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 Medicine
department at the Ruth and Bruce Rappaport Faculty of Medicine, Technion.
md.technion.ac.il
www.technion.ac.il/en
Page 2
Virtual Patient Ltd.
Confidential
March 2015
Introducing Virtual Patient
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
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
undevelope
d countries
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 and
non 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.
Page 3
Virtual Patient Ltd.
Confidential
March 2015
The need
Regular 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 practice
The most common modes of examination are pen & paper multiple choice
exams, 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.
Page 4
Virtual Patient Ltd.
Confidential
VP
System
OSCE
Pen &
Paper and
Oral exams
March 2015
The product
 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 any
domain 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.
Page 5
A
A
A
Advantageous
Affordable
Accessible
Virtual Patient Ltd.
Confidential
March 2015
VP
System
(validity and reliability)
OSCE
exams
Low
Quality
High
VP System vs. current exam methods
Pen &
paper
exams
Oral
exams
Low
High
Cost
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
Competition
Virtual Patient
Criteria
TheraSim
Medizinische
Fakultät
Med U
Heidelberg (CASUS)
CAMPUS
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





Page 7
Virtual Patient Ltd.
Confidential
March 2015
Competition cont.
Virtual
Patient
Criteria
TheraSim
Medizinische
Fakultät
Med U
Heidelberg (CASUS)
CAMPUS
Virtual
Patients
Group
Statistical analysis of
examination results





Creation of case studies by
user





Multilingual adaptability


Partial

Proven experience in academic
environment





Platform adaptability to other
educational fields





Partial
Basic
(Advanced GUI
under
development)
GUI
Page 8
Virtual Patient Ltd.
Good
Confidential
Basic
VP System is
the only
product in the
market offering
a full
comprehensive
solution
Basic
3D
/mannequin
March 2015
The market
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,
representing a CAGR of 23% for the period
2012-2017.
Source: Docebo 2014
Global
► Large
and affirmed
companies
5000) are the(such
primary buyers
as the 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
World med schools and graduates
The market
World medical schools at target countries
Russia 68
UK 47
France 53
USA 170
Spain 37
World med
schools:
approx.
2,400
China 179
India 355
Source: International Medical Education Directory (IMED)
2014
Medical graduates per 100 000 population
25.0
20.0
15.0
10.0
5.0
Austria
Denmark
Ireland
Netherlands
Greece
Czech Republic
Iceland
Portugal
Mexico
Australia
Germany
United Kingdom
Finland
Hungary
Norway
Italy
OECD
Belgium
Slovenia
Switzerland
Estonia
Spain
Poland
Sweden
Slovak Republic
Korea
New Zealand
Canada
Turkey
United States
Chile
France
Japan
Israel
0.0
Source: OECD Health Data 2011
Page 10
Virtual Patient Ltd.
Confidential
March 2015
Strategy and Milestones
Page 11
Year 1
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 2
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.
Year 3
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.
Year 4
Continuous operation, expanding case database and variety, customers in 580
overseas institutions and initial penetration into dentistry.
Year 5
Continuous operation, expanding case database and variety, customers in 1,480 overseas
institutions. Initial penetration into pharmacology and veterinary.
Virtual Patient Ltd.
Confidential
March 2015
Model Assumptions
Model assumptions
Projected headcount
 The
financial model is based on assimilating the
Company's proven platform into multiple medical
schools, both in high-income and middle to lowincome 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.
Funding Uses
Y1
Y2
Y3
Y4
Y5
CEO
1
1
1
1
1
COO
CTO
CMO (Chief Medical Officer)
CFO
MD professional
Graphic Designer
SW Developer
Data Developer (MDBA)
Account manager: pre sale
Account manager: post sale
Administration staff
1
1
0
0
1
1
2
2
1
0
1
1
1
1
1
2
2
2
2
3
0
2
1
1
1
1
3
2
3
2
10
6
3
1
1
1
1
3
2
3
2
23
16
4
1
1
1
1
3
2
3
2
64
42
9
11
18
34
58
130
Y1
3
0.1%
0
3
Y2
Y3
75
3.2%
160
235
Y4
150
6.3%
430
580
Y5
Total
Client forecast
 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
the
operations
and
customer
support globally.
Page 12
Employees
Virtual Patient Ltd.
Clients
Medical Institutions
Medical Institutions Market Share
Other medical related institutions
Total Institutions
Confidential
15
0.6%
10
25
March 2015
200
8.4%
1,280
1,480
Financial Forecast
P&L 5 year forecast
Currency: $000
FY1
Total revenues
77
Cost of Sales
376
Gross profit (loss)
Sales and Marketing
Research and Development
General and Administrative
(299)
186
796
423
FY2
FY3
FY4
FY5
1,317
10,176
27,868
57,228
875
1,694
2,870
6,192
442
8,482
24,998
51,036
392
1,128
908
1,196
1,366
1,621
2,537
1,386
2,016
6,366
1,406
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
Page 13
Virtual Patient Ltd.
Confidential
March 2015
Funding
requirement
for 3 years of
operation:
$12m (incl.
$1m
reserve,
assuming no
sales)
The management
Professor Arie Oliven
Dr. Adam Baruch
Co-founder
Co-founder
Director, Department of Internal Medicine,
Bnai Zion Medical
Center 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 Fatelevich
Co-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
Patient
Ltd.for PC in 1993.
1991 andVirtual
library
system
► Mr. Fatelevich has been leading the
►
Page 14
IT specialist with 40 years of
experience, including academic and
teaching background.
► Extensive experience in leading and
managing IT
development 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
Point ofdevelopment
contact and implementation of the
VP System since its inception.
Ms. Hani Hoffman Business
development
Web: www.virtual–patient.com
Email: [email protected]
Mobile: +972 50 3001848
►
Confidential
March 2015
Descargar

Title (Arial bold 30 point)