PAR is a start-up devoted on creating solutions for people with mental health illness. Our team is designing a smart pill bottle [MYND] as our product that allows patients with various mental health conditions to save information on their mood and condition over time. This product is beneficial because it helps identify patterns and triggers which will allow patients and their doctors better manage their condition.
MYND - a smart pill dispenser for high functioning mental health patients.
Entrepreneurship / Product design / Mental health / Bipolar disorder
background information
The National Alliance For Mental Health states that approximately 1 in 5 adults in the U.S.— 43.8 million —experience mental illness in a given year, such as depression, anxiety disorder, schizoaffective disorder, adhd, ocd, or others. 2.6% of adults in the U.S. live with bipolar disorder. [source: Mental Health By the Numbers]
“Bipolar disorder, also known in some parts of the world by its older name of “manic depression,” is a mental disorder that is characterized by serious and significant mood swings. A person with this condition experiences alternating “highs” (what clinicians call “mania“) and “lows” (also known as depression).
According to researchers at the National Institute of Mental Health (NIMH), the exact cause of bipolar disorder is not yet known — but it can still be effectively treated.
Like most mental disorders, this condition is readily treated with psychotherapy combined with psychiatric medications (most people benefit more quickly from combined treatment). Treatment for this condition is effective and helps most people keep a balanced mood throughout their day, most days of the month. One of the biggest challenges of treatment is helping a person find and keep a treatment routine that works best for them over the long-term. Most people with this condition benefit from medications for much of their life, but it can be a challenge to stick with the medications
when all seems well years down the road.”
risk
Discontinuing medication for long periods of time can result in the medication to stop working, therefore limiting treatment options.
needs from patients & doctors
For tracking mood and other health condition -
Along with medical treatment, doctors advise patients to monitor their condition using a mood charting sheet. This helps patients gain perspective but proved inconvenient.
Patients are looking for more private and efficient ways: to save, visualize, and share data with their doctors. Essentially they are looking for more autonomy.
Doctors often worry about their patients forgetting to take medication.
MYND
MYND is a smart pill dispenser for high functioning mental health patients. MYND utilizes the moment a patient takes medicine to track symptom-related data. It aims for its users : collect accurate data over time, share with doctors, to provide information that can lead to better decision making when it comes to treatment.
how does it work
Financial Plan
Mynd’s financial plan projects the margin to be at approximately 59%.
Net Profit for the company’s first year of implementation will be $316,343 increasing to $1,329,336 in year two and $1,539,512 in year three.
Cash-flow analysis, financial details and break-even analysis are shown below.
Start-up Funding
Mynd’s total costs for start-up are $245,700, which includes legal fees, certifications, iOS App development, Design and Electronics Engineering. These costs will be funded through personal investments and Angel Investors. The following chart provides details of the start-up costs.
Important Assumptions
All Financials are projections and estimates, which are based on the following assumptions:
The Kickstarter Campaign will be successful and business will continue to grow.
This health tracking industry will grow its popularity, especially in major cities.
Through marketing techniques, the business will develop higher sales.
Break-even Analysis
- Average per-unit cost: $10.25 (COGS + CC Fees + S&H)
- Average per-unit sales price (per-unit revenue): $75
- Profit per items: $44.04
- Margin: 59%
