrusive

Simple, compact,waterproof easyto wear anywhere,anytime.

Benefits

Affordable

The most affordableprogram on themarket.

to the aging parent


10/17


11/17


12/17


Scenario 3ACTIVITY MONITORING

How it works

Audio and haptic alerts whenthe senior has reached theirtarget heart-rate.

Continuous alertsthat help senior stay

in a safe heart-ratezone. Logged intoapp database.


13/17


How it works

Sensors detect a fallor drastic change in

altitude.

Urgent flashing iconilluminates to indicate live

button to press. Automaticemergency message sent ifsustained, unaddressed alerts.

1

Emergency is addressed. Bothfirst-responder and care-giverimmediately alerted. Logged intoapp database.

Parent andcare-giver canpress urgentcare button.3a

3b2

Scenario 4EMERGENCY/FALL


14/17


They are beginning

to wonder about my

commitment at work.

All of a sudden

theres no me time.

It can easily get

overwhelming. My son

was sick and I wasnt

there. He still needs me.

Marcy is 55 years old, divorced with a teenage son. Her85-year-old widowed mother, Helen, lives 30 minutes away.

Helen has fallen several times during dizzy spells andsometimes forgets to take her arthritis and heart medications.

Marcy is exhausted from trying to balance everyones needs.

She feels alone and guilty about her feelings of resentment.

Meet Marcy.

Ideal customer


15/17


My family and work still need

my attention. I cant be inthree places at once.

I never thought Id become a full-time record keeper. I cant keep all

the meds and dosages straight.

What do we do if moneyruns out?

Between kids, work and Mom, Ireally need a break, but who wouldbe here in case of an emergency?

If Mom could just remember todrink fluids and take her meds,

we could have avoided that lastexpensive trip to the ER.

You will always be connected.

Stay more present in your normal, daily routine, while maintaininga connection to your aging parents needs. Alerts are sent to yourcell phonea device you may already own.

Eliminate medication and dosage confusion.All medical records are easily maintained, up to date and securelyrecorded via smartphone app, which can be readily accessed byyou or any medical practitioner at a moments notice.

CareMinder is the lowest cost/high valueoption on the market.Other monitoring options have costly monthly fees or proprietaryequipment. CareMinder does not.

Peace of mind.By receiving regular, timely and immediate information alerts onyour parents health status, youll have peace of mind that shes okwhen youre with her.

Stay ahead of avoidable critical emergencies.Progressive skin sensory technology provides early audio

and haptic feedback, sending clear and gentle reminders formedication and hydration habits. The technology directly connectsto a pre-programmed medication dispenser to assure accuratedosing and compliance.

PromisePain


16/17


Business case

0.8%

60

40

20

0TOTALAVAILABLE

MARKET

IN$

BIL.

$43bil

maxannualconsumer

market7

expectedgrowthby 20158

+25.4%

currentPHILIPSLifeline

market share

$54bil

Telehealth market size

7. Modern Healthcare; 4/25/2011, Vol. 41 Issue 17, p30-33, 4p8. Kalorama Remote and Wireless Patient Monitoring Markets KLI6487095

9. TIMEX revenue $700MM/yr10. Based on 8,000 Walgreens locations in US and selling 4 subscriptions per month

Revenue per customer/year

LOW (100k users/yr) MED (200k users/yr)HIGH (400k users/yr)

10

CareMinder CareMinder CareMinder

$72/initial

$60/mo

watch and app:

$10/mofree app

watch, app, monitoring:

$25/mofree app

watch, app, monitoring:

$25/mofree app

$700/yr $120/yr $300/yr $300/yr$490MM/yr $11MM/yr

~1.6% of current

TIMEX revenue9

$60MM/yr~8.5% of current

TIMEX revenue

$120MM/yr~17% of current TIMEX

revenue


17/17


Moving forward

Watch manufacturing

Heart-rate monitor (Ironman)

Indiglo

WIFI/possible GPS

Sensors (Ironman)

2-way communication to data log (Ironman)

Keys to success

Partnerships

Why Walgreens Pharmacy:Symbiotic Core Competencies

Pharmacies possess medical experts, smartphone apps, and trust from target market

8,000 locations in US

Leverage existing technologies

Challenges

11. www.americantelemed.org/i4a/pages/index.cfm?pageid=3333 , In a September 2011,

Health Affairs journal reported a study that looked at the economic impact of usingremote patient monitoring for high-cost Medicare beneficiaries.

No specific Medicare fundscan be used to pay for home

telehealth delivery.Remote monitoring was associated withspending reductions of approximately 7.713.3%($312$542 USD) per intervention patient perquarter over a two-year period studied.11TheAmerican Telemedicine Association is currentlyworking to align the values of Medicare with thegrowing population.

Battery lifeTIMEX is currently working kinetic energy frombody movement to power watch. This may be apotential solution to improve battery life.

timex telehealth 2011 - careminder pitch

Documents