as at 31 March 2019:
- 79,649 registered users primarily in the UK, as well as Australia, US, South Africa and Malta
- User growth of 38% in the 6 months to 31 March 2019
- Used by healthcare professionals in 724 healthcare institutions
- Amongst registered users 45% NHS hospital doctors and 14% of all NHS healthcare professionals
- Over 6.3m extensions looked up
- Over 1.3m calls made from the app
- Viewed more than 40,654 guidelines
- Healthcare demand is growing – Demand is going up driven by a combination of ageing population, technology and patient expectations.
But spending is tight– Spending is already high as a percentage of GDP so there is little room for further investment.
Technology is part of the solution– Health systems are looking to capitalise on technological advancements to make their offerings sustainable and fit-for-purpose.
- But current solutions are poor – Previous innovations have simply seen a combination of point solutions and stone age technologies in top down projects with little user buy-in.
|Strong foundations provide platform for growth|
- Strong organic user base growth – Over 79,640 registered users, primarily in the UK. Based on the most recently published NHS data 45% of NHS hospital doctors and 14% of all UK healthcare professionals use the Induction Switch app.
- Established user base – Induction Switch is used in 584 UK healthcare institutions.
- International reach – Outside of the UK, Induction Switch has over 4,900 users, located primarily in the USA, South Africa, Malta and Australia.
- Engaged user base – Over c. 6.3 million directory look-ups, c.1.3 million calls and 40,654 guidelines looks over the last year.
|Fragmented, large market|
- Fragmented market – The global healthcare tech market is largely fragmented with lots of local point solutions.
- Fast-growing and large market – The estimated global spend on healthcare technology in 2015 was $125bn and this is forecast to grow to $297bn by 2022, a compound annual growth rate of 13.2%.
- Buy and build – Opportunities to buy and build new modules for the core platform to drive revenue synergies, margin expansion and market share.
- International opportunity – There are a number of other foreign markets which have favourable funding and infrastructure landscapes for Induction Switch.
|Scalable, well-invested platform|
- Security – Secure platform compliant with GDPR and regulation on the handling of patient data.
- Purpose-built functionality - Similar features to the messaging apps used by the general public but with further healthcare-oriented functionality.
- Ready for expansion – Induction Switch technology has been designed to transfer easily into multiple geographies and languages, allowing for simple international expansion.
|Management track record|
- Experience in healthcare and technology – Mix of doctors, technology and finance professionals with extensive experience in the healthcare and technology sectors.
- Proven track record – The team is behind the success of DrugDev – a disruptive innovator in clinical trial technology used by 90% of the world’s top pharmaceutical companies – which, like Induction Switch, is also used by a vast network of healthcare professionals.
|Freemium revenue model|
- Built for growth – Freemium revenue model is tailored to drive healthcare adoption with a user-centric approach that will encourage bottom-up advocacy.
- Integrated solution – The model has scope to expand to create an end-to-end solution for healthcare professionals.
Last updated on 29 July 2019