A bringing system for the “ Tumor Treating Fields ” ( TTFs ) ; these TTFs are jumping electrical Fieldss that target cancerous cells in an attempt to interrupt the mitosis procedure ( and therefore halting, and perchance change by reversaling malignant neoplastic disease patterned advance ) .
Describe your mark clients and the size of the market?
Hospitals and attention suppliers for patients with assorted signifiers of malignant neoplastic disease ( concentrating foremost on recurrent spongioblastoma before traveling into malignant melanoma, chest carcinoma, and non-small cell lung carcinoma ) .
The eventual market size is instead big ; presently, nevertheless, the mark markets size is limited to malignant neoplastic disease patients enduring from perennial spongioblastoma.
List and depict your current rivals?
Dendreon – focal points on bring arounding prostate malignant neoplastic disease with unreal protein ironss
ImClone Systems – developer of anti-cancer vaccinums
Genentech – a taking force in biotechnology concentrating on making new inventions through engineering
Company information taken from Wikipedia and several web sites
Cancer bring arounding engineerings:
List and depict your possible rivals?
Biotechnology is an emerging field that has huge potency for moneymaking returns. However, this field requires extended cognition & A ; startup capital, and has lengthy blessing processes – both factors that are important barriers to entry. Potential rivals to NovoCure Ltd. are its current rivals ( such as Dendreon, ImClone Systems, and Genentech ) and medical research organisations and universities.
Who will you buy stuffs, constituents, or other inputs from?
Basic constituents ( such as plastic lodging, insulating stuff, wiring, and computing machine constituents ) are purchased from outside providers at the lowest possible monetary values for the highest possible quality.
All commercial merchandises were developed in-house at NovoCure Ltd. ( relieving the crystal that was purchased from an outside resource ( this crystal was, nevertheless, non used to make the concluding commercial merchandise ) .
All engineering used in the commercial merchandises is proprietary.
SWOT-Analysis ( see human resources, R & A ; D, selling, procurance, fabrication, distribution, technology, IT, finance, accounting, and legal ) :
What are your strengths ( merchandises, R & A ; D, supply concatenation, trade name, pricing, nucleus competences, resources, substructure, scalability & A ; interfaces ) ?
Strong research and development
New / Effective engineerings
Successful 1st and 2nd FDA tests
Granted European blessing ( CE Mark )
What are your failings ( merchandises, R & A ; D, supply concatenation, trade name, pricing, nucleus competences, resources, substructure, scalability & A ; interfaces ) ?
[ Extreme ] Lack of capital
Lack of cognition of of import concern procedures ( gross revenues, selling, etc. )
Lack of cognition about how to transition concern way from research to commercialisation
Lack of concern relationships up- and down- watercourse
What are the chances ( growing, market portion, merchandise lines, Blue Ocean, complimentary merchandises, lock-in, trade name, & A ; first mover adv. ) ?
Blue Ocean Product: Tumor Treating William claude dukenfields
Growth chances: TTFs are really effectual ( entirely and synergistically ) – one time achieving FDA blessing they should be thirstily adopted by attention suppliers
What are the menaces ( replacements, emerging engineerings, new entrants, economic clime, authorities ordinances, and social/culture issues ) ?
Lack of 3rd FDA test blessing ( and capital required to prosecute it )
Technology lock-in: other signifiers of intervention have been proven whereas TTFs show possible but are yet to be wholly proved
Economic Climate: unable to secure much needed funding
Strategy canvas for new merchandise compared to competitor or industry:
Meaning of merchandise or servicea†“
Tumor Treating Field
Ease/ Comfort ( at place vs. infirmary )
NovoCure / Competition
( already approved )
NovoCure / Competition
NovoCure / Competiton
NovoCure / Competition
( SYNERGY )
( 3rd test )
Business Plan Template
What is your mantra?
Better life through better engineering.
What is the overall mission of the concern?
