V. Competitive Analysis
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Direct & Indirect Competitors
MedTime – direct competitor
Established in 2018, MedTime is a privately held business that has developed the first and only in-home medication manager that intuitively sorts and dispenses medication. The MedTime device has audible and digital reminders; automates refills; and provides real-time as well as historical adherence data. MedTime operates on a subscription fee and offers a free 90 Days Risk-Free trial. Each subscription comes with a MedTime smart dispenser. Additionally, the subscription gives access to a medication management app that gives pill-time reminders and missed-dose alerts, tracks what was taken and when, and gives remote caregiver monitoring for safety and medication schedule management with HIPAA-compliant security. The subscription also has automatic refills with free delivery and access to a 24/7 live support.
MedMonitor – direct competitor
MedMonitor is a privately held business that provides services that simplify medication management and improve medication adherence. MedMonitor offers an automatic pill dispenser that reminds users when it is time to take their medication through flashes, beeps, text messages, and phone calls. The dispenser also provides the user’s caregivers, family members, or pharmacists with notifications about dosage activity, which can be monitored remotely through a patient profile’s on MedMonitor’s website. The subscription comes with a dispense device that is filled for several weeks, depending on the number of dosages per day, optional Locking, refill trays, an optional Medical Alert that has a two-way voice channel with the medical alert professionals, and an interactive screen that can be personalized. Additionally, the subscription comes with access to a secure website, where users and caregivers can easily program their unit’s medication schedule remotely, set up preferred notifications and review reports.
MediBox – direct competitor
MediBox is a privately held business that developed a medication dispenser designed for people who have a hard time remembering to take their medicine. It reminds patients to take their medications, automatically dispenses a 90-day supply of up to 16 different medications, and sends messages to family and caregivers if they miss a dose. The MediBox is easy to setup, provides refill alerts and fast refills, provides a picture of the pills for each dose given, has a tilt sensor alerts for possible tampering or incorrect dosing/spillage, is lockable, and is the only medication dispenser tested to significantly improve adherence in an FDA approved clinical trial.
Competitive Advantage
[Company Name] has several competitive advantages over competitors, listed as follows:
- Founders have experience and in-depth understanding of the target markets, as well as direct contact with over 200 decision-makers in this industry
- Founders have several years of experience in sales and marketing of medical devices throughout the U.S.
- Patented and trademarked medical devices will increase value of the corporation
