Concept and Vision
The daily life of the older people under medication is timely consideration for their medicines. The majority of the aged people have to take medication regularly, and due to their age, timekeeping has been a problem. Failure to keep time has made it impossible for older people to follow up on their medication on time. The scheduled time for any medication should be followed by the patient regardless of their age. For the case of aged people, it has been a challenge to adhere to their medication’s timed schedule. Mostly, it has been noticed that most of the older people have been skipping medication as scheduled due to their age factor. As they get older, some of these older people develop memory loss, and forgetting becomes a challenge.
Moreover, it is difficult for these older people to follow their medical schedule daily without being reminded. Therefore, there is a need to develop an innovative technology that will help them take medication on time. The most effective technology for solving this challenge is the use of a medical watch. The medical watch would help solve the issue of aged people forgetting about their medication schedule (Medical alert system., n.d.). The watch would use artificial intelligence technology that automatically reminds the older people about their medication. The activity will make the older people unable to forget their medication as scheduled by doctor. The requirement in this watch is for the clients to key in their schedule, the name, and medicine dozes for their daily activity. Like the telehealth technology, the watch will have the ability to get doctor’s directives over time.
Brief Market Analysis
In this scenario, the medical watch technology is related to manufacturing smartwatches for medical use in China. China has continuously advanced its technology in the healthcare department through the application of artificial intelligence systems. China has been offering its technological innovation to the next level, capable of manufacturing medical watches. This company will therefore develop medical watches after the idea is made. The market for the medical watch has been increasing in China, with most of its clients being aged people.
Brief Customers and Customer Development
The medical watch product will attract customers from different places, especially aged people. Older people are more targeted in this technological product development due to their challenges. Considering the report that older people have forgotten about the majority of their medication schedule, the older people forget to take their medicines on time and thus affecting their health. The medical watch product will make these older people take their medication on time and regularly as scheduled by their doctors. Most of these patients take medicines daily according to the doctor’s advice, which makes them risk their lives after forgetting.
Some health challenges requiring the patients to take medication daily include diabetes, heart disease, and stroke. Failure to handle these types of drugs daily makes older people risk death. Therefore, the target customer in this product development is more senior people. The medical watch would ensure that the aged people follow their medication well without any challenges. The older people, in this case as clients, will get reminded about their medication (Tun, Madanian, & Mirza, 2021). The watch will alarm the patient by articulating their name, the required medicine, doses, and where it is stored. The identification of customer requirements was made through interviews. The primary reason for the demand for medical watches is that older people forget much about their medical schedules.
The challenge of older people forgetting their medication might lead to severe health risks in their life. Notably, with this problem, clients need to be alert and take medicines even when alone (Lu et al., 2016). Not all time that caregivers will be present to help older people take their medications. The medical watch will provide essential support to older adults. The current technology has only provided the interaction between the nurse and the patient. However, the implementation of this technology would help eradicate challenges of medical dosage failure by older people.
Taking the medication on time had not found a solution in the past. Therefore, the medical watch made using artificial intelligence technology will help curb the past challenges for the aged. The aged people will have the ability to follow their dosage on time after providing the medical watch (Howell et al., 2017). The main targeted client informing this product are the older adults. Notably, most of these older people viewed hospitals and home care facilities where face interviews were done. The impression of medical watch is mainly made for the aged people taking medicines in the society.
Business Model
The business model is necessary after finding the demands that medical watches might have in the community. The development of business models is vital in ensuring that required information and resources are gathered. The essence of developing this model is to help get the required outcome out of the business plan. The planned business, in this case, is medical watch for the patients.
Team
For the medical watch business to work effectively, there is a need for expert workers who will support implementation. The present team in this business consists of experienced workers in artificial intelligence technology to execute patient service requirements. The business has incorporated different members to make it successful after execution. These business idea members include manufacturers, marketers, information technology experts, accounting teams, and support. The manufacturers in this business would be capable of incorporating machine learning and engineering to make an effective medical watch product.
The business would consider some people with similar projects who utilize artificial intelligence technology. Secondly, the information technology experts will have the ability to carry out the configuration of alarms, screens, storage, and all other medical watch parts. The marketing team also can promote the business through the social media, TVs, and other channels of communication. The accounting team also consists of excellent financial analysts for enabling the management of capital. The team is fully supported by a support team that ensures that all activities are carried out well. The support team will provide the older people with support on any question regarding the operability of medical watches. The support team is skilled in both the technological and mechanical bits of the product.
Financial Analysis
7. Future Action Plan
The current business’s future will consider expanding the medical watch business sales to the older people in the community using medication. The demand increase will preferably improve the future gains of the company. For the future to be bright, the organization will require some strategies for expansion. One of the opportunities for enabling the end of the business is increasing the financial aid for the company. Secondly, improving promotional activities for reaching a higher number of customers is essential in future goals achievement. For instance, employment of social media platforms like Instagram, Twitter, and Facebook for marketing. The expansion of the company in future will depend on the required service delivery to the target customers.
References
Tun, S. Y. Y., Madanian, S., & Mirza, F. (2021). Internet of things (IoT) applications for elderly care: a thoughtful review. Aging clinical and experimental research, 33(4), 855-867.
Medical alert system. (n.d). Best Medication Reminder Watches. Web.
Howell, E. H., Senapati, A., Hsich, E., & Gorodeski, E. Z. (2017). Medication self-management skills and cognitive impairment in older adults hospitalized for heart failure: A cross-sectional study. SAGE available medicine, 5, 2050312117700301.
Lu, T. C., Fu, C. M., Ma, M. H. M., Fang, C. C., & Turner, A. M. (2016). Healthcare applications of smart watches. Applied clinical informatics, 7(03), 850-869. Web.