There is an increasing need for a low cost, comprehensive treatment of diabetic ulcerations, which cannot be treated using normal wound treatments such as bandaging. Enter — Milind Choudhari from WeInnovate Biosolutions.
Global market reports suggest that 415 million people are living with diabetes in the world, which is estimated to be 1 in 11 of the world’s adult population. The figure is expected to rise to 642 million people living with diabetes worldwide by 2040. Inven Trust presents the journey of an innovator who is tackling this challenge head on.
WeInnovate is addressing this gap by proposing a novel formulation which can be used in gel form or with wound closure materials (such as bandages and sutures) for rapid wound healing. Their formulation is inorganic in nature, which means that the problem of antibiotic resistance is circumvented. They provide better and cost effective products that has the potential to replace existing conventional products in a growing market worldwide worth 7.7 billion US$.
Do we really Need this Solution?
The Innovator claims their solution will reduce the treatment time and save amputation which will increase the work time and productivity of DFU patients. Since it does not require repetitive medical interventions, it will save cost of hospitalisation, which is a huge economical and emotional stress to patients and their families. An entire family is impacted if the foot of earning person is amputated. The whole DFU sector is at a juncture where there is a great need of differentiating efforts.
What about the Challenges?
The biggest challenge is problem identification, says WeInnovate. There is an urgent need to translate research to real products with proven clinical efficacy. Even with increased incidences there is not much initiative seen in the translation. There has been only a handful of companies working in this area. This is also affecting the investor’s interest.
Innovation is disrupting businesses at a faster rate than before. What is your advice to those who don’t want to perish?
Today, our understanding about why technologies fail and what are the checkpoints to look is much clearer than ever so the rate of failure in innovation has been reduced significantly. In other words, we can “Fail fast to grow faster”. Moreover, the stakes in this process are higher but the anticipated gains are also in multiples. At the same time, the funding ecosystem is also adapting to investing in high risk ventures. So, overall, I would suggest Innovators to first, de-risk their innovation with existing resources as much as they can and then jump in to it full force. There is help available.
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