Cornell iGEM has developed Collatrix, a novel biotechnology system that strives to help millions of people around the world who suffer from joint damage, particularly those in the elbow and knees. While current treatments prioritize temporary pain relief over direct wound healing, our product aims to repair joint injuries via bone-cartilage cell regeneration.
- Joint damage solutions
- Pain and inflammation relief
- Regain strength and range of motion
- Heals joint damage through tissue regeneration
- Restoration of joint tissue mitigates pain from damage
- Cost-effective and permanent solution
- Pain relief and the reduction of inflammation through the use of prescription painkillers and corticosteroids
- Strengthening of muscles through physical therapy
- Joint replacement surgery for severe cases of joint pain and loss of mobility
- Rather than simply taking medication for pain relief, Collatrix directly provides relief by healing joint damage through tissue regeneration
- Cost-effective and permanent method to healing joint damage compared to methods like joint replacement surgery, which is costly and risks rejection by the body
Once a doctor prescribes treatment of a patient’s joint damage by Collatrix, the process moves through various stakeholders before it finally reaches the patient in the form of hydrogels that specifically grow to the customer’s body and needs. Communication between the doctor prescribing the treatment and iGEM is especially important in ensuring that the hydrogels produced will adequately serve the patient.
The lean business canvas model provides an important representation for describing, visualizing, and assessing our team’s business model for Collatrix. The building blocks to our various value-creating activities are clearly outlined in our unique value proposition, solution, and customer relationships, and the means as to how we provide these services is explained in the surrounding boxes. Overally, the business canvas model demonstrates the rationale as to how Collatrix will create, deliver, and capture value for all its stakeholders.
In order to assess the viability of Collatrix it is important to address both its advantages and its limitations in the context of business competition as well as project planning. Strengths and weaknesses are internal to Collatrix itself, whereas opportunities and threats come from external sources. This analysis helps us understand the current strategic position of Collatrix and identify places where we can capitalize on its advantages and improve on its shortcomings.
To properly market Collatrix, it is imperative to understand the different groups that would be interested in the product as well as the ways the market is divided. Geographic and demographic differences relate to the physical positions and tangible differences in the population while psychographic and behavioral characteristics relate to how populations behave as people and consumers. These divisions will influence where we focus our attention and resources to bring Collatrix to real consumers.
Although Collatrix is a unique, first-of-its-kind solution to joint damage, our product faces significant competition from existing alternatives to the widespread problem. These alternatives range from medications and topical agents to injections and surgery. They are listed below Collatrix, our treatment, from least-invasive to most-invasive:
- Economic factors - In a period of economic recession, as recently experienced due to COVID-19, people may not have the financial means to pay for health insurance, which will negatively affect the demand for Collatrix. Collatrix may also not be covered by a patient’s insurance company, which would force them to pay out of pocket.
- Social factors - Some members of society may be worried about the safety of Collatrix similar to concerns about the COVID vaccine. Cornell iGEM must ensure adherence to proper testing and not rush the FDA approval timeline.
- Regulatory factors - Collatrix must first be approved as a treatment for joint damage by the FDA. Assuming approval is achieved, strict adherence to health standards and the relevant regulatory requirements must be maintained by all stakeholders in order to ensure the efficacy of our company and product.
- Competition - Joint damage is a widespread problem with lots of companies, both large and small, in the industry that have already established their presence and loyal following. It will initially be difficult for Collatrix to gain market share and rapport for its unique treatment of joint damage.
- Production - As the collagen that Collatrix produces is custom to each individual customer, employees must be trained so that they can competently operate the bioreactor to make the collagen in the correct manner. Moreover, because the collagen is custom-made, with increasing orders, concerns as to production capacity may arise.
- Supply chain - transportation of the collagen could require special conditions, which would slow down the supply chain. Developing a safe method of shipping Collatrix out would greatly benefit the efficiency of moving the product to the market.
- Finances - Collatrix may struggle to achieve the necessary funding to continue as an economic entity and carry out its regular operations. Our team must pursue opportunities to raise capital aggressively, be it from external investors, government-sponsored grants, and more.
- Human resources - While Cornell iGEM is still a small company, a human resources department would be costly. As a result, it may be difficult to manage employees’ interests. However, designating a sole administrator would help ease the transition as Cornell iGEM grows in number.
Porter’s Five Forces helps determine the degree of competition in the industry and where Collatrix stands relative to the current market. The bargaining power of buyers and suppliers indicate how much ability Cornell iGEM has to produce and sell in the supply chain. The threat of new suppliers and substitutes show the replaceability of Collatrix and how difficult it will be for other firms to compete. Finally, the competitive rivalry analyzes the current competition and how much market share Cornell iGEM can gain now.
