New products -- Management, New products -- Marketing, New products -- Planning, Diagnosis -- Technological innovations
The MChip product is a breakthrough technology that is extremely competitive with any existing products on the market. The MChip offers significant costs savings (in excess of 50%) when compared to the lowest competitor. The MChip provides not only HIV testing capabilities, but also Syphilis – a commonly paired test. The MChip is the first point of care testing product that provides an objective result, a key factor for health care workers, and of course, patients. POCT products are sold all over the world, and last year, over 120 million people had an HIV test. The product also offers other advantages including a longer shelf life, it is far easier to use than existing products (does not require reagent mixing), and provides results in roughly 10 minutes, matching the next quickest product available.
In comparison to other products, MChip is clearly superior and given an effective marketing plan, should be highly successful. Aside from the improbability that comparable technology will be developed that does not infringe on MChip’s patents, the only barriers to dominating the market are competitors that also offer a broad array of related medical supplies. Some large global competitors also sell a wide variety of related products and may bundle or package testing kits with much higher ticket items, such as anti-viral therapies or other products. Another potential barrier is related to politics, partnerships and relationships between global health organizations, foundations and governments. For example, Abbott, a major pharmaceutical manufacturer also sells HIV test kits, such a organization may contribute significantly to charitable causes, and as such, partners may elect to continue purchasing their HIV Test Kits.
Aside from the advantages offered by the MChip product, its ability to include up to six additional test on a single cartridge, and its plans to continue adding different test such as hepatitis for example, will further solidify its position in the market by effectively bundling several test into a single test kits, further reducing costs, and providing other benefits.
The full potential of MChip is unknown, but it appears it is a excellent product that offers meaningful benefits not only to end-users, patients and healthcare workers, but t the much greater efforts to reduce the spread of AIDS by making testing more economical, and hence, increasing availability.