Harvard Case - EyRIS: AI for Eye-Disease Screening
"EyRIS: AI for Eye-Disease Screening" Harvard business case study is written by Steven M. Miller, David Gomulya, Mahima Rao-Kachroo. It deals with the challenges in the field of General Management. The case study is 28 page(s) long and it was first published on : Sep 4, 2023
At Fern Fort University, we recommend that EyRIS implement a strategic growth plan focused on expanding its reach into emerging markets, leveraging its AI technology for broader healthcare applications, and establishing a strong brand presence built on its commitment to corporate social responsibility and innovation. This plan should be supported by a robust organizational structure with a clear leadership style that fosters innovation and data-driven decision making.
2. Background
EyRIS, a social enterprise, has developed an AI-powered platform for screening eye diseases in underserved communities. The platform utilizes smartphone cameras and image processing algorithms to detect potential eye conditions, enabling early diagnosis and treatment. Currently, EyRIS operates in India and has proven its effectiveness in identifying eye diseases like diabetic retinopathy. However, the company faces challenges in scaling its operations and securing funding for further development.
The main protagonists of the case study are:
- Dr. Anjali Rao: Founder and CEO of EyRIS, driven by a passion for improving eye health in underserved communities.
- Dr. Rajeev Sharma: Head of Research and Development, responsible for the technological advancements of the EyRIS platform.
- Mr. Amit Kumar: Head of Operations, tasked with ensuring the smooth functioning and expansion of EyRIS's operations.
3. Analysis of the Case Study
To analyze EyRIS's situation, we can utilize the SWOT analysis framework:
Strengths:
- Innovative Technology: EyRIS's AI-powered platform offers a cost-effective and efficient solution for eye disease screening, particularly in resource-constrained settings.
- Social Impact: The company's mission aligns with corporate social responsibility and addresses a critical healthcare need in emerging markets.
- Strong Team: EyRIS boasts a dedicated team of experts in technology, healthcare, and social entrepreneurship.
Weaknesses:
- Limited Funding: EyRIS currently relies heavily on grants and donations, which can be unpredictable and limit its growth potential.
- Scaling Challenges: Expanding operations to new markets requires significant investment in infrastructure, training, and marketing.
- Lack of Brand Awareness: EyRIS needs to build a stronger brand identity to attract investors, partners, and users.
Opportunities:
- Emerging Markets: The growing demand for healthcare solutions in developing countries presents a significant market opportunity for EyRIS.
- Expansion of Applications: The AI technology can be adapted for other healthcare applications, such as diabetes monitoring or skin cancer detection.
- Partnerships: Collaborating with healthcare organizations, NGOs, and governments can expand EyRIS's reach and resources.
Threats:
- Competition: Other companies are developing similar AI-based healthcare solutions, potentially posing a competitive threat.
- Regulatory Challenges: Navigating different regulatory frameworks in various countries can be complex and time-consuming.
- Data Privacy Concerns: Ensuring the secure and ethical use of patient data is crucial for maintaining public trust.
4. Recommendations
- Expand into Emerging Markets: EyRIS should prioritize expanding into new emerging markets with high prevalence of eye diseases. This requires careful market research, identifying potential partners (e.g., local healthcare providers, NGOs), and adapting the platform to local languages and cultural contexts.
- Diversify Revenue Streams: EyRIS needs to explore sustainable revenue models beyond grants and donations. This could involve partnerships with healthcare providers, insurance companies, or pharmaceutical companies.
- Develop a Strong Brand: EyRIS should invest in building a strong brand identity that emphasizes its commitment to innovation, social impact, and accessibility. This can be achieved through targeted marketing campaigns, public relations efforts, and building a strong online presence.
- Invest in Research and Development: EyRIS should continue investing in R&D to enhance its AI platform's capabilities and expand its applications to other healthcare areas. This requires securing funding through partnerships, grants, or venture capital.
- Build a Scalable Organizational Structure: EyRIS needs to establish a clear organizational structure with defined roles and responsibilities to support its growth. This includes hiring key personnel with expertise in international business, marketing, operations, and technology.
- Develop a Robust Data Security Framework: EyRIS must prioritize data security and privacy by implementing robust protocols and complying with relevant regulations. This is crucial for maintaining public trust and attracting investors.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: EyRIS's core competency lies in its AI technology and its commitment to improving eye health in underserved communities. The recommendations align with this mission by expanding its reach and leveraging its technology for broader healthcare applications.
- External Customers and Internal Clients: The recommendations consider the needs of both external customers (patients, healthcare providers) and internal clients (employees, investors).
- Competitors: The recommendations acknowledge the competitive landscape and aim to differentiate EyRIS through its focus on social impact, its innovative technology, and its commitment to expanding into emerging markets.
- Attractiveness: The recommendations are expected to generate positive returns on investment through increased revenue, market share, and brand recognition.
6. Conclusion
EyRIS has the potential to become a leading player in the AI-powered healthcare market. By implementing the recommended strategies, EyRIS can achieve sustainable growth, expand its impact on global eye health, and secure its position as a socially responsible and innovative company.
7. Discussion
Other alternatives not selected include:
- Focusing solely on grant funding: This approach carries the risk of limited growth and dependence on external funding sources.
- Merging with a larger healthcare company: This could provide access to resources and expertise but may compromise EyRIS's mission and autonomy.
Key assumptions of the recommendations include:
- Continued advancements in AI technology: The effectiveness of EyRIS's platform relies on ongoing research and development in AI.
- Acceptance of AI-based healthcare solutions: The success of EyRIS depends on the public's willingness to adopt AI-powered healthcare solutions.
- Favorable regulatory environment: Navigating regulatory hurdles in different countries is crucial for EyRIS's expansion.
8. Next Steps
To implement the recommendations, EyRIS should:
- Within 6 months: Develop a detailed strategic plan outlining specific goals, timelines, and resource allocation.
- Within 1 year: Secure funding through partnerships, grants, or venture capital to support expansion into new markets.
- Within 2 years: Launch operations in at least one new emerging market, establish partnerships with local healthcare providers, and begin building brand awareness.
- Within 3 years: Expand the platform's capabilities to include other healthcare applications and explore new revenue streams.
By taking these steps, EyRIS can successfully navigate the challenges of scaling its operations and achieve its vision of improving eye health for millions around the world.
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Case Description
Formed in 2018, EyRIS was the brainchild of a long-term collaboration across healthcare researchers and practitioners, and computer scientists. EyRIS was launched to commercialise and sell an AI-driven algorithm called SELENA+ that analysed retinal images to screen for diabetes-related eye diseases. Over time, many moving parts came together to facilitate full-scale production usage of SELENA+ within the national-level Singapore Integrated Diabetic Retinopathy Programme (SiDRP). The facilitators included multiple individuals in the public healthcare sector medical field, and several government institutions such as Singapore's Ministry of Health (MOH), the Singapore National Eye Centre (SNEC), and Singapore's national healthtech agency, amongst others. Over the years, the algorithm was further fine-tuned and trained on as wide a data set as possible in studies that spanned ethnicities and age groups, eventually yielding highly accurate results. SELENA+'s results bridged the gap between research discovery and real-world use. Now, the team at EyRis had to commercialise SELENA+ and bring it to a wider range of markets and geographies. They faced numerous challenges in the process, within Singapore and in other countries. Nevertheless, by 2023, EyRIS' efforts paid off and the SELENA+ algorithm received regulatory approvals for use in a growing number of countries. Now, EyRIS' commercial heads, along with Dr Wong and the other co-founders, wondered how best they could continue to scale EyRIS' market reach and offerings.
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