Our mission is to supply a proven, minimally intrusive method of retarding malignant neoplastic disease patterned advance in terminally sick patients.
How will you do money in footings of merchandise distinction and / or being the low cost manufacturer & A ; what complimentary merchandises and services will be offered to bring forth repeating grosss?
Merchandise distinction: NovoCure Ltd. is presently the lone organisation to offer malignant neoplastic disease intervention options that use electrically charged Fieldss to retard malignant neoplastic disease patterned advance. Another point of distinction is that NovoCure Ltd. ‘s methods have proven to hold important interactive effects when used in concurrence with other intervention methods and to be more effectual stand-alone than other malignant neoplastic disease intervention methods ( longer life spans of terminally sick patients ) .
Taken from instance stuffs
Complimentary services: NovoCure Ltd. will offer proficient support and preparation services to care centres and attention suppliers.
What are your ends & A ; objectives over the following 3 months?
Launch commercially in Europe.
Secure funding for 3rd FDA Trial ( Pivotal Trial Phase ) .
Expand concern substructure to manage switch from research-orientation to commercial-orientation.
What tactics will you utilize over the following 3 months to a twelvemonth to make your aims and mission?
Pursue concern contacts with attention centres and doctors in Europe.
Pursue assorted funding options.
Hire outside advisers to make action programs for the alteration of corporate focal point.
Hire new division caputs for gross revenues, proficient support, and other concern sectors.
Hire new employees with experience in the aforesaid concern sectors.
Merchandise or service description:
A portable device, for usage by wellness attention professionals, to present Tumor Treating Fields to terminally ill malignant neoplastic disease patients. Tumor Treating William claude dukenfields are jumping electrical Fieldss that target cancerous cells in an attempt to interrupt the mitosis procedure ( and therefore halting, and perchance change by reversaling malignant neoplastic disease patterned advance ) .
What is the significance ( s ) behind the merchandise or service?
Provide wellness attention benefits to malignant neoplastic disease patients.
Provide feelings of redemption.
Most of these patients have been given limited sums of clip to populate ; TTFs have significantly extended those allocations.
Provide feelings of felicity ( see above ) .
Identify possible service properties, characteristics and maps:
NovoCure Ltd. will be utilizing high quality production stuffs.
NovoCure Ltd. merchandises are exhaustively tested, both in house and through assorted proving procedures ( FDA, et. Al. ) , and execute faithfully every clip.
TTFs, solitarily, have been shown to lengthen lifetimes of terminally sick patients.
TTFs, in concurrence with other engineerings, have been shown to hold a interactive consequence ( i.e. greater consequence than the amount of both engineerings ) .
NovoCure Ltd. engineering is new, minimally invasive, and has been proven to retard malignant neoplastic disease patterned advance.
List the properties and characteristics that will be focused on ( and in peculiar those that reinforce the significance ) :
Points of Parity and Must-Haves ( POPs )
The ability to retard malignant neoplastic disease
Points of Difference and Differentiators ( PODs )
The ability to be minimally invasive
Able to be used while the patient slumbers
Use of electrical Fieldss to retard malignant neoplastic disease patterned advance
Blue Ocean Features and Exciters ( BOFs )
Use of electrical Fieldss to retard malignant neoplastic disease patterned advance
Does n’t do unwellness ( as opposed to radiation and chemo therapies that do )
Extinct and Vestigial Features ( EXTs )
None ( malignant neoplastic disease needs to be cured – this device helps cure malignant neoplastic disease )
Dissatisfiers ( DISs )
Lacks FDA blessing
Founded in 2000, NovoCure Ltd. is trying to come in a “ Blue Ocean ” by offering a method for bring arounding assorted signifiers of malignant neoplastic disease by agencies of jumping electrical Fieldss that target cancerous cells during the mitosis phase ( a procedure that has yet to be utilized by others ) . This engineering is besides the greatest point of distinction for the company ; there are other agencies of “ bring arounding ” malignant neoplastic disease, but NovoCure Ltd. has created a procedure that is the least invasive and the least damaging. This procedure is the creative activity of Dr. Yoram Palti who theorized that cancerous cells could be eradicated during cell division without harming otherwise healthy cells. In order to do this remedy ( engineering ) available to patients, NovoCure Ltd. has developed a device capable of bring forthing all of the good effects of this new intervention within a portable signifier factor.
