Photo - Medtech Africa
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Medtech Africa

Affordable PayGo Medical Services

Nigeria
Market: Internet and IT, Medicine, Mobile applications
Stage of the project: Prototype or product is ready

Date of last change: 30.05.2020
Min investment
$  1.000.000
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Total required
$ 5.000.000
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Idea

Medtech Africa is developing an affordable PayGo (per second) Telemedicine consultation platform to help Underserved Africans talk to the best doctors in the world with an open health donation system for sponsors to directly pay for those who can't afford Medical Services, and a wearable IoT device for real time monitoring of Patients with underlying Health condition.

Current Status

Medtech Africa's platform is almost at the MVP stage with Pilot products ready to run.
Our Wearable IoT device is in the clinical trial phase with mass production contract signed for immediate production.

Market

Medtech Africa is targeting a new market opportunity of underserved Africans and donors who sponsor Health Services in Africa.
We are targeting:
• those who have some money but cannot access quality Medical Services.
• those who can't afford Medical Services but requires Donors to pay for their medical bills.
We are focused in linking Philanthropist, NGO's and agencies who donate to funds for Medical Services to underserved Africans directly.
The mobile subscription market in Africa is fast growing with adoption of 500 million users. We are targeting 100 million users in the by 2025.
$15.7 billion was sent from Africans in diaspora for health related issues and $20 billion is donated yearly to Africa to address Health needs.
Thus we have a total addressable market of $35.7 billion with a 14% target market of $5.0 billion by 2025.

Problem or Opportunity

Africa bears 25% of global diseases with few health infrastructure for Medical care leading to 5.5million deaths yearly.
75% of these diseases and death can be prevented at primary care level but only 2 percent of global doctors practice in Africa (Ratio 1: 5000).
A vast majority of Africans cannot afford payment of conventional fixed Medical subscription for early detection and treatment of ailments.
An average of $20 billion is donated to underserved Africans yearly for medical care but only 10% direct impact is accounted for to underserved Africans.

Solution (product or service)

Medtech Africa is Africa's first PayGo Telemedicine and open Medical Donation Platform.
The PayGo Telemedicine platform allows underserved Africans talk to board certified physicians across the world through an affordable per second consultation charge.
Medtech Africa's open donation system allows donors and philanthropist to pay the medical bills of families and less Privileged persons directly for each consultation service.
Users are charged for the exact time of consultation with no hidden charges.
Our Wearable Medical IoT device (SmartMoT) is a compact device that enables Patients with underlying Health condition to monitor their 5 vital signs in real time. Other features include a linked account where families can use one mobile phone for multiple user account.

Competitors

Amazon Health, Mobihealth international, Doctoora Health and Helium Health are the big players of Telemedicine in Africa validating that the market is ripe.
Gunderson Health system successfully runs a donor payment system which is a great validation of our Technology.
Apple, Sony, Philips healthcare are notable producers of medical IoT device with sales in tunes of $2.4billions yearly, though they do not have much presence in Africa with few adoption by wealthy class due to its high cost. Our device is 50% cheaper with more advanced features.
This is a fast growing emerging market with the large market shares owned by indirect competitors.

Advantages or differentiators

Patent- Protected IP:
• Unique PayGo Telemedicine system for Medical consultation and open Medical Donation Platform.
• 5 vital signs automated real time medical IoT device that could serve as both smart watch and real time remote device.
We are focusing on new market opportunity of this fast growing emerging market of remote care diagnosis.
The major differentiation of our products is the introduction of a PayGo Telemedicine system which more affordable with less down time, user-friendly and with more efficient features for Underserved Africans.
Less Privileged who cannot afford quality Medical Services have opportunities to get donors to pay for their bills for medical encounters on our platform. Other services include promotion offers for paying customers to get free consultation from volunteer doctors on our platform.

Finance

Medtech Africa's leading business model is recurring 10% revenue of every PayGo Medical consultation fee for both paying and donor sponsored users, aiming to capture $20M in yearly revenue for telemedicine Services.
Other revenues are derived from sales of medical IoT devices with revenue projected of $60M for 1 million units and long term revenue of $1M monthly premium charges of cloud automation real time features of medical IoT device.
Upon raising seed rounds of $7.5M and releasing both MVP in 2020, we will launch and expand Services to other African countries by 2021 through partnerships with notable philanthropist, NGos and international donors generating an ARR of $20M.
By 2025, we project a total revenue stream of $500M from about 100millon users and 10millon device sales.

Business model

Medtech Africa focuses on paid customers which are people who have some money to afford medical services, and Donors who can sponsor less Privileged persons that have access to mobile devices.
Our leading business model is a 10% revenue for every PayGo Medical consultation fee just like the Uber model. Other model stream is from sales of medical IoT device and monthly premium subscription of real time monitoring of Patients with underlying Health condition using the device.

Money will be spent on

Investment will be spent on:
1. Introduction of MVP to the market, infrastructure acquisition and launch.
2. R&D for making the products more scalable and clinically reliable.
3. Sales and marketing focused in Africa.
4. Acquisition of highly skilled professionals and advisory services.
5. Data Security of Payment system and Patients information.


Offer for investor

7.5% equity for $5M seed investment.

Risks

1. Our business model will only thrive through large scale adoption of paying customers and donors. (We will adopt social media marketing, gorilla marketing and Ad campaign targeted to our users)
2. There is a barrier of the already existing traditional methods of donation for medical services. (We adopted the open system of donation where donors can directly choose Patient who already booked a consultation and pay for them. No middle man, 100% transparent)
3. Medical IoT adoption in Africa is not yet defined as this is a new market approach to patient care. (We will adapt budget and focus to those who are in pressing need of real time monitoring IoT such as Patients with heart related issues capturing that market demand)
4. Data Security of Payment system and Patients information if compromised who damage the reputation of Medtech Africa. (We are already developing series of layers of encryption and we will invest heavily on data security)

Incubation/Acceleration programs accomplishment

Tony Elumelu Entrepreneurial Program, 2019
(https://tonyelumelufoundation.org/wp-content/uploads/2019/03/TEF-2019-selected-enterprenuer.pdf )

Invention/Patent

1. Automated Donor Algorithm for Telemedicine care of multiple users (Patent - pending)
2. PayGo Telemedicine Services for clinical encounters (Patent - Pending)
3. Compact SmartMoT device for automated 5 vital signs real time monitoring (Patent - Pending)

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Idea
Current Status
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Finance
Invested in previous rounds, $
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Money will be spent on
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Incubation/Acceleration programs accomplishment
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