BMJ Score: 3.2
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CommentaryIt is not uncommon for the length of time to schedule an initial medical appointment to exceed 15 days across the U.S. In the UK, these appointments wait times can take up to three weeks. Improving secure access to healthcare remains a key challenge. MedicoHealth wants to solve this problem by providing physician information, such as license validity and credentials, on the blockchain, as well as making patient data only accessible to doctors for a limited amount of time. The use case for blockchain here makes perfect sense because it allows for traceability, data immutability, and the creation of secure methods for privacy protection. While this market is ripe for innovation, it is also saturated with competition. The MedicoHealth whitepaper does not discuss the competitive landscape or their advantages, and we are hard pressed to find any key differentiators. While the whitepaper is very detailed regarding the technology that makes up the MedicoHealth platform, it does not indicate exactly when in 2019 it will be functioning. Despite the project’s lack of an MVP, we do like the MedicoHealth team. The core leadership team is large and has many years of experience in business development, blockchain, and the healthcare sector. MedicoHealth has several noteworthy advisors but could improve their strategic partnerships. While MedicoHealth has a promising vision, we think it should focus on building its network, increasing marketing, and bringing its whitepaper to life. If the team can do this, it might have a shot at differentiating among the plethora of blockchain innovators in the medical space.
- How to invest: Interested investors can visit the MedicoHealth site and click the “contact us” button for more information on the sale, or they can email the following address directly for any questions: [email protected]
- Discount: 10% bonus throughout presale
- Eligibility: Restricted countries include South Korea, U.S., and China.
- Token Price: $ 0.08
- Jurisdiction: Switzerland
- Exchange rate: For presale and crowdsale, the ETH/USD exchange rate will be locked on the start of crowdsale and will be valid for the entire time of the crowdsale.
- Problem addressed/solved: MedicoHealth wants to make a significant difference for the better by tackling one truly important issue. Average patients anywhere in the world have very limited options when in need of prompt, affordable, and reliable consultation about their condition from a physician or a specialist of their choosing.
- Target customers/customer/ segments/verticals: The target market for MedicoHealth are patients who lack access to prompt and affordable healthcare and the physicians who can actually assist those patients.
- Value creation: The MedicoHealth platform allows for fully anonymous, safe, and efficient communication with some of the world’s leading physicians. Physician credentials, together with license validity information, are updated in an immutable decentralized database. Patient data is anonymously stored and accessed only by selected physicians for a limited time.
- Competition: Unfortunately for MedicoHealth, the competition in this sector of the market will be fierce. They’ll experience competition from tons of other blockchain projects, some of which have already been rated and reviewed by Bitcoin Market Journal. Additionally, they’ll have to compete with the current dominator in prompt and affordable healthcare, Teladoc. Teladoc has thus far dominated this market and will continue to do so until someone steps up and challenges them.
- Market size/potential: Healthcare spending continues to increase year over year and is expected to do so deep into the future. People are certainly looking for alternatives for healthcare other than expensive doctor visits, which is why Teladoc has done so well to-date. The market is definitely open and subject to innovation, but it’s a question of whether or not people are ready to adopt this tokenized ecosystem for healthcare versus an already established version like Teladoc.
- Regulatory risks: HIPAA is the main concern here, but medicohealth discusses addressing this along with GDPR in their whitepaper.
- Investor value: As the platform grows, the limited supply of token issued could put the early contributors into a favorable position. So, like many other utility tokens, the value for investors will depend on the growth and demand for access to the platform.
- Disclosures: MedicoHealth does a slightly above average job at disclosing its project. The whitepaper and lite paper hit their marks, and the team frequently updates its social media/blogs. Having said that, it’d be great if the team provided access or at least a link to a usable version of the app that they say was supposed to be released by the end of Q3 2018.
- Token distribution: 65% crowdsale, 12% founders & team, 7% advisors and ambassadors, 6% contributors, 6% future partners, and 4% future development.
- Use of proceeds: 50% research and development, 20% sales and marketing, 10% general and administrative, 10% operations and management, 5% legal regulatory, and 5% security.
- Caps: Soft cap: $3.5 million; Hard cap: $23.5 million
- Track record: The MedicoHealth project has an astounding 30 core team members and an additional 16 advisors. It's also great to see that a lot of the MedicoHealth executives have a relevant medical background, whether that’s working in analytics, operations, or even as a physician. CEO Milan Rajic has specific industry interest and background in technology, infrastructure, and energy while COO Achim Schuetz owns both a consulting group and a private hospital chain in Germany. Schuetz has over 25 years of experience in healthcare and insurance.
- Integrity: The sheer size of the MedicoHealth team helps put investor worries at rest because no project can sustain a team of that size without sizeable investments and legitimate growth opportunity. The advisors come from mostly medical backgrounds, with many working in the medical consulting field specifically. It’s clear that MedicoHealth has the manpower to get the job done, but will they succeed and gel as a team?
- Milan Rajlic, Co-Founder & CEO (LinkedIn)
- Andrej Muzevic, Co-Founder (LinkedIn)
- Achim Schuetz, COO (LinkedIn)
- Anja Music, CFO (LinkedIn)
- MVP: The beta was tested back in 2017, but the beta app release is supposed to take place in Q3 of 2018. Expect to see the app on Google Play and App store soon.
- Token use case: Utility tokens represent access to the MH platform. The major characteristic of MHP utility tokens is that they can be considered as more than just a contribution toward better healthcare; by creating a MHP utility token, Medicohealth grants its holders access to services it is developing.
- Value-added: The MHP token is essentially another run-of-the-mill utility token that gives access to the platform and allows both doctors and patients to use it for purchasing/utilizing services within the platform. It adds a little extra value to the project by making purchases seamless and acting as a “key” to open the gateway to better health care.
- Decentralization: MedicoHealth will take full advantage of decentralized ledger technology that will enable traceability, data immutability, and creation of secure methods for privacy protection.
- Token Supply: Max supply of 500 million MHP.
- Technical difficulty/investment expertise needed: MedicoHealth wants to create a community where patients have fully anonymous, safe, and efficient communication with healthcare specialists. The MedicoHealth platform closely resembles other health industry projects and will thus be familiar to those in the blockchain space.
- Halo effect: MedicoHealth lists 20 different partners on their main site, most of which are ICO advisory partners or legal advisers (BitIns, Systcoach Consulting, Crypto Valley). MedicoHealth will look to acquire big name partnerships in the future using 6% of the total amount of MHP tokens.
- Buzz: It’s clear that MedicoHealth likes to post about any press it receives whatsoever. Upwards of 12 different ICO sites have listed the project, but none come from mainstream news sources. The project does have an impressive 11,000 Facebook followers and 10,000 Telegram members. Having said that, the Facebook page doesn’t receive nearly enough engagement to indicate 11,000 real followers. It could be that most of those are fake/bought accounts.