Since initiation, NovoCure Ltd. has faced troubles in securing the important sums of outside support necessary to prosecute both merchandise development and FDA tests ; now, with the necessity of prosecuting commercialisation, NovoCure Ltd. is confronting a crisis of organisational focal point every bit good.
RECOMMENDATION – 001
Pursue Outside Investment / Philanthropist Options
NovoCure Ltd. is need of about $ 50 million in order to complete the concluding FDA test ; an sum that the organisation can non easy bring forth on its ain. There are, nevertheless, several options available for securing outside funding that NovoCure Ltd. can prosecute, each with associated pros and cons. The three options for funding presented in the instance are:
Raise extra venture capital
Attract a strategic investor
Attract venture altruists
The first option, seeking out extra venture capital, is the least appealing for NovoCure Ltd. ; in the current economic clime the merely active investor is the authorities therefore contradicting most attempts to pull a venture capitalist. If NovoCure Ltd. were to prosecute this option ( at the disbursal of the others ) the organisation would waver. Business after concern has fallen in the current economic system due non merely to hapless direction but besides hapless fiscal planning. Venture capitalists are seeking to finance feasible ( i.e. profitable ) organisations ; presently, NovoCure Ltd. is non a financially feasible company. With the organisation caught between completing FDA tests and commercializing its merchandise NovoCure Ltd. will neglect without securing outside funding. Here, the issue is that venture capitalists wo n’t put until NovoCure Ltd. has either successfully completed FDA tests or commercialized its merchandise ( for sale in European markets ) and NovoCure Ltd. ca n’t finish the FDA tests or commercialize its merchandise without outside funding. Due to the round nature of this option NovoCure Ltd. would be better suited prosecuting either of the other two options ( or a loanblend of the two ) .
The 2nd option, procuring a strategic investor, has several benefits with limited disadvantages. First, NovoCure Ltd. may be able to pull an investor that is capable of supplying both way and focal point to the organisation ; this benefit is highly of import as NovoCure Ltd. is presently in desperate demand of exchanging focal point from research to commercialisation. Attracting an investor with this kind of experience can cut down turnaround clip for the organisation ( and therefore cut down overall costs ) . The 2nd benefit is that NovoCure Ltd. may be able to bring forth the full sum of required capital from a individual investor alternatively of sounding out multiple venture capitalists. This option, nevertheless, besides comes with a important drawback: the possibility of selling licences to malignant neoplastic disease indexs that would otherwise stay the exclusive belongings of NovoCure Ltd.. While this drawback may ensue in potentially reduced future gross for NovoCure Ltd. , the possible benefits far outweigh any negative hereafter possibilities. Attracting a strategic investor is basically a procedure of discussion ; in order to have all the benefits of a strategic investor so NovoCure Ltd. needs to be willing to offer inducements in return.
The concluding option, nearing and pulling venture altruists, has a really impressive benefit and a really mild hurt. If NovoCure Ltd. were to successfully pull venture altruists ( such as the Bill and Melinda Gates Foundation ) the organisation would be able to have much needed capital ( in the signifier of grants and contributions ) to farther FDA tests and get down the commercialisation procedure. Venture philanthropists basically offer “ free money ” to worthy causes ( such as NovoCure Ltd. ) . However, the drawback associated with this option is that the support is n’t coupled with strategic advice. Although NovoCure Ltd. would hold an inflow of capital a part of it would necessitate to be spent securing and developing new employees to get down the commercialisation procedure.
