Market Strategy

Looking at the current devices in the market, there is no singular product that is perfect. Many devices provide different modalities of light for different types of application as well as an easy user interface for simplified use. However, in the case of radiation dermatitis, different light modalities aren't necessary as only red light (635 nm) has been shown to be a potential treatment for the condition. Another drawback noticeable with many of the devices was the specified area of use, meaning that they could only be applied to specific regions of the body. With our proposed device, we focus on radiation dermatitis (meaning one light modality) through the approach similar to that of a bandaid. With this, our device is flexible (allowing for use in any area of the body), easy-to-use, and directly applied to the skin to ensure that adequate levels of light are able to penetrate the tissue. Also, adding a disposable layer provides even more incentive in the hospital setting due to the decreased risk of contamination between patients.Many of the devices currently in the market are expensive, with their price not being reflective of their performance. With our device, the LuminaEX light patch, the most expensive component will be the battery, with an estimated cost of about 50 dollars. However, once the battery is purchased, the upkeep of the device will be inexpensive due to the patient only having to purchase the disposable adhesive layer to keep the device functioning.

As described, profits will be acquired mainly through the adhesive layer, which will be disposable. This is similar to the business model of razor blades, in which a certain component of a device is designed to be disposable, requiring the repurchase of that component in order to maintain the functionality of the product. This will ensure that the device will provide a sustained source of income for the company while keeping customers satisfied with their product.Prior to this, funding will be acquired through means of business competitions. There are several business competitions that provide a platform for our team to promote our device while granting us the opportunity to potentially secure funding to be used for means such as distribution and further research and design of the device.