Novoculi, Inc Strategic Analysis Presentation

hello everyone my name is Piyush Zope
and for this presentation I have selected the case study which is Novoculi
incorporated corporation Novoculi incorporated company is a characterized
by a branch of medicine and surgery which deals with the diagnosis and
treatment of eye disorder the institutional field allows the use of
medication laser therapy and surgical procedures to treat eye diseases the
industry currently implements a refractive techniques such as LASIK
which requires that a portion of the protective epithelial layer overlaying
the cornea of the eye will be destroyed apart from the high invasive method of
treatment complications also result from this partial destruction of the
protective layer apart from the operational techniques adopted by the
industry certain economic and social trends contribute to the increase in
pressure and urgent demand of the industry this pressure and urgency
emphasize the change is needed in healthcare delivery
in order to add value to the industry the startup company Novoculi has
designed and has planned to develop and market ophthalmology surgical tools
as well as a unique method of incision less refractive correction commonly
known as NICS Novoculi’s unique industry proposition employs a method
which includes iontophoresis, ionic dye and a wavelength specific laser to
accomplish effective refraction void of invasion destruction of the epithelium.
The ophthalmological technology brought by Novoculi bridges a significant gap
in the industry however, especially being startup certain factors standout Novoculi
has outlined the strengths weaknesses opportunities and threats this clear
outline coupled with the analyzed industry challenges allows this
presentation to identify areas where information technology can be adopted to
address key SWOT factors enabling Novoculi to strategically deliver value
in the given industry make profit experience institutional growth while
still maintaining grounds for continuous relevance in this next section keys what factors
are identified discussed and addressed individually along with how information
technology can be leveraged for this individual factors Enhancing Novoculi’s
incorporation strengths the Novoculi’s strengths include patented technology
and principle expertise the company had pointed out that it doesn’t need FDA
approval given similar devices have been approved by the FDA in the past However
FDA approval will authenticate that innovative medical technology is safe
for patients One way to speed up the approval process is medical device
innovation consortium that is MDIC It is a private organization
responsible for simplifying the process of designing and testing new
technologies MDIC aims to improve patient access to cutting-edge medical
technology Ophthalmology is an FDA regulated medical field the Novoculi’s
invention fall under class 3 highest risk devices unless the company has no
intentions of operating in the United States of America FDA approval is
required Novoculi may take advantage of other nations and their market since
their licensing and approval system may not be as time-consuming and stringent
one of their weakness includes lack of funding healthcare VC’s are willing to
fund projects that address a pain point in a cost-effective manner
in order to realize funding they should leverage technology strategies such as
compilation of market research MDIC testing outcomes consumer data and
market analytics to make the page process more effective Novoculi can partner with an information technology outsourcing company to collect and store
these analytics which in turn can form the basis of the value they intended to
bring to the industry taking advantage of Novoculi’s opportunities the two
opportunities are untapped market and fast growth Novoculi has secured
patents for its ophthalmology technology however it needs to garner worldwide
protection of its invention to exploit the untapped opportunities in the patent
market the company can accomplish this by securing a patent cooperation treaty
PCT an international patent system introduced by the World Intellectual
Property Organization to make the process of obtaining patent protection
in up to 152 different countries more comfortably and less costly the company
can use social media and other online methods to build and maintain consumer
relationship and loyalty having secured this comprehensive patent protection Novoculi can generate revenue by licensing some of these patents for use by other
healthcare outfits especially since the demand has doubled Profits from this can
contribute to the funding of it’s unique products for example the
companies who have similar agreements are Google and Samsung Electronics
mitigating Novoculi’s threats a key threat to Novoculi market penetration
is the issue of price erosion how can the Novoculi premium prices compare
favorably with existing surgical options especially given the high cost of
materials required to develop their technology one way to mitigate this
threat is to leverage the patent license opportunity when the market demand is met
by an influx of available product produced through this patent license
competition among distributors of the required materials will rise and this
will significantly cut down the cost this will also help in making the
technology more cost friendly and accessible to consumers
for example the cross-licensing agreement signed by Google and Samsung
has resulted in a cost-effective product wider reach and more profit generation
by the company they can use information technologies such as the Internet of
Things Artificial Intelligence and Augmented Reality to automate some
aspects of their operations in terms of competition they can partner with an
information technology outfit to collect and store these analytics of the
competitors this analytics will not only inform them about the company’s position
in the market but will also help them to plan the next steps or strategies
I will now conclude the strategies presented so far in this presentation
Novoculi can generate funding grow relationship with medical device
distributors and gain relevance and popularity through licenses Novoculi
can also leverage technology methods such as compilation of market research
and market analytics to make the pitch process more effective and attract VC’s
technology solutions can also be adopted to drive sales including the use of
social media for publicizing the brand and other online methods for building
and maintaining consumer relationship and loyalty with the brand Technology
solutions can be implemented to optimize operations and management of the company These are my references thank you

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