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Virtual Patient Ltd.
Final exam in internal medicine utilizing VP System at the Faculty of Medicine, Technion (Israel Institute of
Technology) July 2014
Page 1 Virtual Patient Ltd. Confidential March 2015
Introducing Virtual Patient
Virtual Patient Ltd. has developed a unique system- the VP System- which is an interactive software designed to provide a complete E-Learning and E-Assessment environment for any Medical Education Institution.
VP System simulates interactively routine dialogues between doctors and patients, based on written interface and natural language recognition.VP System is the only product in the market offering med students to acquire clinical reasoning,decision making skills and complete patient management.
The VP System has been utilized by The Technion- Israel Institute of Technology, for training and assessment of more than 1,000 med students over the last 9 years.
The VP system serves as the standard learning and testing facility of the Internal Medicinedepartment at the Ruth and Bruce Rappaport Faculty of Medicine, Technion.
www.technion.ac.il/en
Page 2 Virtual Patient Ltd. Confidential March 2015
md.technion.ac.il
Introducing Virtual Patient
The Company was recently founded in order to commercialize this solution globally.
The VP System has substantial potential to be utilized in other domains, both medical related andnon medical related, offering an effective E- Learning and E-Assessment tool.
Potential domains include: home security, military, corporate training, aviation & automobile industries, human resources screening, etc.
Creating gold standard for
medical education
Improving the cost
efficiency of medical
education
Expanding the
accessibility of medical education
Decreasing the health
services gap between
developed and
undeveloped countries
We envision that the extensive usage of VP System will result in
producing more physicians and other medical staff faster, more efficiently, at
lower cost, maintaining high quality of medical
standard
Page 3 Virtual Patient Ltd. Confidential March 2015
The needRegular written exams test only theoretical knowledge, which is insufficient for medical studies of doctors and other related professions. There is a need for a system that will simulate complete patient management, as interactions with real patients are very limited.
The current practiceThe most common modes of examination are pen & paper multiple choiceexams, oral exams and Objective Structured Clinical Examinations (OSCE). Pen & Paper multiple choice exams evaluate mainly knowledge. Oral exams have low reliability. To improve reliability, each student has to be evaluated by several experienced, independent examiners, rendering this mode of examination impractical. OSCE are complex and costly. They are based on simulation of patients by actors and therefore require massive resources and may lack some of the patient management stages. Other disadvantages include complicated logistics and biased scoring.
Pen & Paper and
Oral exams
OSCE
VPSystem
Page 4 Virtual Patient Ltd. Confidential March 2015
VP System is a web based tool which allows students to train at their own time from anywhere. Based on linguistic patterns, keywords and AI (artificial intelligence) algorithms, the VP system enables the user to "talk" to the virtual patient in plain language and responds to the user's questions in the same manner. The goal of the user is to ask a series of relevant questions in order to reach his diagnosis. The VP System is comprised of separate modules, which enable to add easily infinite data cases of anydomain in any language. During the first 3 years, the VP System was performed in the Technion parallel with traditional OSCE method and was proven to have high statistical reliability. The VP System allows complete simulation of patient management including anamnesis, physical examination, imaging, laboratory testing and treatment for a wide variety of medical cases At training mode, students may receive feedback and mentoring on performed activities At exam mode the user is assigned a pre-determined selection of cases, which change when the assigned time for each case expires.
The product
AAffordable
AAdvantageous
AAccessible
Page 5 Virtual Patient Ltd. Confidential March 2015
Cost HighLow
VP System vs. current exam methods
VP System offers a comprehensive
solution reflecting the best value in terms of both
quality and cost
Page 6 Virtual Patient Ltd. Confidential March 2015
VPSystem
OSCEexams
Pen & Oral
paper exams
exams
Competition
Page 7 Virtual Patient Ltd. Confidential March 2015
CriteriaVirtual Patient
TheraSim
Medizinische Fakultät
Heidelberg CAMPUS
Med U (CASUS)
Virtual Patients Group
Web based platform
OSCE compatibility
Real-life dynamic case scenario
Complete independent patient management
Medical reasoning/competence /professionalism
Free form language conversation based
Multiple choice scenarios
Self-exercise / training mode
E-assessment mode
Competition cont.
VP System is the only
product in the market offering
a full comprehensive
solutionPage 8 Virtual Patient Ltd. Confidential March 2015
CriteriaVirtualPatient TheraSim
Medizinische Fakultät
Heidelberg CAMPUS
Med U(CASUS)
Virtual Patients Group
Statistical analysis of examination results
Creation of case studies byuser
Multilingual adaptability Partial Partial
Proven experience in academic environment
Platform adaptability to other educational fields
GUI
Basic(Advanced GUI
under development)
Good Basic Basic 3D/mannequin
The market
periodrepresenting a CAGR of 23% forthe 2012-2017.► Large and affirmedcompanies (suchas the
Global
E-Learning is a multi-billion market with significant growth forecasts
► The global E-Learning expenditure was valued by IBIS Capital in 2012 at $91 billion.► K-12 and post-secondary (higher education or HE) are two key sectors of the educational market and they regularly attract a great deal of attention from both private companies and governmental institutions.► E-Learning market will show fast and significant growth over the next three years. Ibis forecast that the total E- Learning expenditure will reach $256 billion in 2017,
Source: Docebo 2014
5000) are the primary buyers of E-Learning products and services. They account for more than 30% of the E-Learning Market clientele.► The market is highly decentralized in both sides- buyers and providers, which reflects an opportunity for new players to enter the market. 40% of the E-Learning providers entered the market after 2009 while the Top 5 companies comprise of less than 4% of the market.
