Table Colombia Challenge
| UserId | 255 |
|---|---|
| Business Name | DOCDOC |
| Application Date | 10/07/2019 |
| Website | https://www.doc-doc.com |
| Location Headquarters | TV 2 ESTE #78-41 BOGOTÁ, BOGOTÁ 110221 Colombia Map It |
| Legal Status | Incorporated |
| Core Team Languages |
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| Contact Name | Laura Gutierrez |
| Email Address | Email hidden; Javascript is required. |
| Phone Number | 3147799971 |
| Problem: Describe the problem you solve. | The health system is broken. Can you imagine having to wait 1 month to see a general doctor? Or have to wait up to 6 months to receive your payment? Well, this is the reality of patients and doctors in the current health system where emergency rooms have over-congestion of up to 4 times the capacity. This sounds crazy considering 85% of medical consultations could be done remotely (Cisco). |
| Solution: Describe your solution and product road map | Doc-Doc is a mobile app that connects patients instantly, affordably and from anywhere with a certified doctor via free chat and video consultation. In every medical assessment, we fuel our Knowledge Base and we aim to increase the accuracy of our doctor's diagnoses and guide the patient to the right care with the power of machine learning. In the second phase, we envision an ecosystem of other digital health services inside the app — whether it’s consumer genetics, mental health or home lab tests — but we aren’t going to build all those things ourselves. Doc-Doc is the hub that draws data inputs from all of those other sources together and makes sense of it. We are building a critical mass of users and providers, to launch the subscription model. Patients will pay monthly for “doc-doc prime” to get unlimited access to chat/video with general doctors, nutritionist, phycologist and meditations and get special prices on pharmacy items, Home Medical Devices, health exams and faster appointments for treatments with specialists or surgeries. |
| Market opportunity: Describe the opportunity. Include global market size, trends and risks. | The digital health wave is here and is expanding at a CAGR of 27.7% expecting to reach USD 509.2 billion by 2025 (Grand View Research, Inc.). If we reach 450K monthly subscribers paying around $USD 20 per month we would have annual recurring revenue of more than 100M dollars in 5 years, capturing 2% of the addressable mHealth market in Latam of 5 billion. |
| Competitive Advantages: Describe your top competitors in Colombia and globally. Remember that there are direct and indirect competitors, so include both if relevant. Enumerate and explain your main competitive advantages. Include IP protection. | (1) Only 6 Traditional Health Providers (EPS) control the medical oligopoly, covering 80% of users in Colombia and similarly throughout Latin America.
(2) Local HealthTech solutions: 1DOC3, MiDoctor, Care24, HolaDoctor, Sitidoc. Some local companies in Latam have fragmented solutions. Users still have to jump between providers to receive treatment, the health data is still decentralized and Ai is not been used for helping doctors make more accurate decisions in real time. 3) International HealthTech solutions: Doctors on demand (US), American Well (US), Teladoc (US), TytoCare (Israel), Ada (EU), Healthtap (US), Knok, etc. Only about 1% of the market potential in U.S. telemedicine is filled (According to Digital Health investments) so international solutions like Ping an Good Doctor (Unicorn in China), ZocDoc (Unicorn in the US) and Babylon Health (Unicorn in Europe) will focus on higher market penetration in their home turf before thinking in Latin America.
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| Market fit: Describe how much your solution has been validated by potential customers and provide references that have tried or reviewed your solution. | We launched the apps (iOs, Android) 3 months ago and we already made:
We have a clear path to ramp up users via social media, and we are bringing those in groups so we can very closely monitor the platform’s satisfaction. Now, believe we’re in a strong position to push aggressively for growth. |
| Strategy and plans: Explain your business model and go-to-market strategy. Include partnerships you are considering and your key performance indicators. | The business model is very simple. The patient downloads the app, registers and uses the chat for free to solve health questions and pays for the additional services he uses, $6 USD COP for the video orientation; doc-doc charges a commission of 30% for the use of the software while collecting data to feed the neural network that improves the diagnostics.
Doctors, Supply-Side growth : (1) We got our first 20 doctors with Laura’s connections from college and work. Patients, Demand-Side Growth: |
| Team: Describe your main team and ownership. Include brief bio of team members. | Laura Gutierrez, Chief Medical Officer (30%) Schools FUCS*, Hand Surgery Fellowship, 2019 *Fundación Universitaria de Ciencias de la Salud Medical specialist; her father (Doctor) took her to surgeries since childhood; 10 years studying medicine; the first orthopedic student in FUCS (University) awarded with a scholarship since the initial semester of specialization due to academic excellence. Jobs Clínica VIP, Orthopedic Hand Surgery, 2019 Sergio Rojas, CTO (10%) Jobs Sergio - Biomedical Engineer; learn to code by himself; experience as Lead Developer in a Healthtech Startup (Farmatodo); experience building wireless medical devices, key component for telehealth. David Ramirez, Head of Ai (10%) David - Computer Vision Engineer; Learned Deep Learning by himself; Developed a Computer Vision App to help guide blind people recognizing obstacles in real-time; Created an app with Ai for detecting cancer in biopsies; Founded the Data Science department in a Tech Startup (Mensajeros Urbanos). Gabriel Castillo Szpoganicz, CEO (50%) Universidad de los Andes - Design 2016, Jobs Grew up in a family of entrepreneurs; Tech startups since age 18; Designer and Business Administrator; In college started profitable Sofware Studio leading a team of 20 engineers and designers. |
| Financials and Capital needs: Provide 3 years projections. Describe main milestones to be reached. | We have two initial stages for the product, (1) Video/chat and (2) Ai Symptom checker. In less than 3 months and using $20K USD we developed the apps for video-chatting with a doctor; we already launched them and are up and running. For the Ai symptom checker, we need 2-3 months and $250K USD to develop a version where doc-doc automatically starts asking questions via chat to collect data and guide the patient to the right care. |
| Do you believe your business has an impact on your community? If so, how? This could mean an impact on your employees and their families, the people receiving your services, or the city/region overall by providing a service for the environment, health, or resilience, for example | Sure! Improving lives of millions of people who will have instant and free access to healthcare. Laura has lived through personal experience the burnout of the health system which leads doctors to have twice the risk of suicide compared to the general population. We are transforming their lives doubling the income per hour and choosing their own schedule. |
| EntrepreneurId | 1061 |
| ProjectName | DOCDOC |
| Status | Enviada a los examinadores |