Team:Sydney Australia/Applied Design
The Issue
The price of insulin is too high for many across the globe. For type I diabetics, who must take insulin every day to survive, and roughly 30% of type II diabetics, this issue constrains their quality of life. Worse still, diagnosis of diabetes is on the rise.
Currently 92% of the insulin market is produced by 3 pharmaceutical companies. In economics, this kind of market share is called an oligopoly. In these kinds of markets, generic or biosimilar insulins have a hard time breaking through, simply due to the enormity of market share that the other three own.
To make things just a little more difficult, clinical trial expenses and regulatory licensing means that very few small to medium sized manufacturing plants can enter the market. Because of these constraints, the insulin market is spiraled out, and as such, is largely unaffordable and inaccessible across the board.
Potential Solutions
1. PUBLIC TRADING SCHEME
2. OPEN-SOURCE INSULIN PUMP
3. STANDARD BUSINESS MODEL
4. PRIVATE INVESTMENT
5. BATHTUB INSULIN
6. PUBLIC INVESTMENT
7. GENE THERAPY
8. GUT BACTERIA INSULIN
9. ANIMAL
INSULIN
10.BLACK MARKET
INSULIN
Find out More Info About these Solutions By Clicking on Their Box!
1. Public Trading Scheme
BACKGROUND
ISSUES
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