WeInnovate is Proposing a Novel Formulation for Rapid Wound Healing
Global market reports suggest that 415 million people are living with diabetes in the world, which is estimated to be 1 in 11 of the world’s adult population. The figure is expected to rise to 642 million people living with diabetes worldwide by 2040. Presenting to you the journey of an innovator who is tackling this challenge head on.
How did WeInnovate start? Tell us your journey how you started, what were the challenges and how you overcame them?
According to the World Health Organization, there will be 70 million diabetic patients in India by 2025. Therefore, there is an increasing need for a low cost, comprehensive treatment of diabetic ulcerations, which cannot be treated using normal wound treatments such as bandaging.
WeInnovate is trying to address this gap by proposing a novel formulation which can be used in gel form or with wound closure materials (such as bandages and sutures) for rapid wound healing. Our HEALRAP is a novel organic and inorganic nano-formulation that targets the root cause that makes a wound critical, helping restore blood, oxygen, and nutrition flow to the wound ensuring rapid healing. Another unique selling point of this formulation is that it is inorganic in nature, which means that the problem of antibiotic resistance is circumvented. We provide better and cost effective products that have potential to replace existing conventional products in a growing market worldwide worth 7.7 billion US$.
What are the challenges that prevent innovation in your business, today? How serious are these challenges?
The biggest challenge is problem identification. For example, in India, the official patient database is insufficiently documented or scattered. There has been a lot of research happening in this area and newer innovative solutions are available in literature. There is a great need to translate this research in to real products with proven clinical efficacy, so that there can be the potential new therapies in this area. Even, with increased incidences there is not great initiative seen in the translation. There has been only a handful of companies working in this area. This is also affecting the investor’s interest.
In such a case, government intervention remains a big turn over in opening the market. The Government’s intervention is inevitable to increase the awareness. Society shall be made aware about secondary complications in diabetes and its care. Subsidizing some of the treatments would also make them accessible to majority of population.
Can you tell us what kind of problems you are solving through your solution?
We have an emotional connect with ulcer patients. A majority of this population are working people and they need emotional and physical attention, always. If the earning person is amputated the existence of the whole family is at stake. Our solution will reduce the treatment time and save amputation which will increase the work time and productivity of DFU patients. Since our solution does not require repetitive medical interventions, it will save cost of hospitalisation, which is a huge economical and emotional stress to patients and their families.
Innovation is disrupting businesses at a faster rate than before. What is your advice to those who don’t want to perish?
Today, our understanding about why technologies fail and what are the checkpoints to look is much clearer than ever so the rate of failure in innovation has been reduced significantly. In other words, we can “Fail fast to grow faster”. Moreover, the stakes in this process are higher but the anticipated gains are also in multiples. At the same time, the funding ecosystem is also adapting to investing in high risk ventures. So, overall, I would suggest Innovators to first, de-risk their innovation with existing resources as much as they can and then jump in to it full force. There is help available.