For ophthalmologists and optometrists – OcuMedic’s solution delivers more efficacious eye therapy including increased patient compliance with drug regimen, optimal dosage, increased drug availability to the eye, prolonged drug activity, reduced body absorption, side effects, and toxicity – all leading to better outcomes reducing overall health care costs. Better outcomes also avoid additional patient visits, which is a cost to the provider.
OcuMedic has interviewed many ophthalmologists, optometrists, and key opinion leaders (“KOL(s)”) about their technology and interacted with them at international/national technical meetings and as they have presented their scientific results. Providers are very excited by OcuMedic’s progress and many ask when the products will be available. For example, one KOL wrote to OcuMedic saying “As a practitioner in a large OD/MD group with a high ocular disease concentration, I am very excited about the possibilities of your work. Compliance with patients is a huge problem. Sustained release in contacts has been talked about since I was in school in the mid 1980’s but never the ability to control release for longer durations than eye drops. If drugs could be embedded in a silicone hydrogel contact and worn for multiple days, I feel much of the problems we see could be eliminated. Another problem we run into is post-op elderly patients having trouble putting their drops in.”
Ophthalmologists and optometrists will also be able to sell new products from their practices with higher margins as they will be able to prescribe and sell drug releasing lenses and be reimbursed as reimbursement codes exist.
For patients – OcuMedic’s solution delivers patient medication more effectively and conveniently eliminating multiple daily eye drops leading to less complications. Once the lens is placed on the eye, patients don’t have to worry about taking their medication or plan to take drops or stop their daily activity to administer drops. Also, in many cases, especially after corneal surgery or corneal abrasion, a lens can also decrease the pain associated with blinking by shielding the cornea.
For contact lens manufacturers – OcuMedic’s solution leads to opportunities to license our technology and apply it to existing and new contact lens products thus extending their product lines to higher gross margin products typical in pharmaceuticals. OcuMedic also has technology that increases the comfort of contact lenses by releasing various comfort agents, which is the number one reason why contact lens users stop wearing lenses and the biggest problem facing contact lens manufacturers today, “patient drop-out!“ OcuMedic’s solution has relevant applications to improving contact lens wear comfort (i.e., eliminate dry eyes through extended release of comfort agents). Also, several contact lens manufacturers are subsidiaries of large pharmaceutical companies; therefore, opportunities exist to address additional consumer needs (e.g., corrective lenses and allergy) in an integrated solution with the potential for extended intellectual property coverage.
For pharmaceutical companies – OcuMedic’s solution leads to opportunities to license resident technology and then combine it with pharmaceutical companies existing and/or new drugs to create and patent a new drug delivery system. Pharmaceutical companies will be able to protect/extend their patent rights on existing drugs close to patent expiration through OcuMedic’s drug delivery system.
For payers and Insurance companies they want therapeutic products that deliver a measurable reduction in health care costs. OcuMedic plans to structure its clinical trials so the economics of shorter recovery times and/or a reduction for the risk of complications are measurable. Certain high risk surgical patients undergoing cataract surgery with existing conditions, i.e., diabetic retinopathy epiretinal membranes, history of retinal vein occlusion, macular degeneration may be observed for quicker and more controlled recovery.