Source: IBIS 2014
Page 9 Virtual Patient Ltd. Confidential March 2015
The market
World med schools: approx. 2,400
Spain 37
India 355
China 179
2014
25.0
20.0
15.0
10.0
5.0
0.0
Page 10 Virtual Patient Ltd. Confidential March 2015
Source: International Medical Education Directory (IMED)
Medical graduates per 100 000 population
Source: OECD Health Data 2011
World med schools and graduatesWorld medical schools at target countries
Russia 68
UK 47
France 53
USA 170
Strategy and Milestones
Continuous operation, expanding case database and variety, customers in 580 overseas institutions and initial penetration into dentistry.
Continuous operation, expanding case database and variety, customers in 1,480 overseas institutions. Initial penetration into pharmacology and veterinary.
Increased marketing with target of 235 customers in overseas institutions. Completion of the remaining development and expansion of case database in all fields. Development of new cases applicable for medical internship programs.
Increased marketing efforts, including primary publications in professional journals, in order to reach customers in 25 institutions abroad. Initial penetration into nursing and paramedicine fields. Development of mobile and expansion patches and features + software DB + translation to 4 additional languages.
Further system development (incl. GUI, adding cases to existing 200 cases in internal medicine, complete translation to English, development of surgery, pediatrics and gynecology). Marketing- first customers in 3 institutions. Efforts will also be focused on conferences and creating initial awareness..
Year 1
Year 2
Year 3
Year 4
Year 5
Page 11 Virtual Patient Ltd. Confidential March 2015
Model Assumptions
R&D: Case preparation for various medical and educational fields, improved GUI and mobile platform development.
M&S: Establishment of global marketing activities and sales.
G&A: Setting theoperations and customer
support globally.
Model assumptions
The financial model is based on assimilating the Company's proven platform into multiple medical schools, both in high-income and middle to low- income countries.
Significant growth is also based on further transformation of VP System into more educational fields, including dentistry, Nursing, Pharmacology, Paramedicine and Veterinary.
Revenue assumptions are based on penetration to a few leading institutions in the first two years, followed by fast adoption onward.
To date, Virtual Patient has developed a working software product that has been successfully implemented in The Technion- Israel Institute of Technology.
Projected headcount
Client forecastFunding Uses
Page 12 Virtual Patient Ltd. Confidential March 2015
Employees Y1 Y2 Y3 Y4 Y5CEO 1 1 1 1 1
COO 1 1 1 1 1CTO 1 1 1 1 1CMO (Chief Medical Officer) 0 1 1 1 1CFO 0 1 1 1 1MD professional 1 2 3 3 3Graphic Designer 1 2 2 2 2SW Developer 2 2 3 3 3Data Developer (MDBA) 2 2 2 2 2Account manager: pre sale 1 3 10 23 64Account manager: post saleAdministration staff
Total
01
11
02
18
63
34
164
58
429
130
Clients Y1 Y2 Y3 Y4 Y5Medical Institutions 3 15 75 150 200Medical Institutions Market Share 0.1% 0.6% 3.2% 6.3% 8.4%Other medical related institutions 0 10 160 430 1,280Total Institutions 3 25 235 580 1,480
Financial ForecastP&L 5 year forecast
Funding requirement for 3 years of
operation:$12m (incl.
$1mreserve,
assuming no sales)
Page 13 Virtual Patient Ltd. Confidential March 2015
Currency: $000 FY1 FY2 FY3 FY4 FY5
Total revenues 77 1,317 10,176 27,868 57,228
Cost of Sales 376 875 1,694 2,870 6,192
Gross profit (loss) (299) 442 8,482 24,998 51,036
Sales and Marketing 186 392 1,196 2,537 6,366Research and Development 796 1,128 1,366 1,386 1,406General and Administrative 423 908 1,621 2,016 2,897
Total Cost (1,780) (3,303) (5,877) (8,808) (16,861)
Operational profit (loss) (1,703) (1,986) 4,299 19,060 40,367
Cumulative profit (1,703) (3,689) 611 19,670 60,037
The managementDr. Adam BaruchCo-founder
► IT specialist with 40 years of experience, including academic and teaching background.► Extensive experience in leading and managing ITdevelopment projects and development
teams.► Experience as a senior programmer and computing manager in leading companies such as Paz Oil Co. Ltd., Israeli Oil Refineries and M.L.L. Systems Ltd.► Adam has been leading the development and implementation of the VP System since its inception.
Professor Arie OlivenCo-founder
► Director, Department of Internal Medicine, Bnai Zion MedicalCenter in Haifa.► Chairman of Internal Medicine and of the Examination Committee at the Ruth and Bruce Rappaport Faculty of Medicine, Technion (Israel Institute of Science and Technology), Haifa.► M.D., specialist in internal medicine and lung diseases.► Involved in all departmental teaching of medical students since 1975.► Developed all existing medical cases of the VP System.
Mr. Daniel FatelevichCo-founder
► IT system developer with extensive experience in the field and a specialist in Data Base development.► Vast experience as programmer since 1980. Among other projects, Daniel developed the first Argentinian data base in CD-Rom in 1991 and library system for PC in 1993.► Mr. Fatelevich has been leading the development and implementation of the VP System since its inception.
Point of contact
Ms. Hani Hoffman Business developmentWeb: www.virtual–patient.com Email: [email protected] Mobile: +972 50 3001848
Page 14 Virtual Patient Ltd. Confidential March 2015