RECOMMENDATION – 002
Establish the Product in Europe
NovoCure Ltd. has pursued two different methods of merchandise blessing: geting the CE Mark in Europe and finishing FDA tests in the United States of America. While NovoCure Ltd. has received the CE Mark the organisation is still in demand of completing the 3rd ( and concluding ) phase of FDA tests ( Pivotal Trial Phase ) . One of the chief quandary that NovoCure Ltd. is presently confronting is roll uping the capital required to complete the concluding FDA test and receive blessing for selling the merchandise within the United States of America.
In order to procure funding for the 3rd FDA test and the necessary capital for the commercialisation procedure the organisation should establish the merchandise in Europe. Several employees of NovoCure Ltd. believe that to establish in Europe without FDA blessing would be seen as assumptive ( particularly if the merchandise were to neglect the 3rd FDA test ) . However, by non establishing in Europe NovoCure Ltd. is restricting itself unnecessarily. By disregarding the blessing already granted in Europe, NovoCure Ltd. is basically disregarding an chance to get down its commercialisation procedure ( which could so be all right tuned before come ining the US market ) and turning off from a important sum of gross.
NovoCure Ltd. should establish in Europe while sounding out other agencies of procuring the much needed funding for the concluding FDA test. By making so, the organisation will be able to non merely bring forth its ain capital for future tests, but besides begin the procedure of exchanging the organisational focal point from research to commercialisation. Last, if NovoCure Ltd. launches in Europe the organisation, at the least, has the possible to make a feasible concern in the event the merchandise fails the concluding FDA test. By making a gross watercourse ( and therefore going feasible ) , NovoCure Ltd. may be able to procure venture capitalists ( antecedently unadvised ) which could contradict the necessity of prosecuting strategic investors or venture altruists.
RECOMMENDATION – 003
Do n’t Develop Capability In-House, Hire Outside Consultants and New Employees
NovoCure Ltd. is confronting a crisis of vision and way: exchanging the focal point of the organisation from research to commercialisation. This issue boils down to non merely organisational direction but besides project direction. Organizationally, NovoCure Ltd. needs to exchange the majority of the concern focal point towards commercialisation ( while keeping a strong research focal point so as to bring forth new merchandises and engineerings ) . Equally far as project direction is concerned NovoCure Ltd. needs to reorganise itself into different concern maps ( such as gross revenues, research and development, selling, etc. ) and create capableness within each map. In order to carry through this alteration NovoCure Ltd. needs to convey in outside advisers and hires ; the first being capable of urging the necessary vision and staffing alterations for the organisation and the 2nd being able to assist transport out these alterations.
By conveying in outside advisers NovoCure Ltd. can derive the cognition necessary to exchange from research to commercialisation without the trial-and-error procedure required for developing the capableness in-house. This benefit entirely can salvage the organisation much needed capital and clip.
In add-on to conveying in outside advisers, NovoCure Ltd. will hold to engage dedicated employees for assorted concern maps ( such as gross revenues, proficient support, and other managerial facets ) . This procedure is necessary because it ca n’t be expected for research workers to immediately exchange cogwheels ( or professions ) in such a dramatic manner. Besides, by engaging trained and experienced employees NovoCure Ltd. can avoid the clip demand and booby traps of developing the needed proficiencies in-house.
By conveying in outside advisers and dedicated employees for new concern maps NovoCure Ltd. can make the much needed commercialisation functionality about instantly, therefore avoiding the clip and capital outgos required by non making so.
NovoCure Ltd. is at a hamlets ; the organisation needs to secure funding to travel frontward but each possible option carries damaging demands. In order to travel the company into the following phase ( be it the 3rd FDA test or commercialisation ) NovoCure Ltd. needs to seek out investors and employees capable of recognizing the organisations full potency while at the same time establishing their engineering in sanctioned parts. Both of these determinations would let NovoCure Ltd. the chance to go a feasible, respectable company that could forever alteration malignant neoplastic disease intervention.