These slides use concepts from my (Jeff Funk) course entitled Biz Models for Hi-Tech Products to analyze the business model for Vishuo Biomedical, a Singaporean startup. This startup offers a data analytics bioinformatics platform that includes an integrated drug-gene-relation database and this platform is constantly updated as scientific advances are reported in academic journals. The platform analyzes genetic sequence data and provides visualization and reports for hospitals. Vishuo targets hospitals and research institutes with DNA sequencers but who need data analytic tools to interpret the DNA sequencing output. The slides summarize the business model for Vishuo including the value proposition, customers, method of value capture, scope of activities, and method of strategic control.

1. Vishuo Biomedical
Singapore
Business Model : Analysis and Proposals
Maria Ivona Climaco- climacomariaivona@gmail.com
Keong Wei Jiao- weijiao.keong@gmail.com
Sajni Chatly- ruuhhi@gmail.com
Liu Jia- liujia228@gmail.com
Zheng Xiang- NBNB2011NBZX@gmail.com
Erwin Ernady- erwinernady@gmail.com
A/Prof. Jeffrey Funk Lee
MT5016 | Business Models for High Technology Products
National University of Singapore

2. “You can easily match a blood
transfusion to a blood type..
What if matching a cancer cure
to our genetic code was just as
easy? That’s the promise of
precision medicine. Delivering the
right treatment at the right time,
to the right person, every time”
-US President Barack Obama, Time Magazine

3. Agenda
• Personalized medicine
• Personal Genomics industry
• Vishuo: A bioinformatics company
• iCMDBTM
• Value Propositions
• Customer Segments
• Methods of Value Capture
• Scope of Activities
• Competitive Analysis
• Vishuo vs. Main Competitors
• Vishuo vs. 23andMe
• Strategic Control
• Proposed Improvements
• Value Proposition
• Customer Segments
• Methods of Value Capture
• Scope of Activities
• Strategic Control
• Conclusion

4. The Future of Healthcare
• The future of healthcare is moving towards become
more personalized.
• Precision/personalized medicine: Embracing genetic
based medications, will help world economies by
reducing the millions of dollars spent in present
diagnostic and treatment approaches.
• Personalized medicines will improve the quality of an
individual’s health.
Sources:
-Frost & Sullivan, March 2014, Future of Personalized Genomics (Technical Insights) Impact Assessment of Business Models in DTC Genetic Testing
- http://giphy.com/search/mark-j-kiel

5. Personalized Medicine
“Modern approach to understanding health”
Source: https://www.youtube.com/watch?v=HQKFgfMO5Sw, https://www.genome.gov/Multimedia/Slides/GenomicsInMedicine2013-2014/Helman_6-7-2013.pdf
Personal genomics
Empirical diagnosis
Descriptive medicine
Uniform treatment
Retrospectively diagnose disease
Acute care
Mechanism-based diagnosis/treatment
Understanding of disease mechanism
Individualized treatment
Prospectively evaluate relative disease risk
Early detection and intervention

6. Personal Genomics industry
Sources:
The Promise of Precision Medicine. Time. April 9, 2015. https://www.youtube.com/watch?v=zkagtWSeisQ
Frost & Sullivan, March 2014, Future of Personalized Genomics (Technical Insights)Impact Assessment of Business Models in DTC Genetic Testing
The cost of gene sequencing has
drastically reduced overthe years
Growing need for big data
analytics to manage complex
and voluminous health data
Information regarding human
genome has rapidly increased and is
still continuing to explode.
Promising new applications of next
generation sequencing like oncology
Increased awareness about
personalized medicine.
Government support and
initiatives.
Collaborations between IT,
Pharma and Diagnostic
Companies
Key Drivers for Personal Genomics Industry

7. Participants in Personal Genomics industry
Reference: Frost & Sullivan, March 2014, Future of Personalized Genomics (Technical Insights) Impact Assessment of Business Models inDTC Genetic Testing
• Whole genome and
exome sequencing
machine manufacturers
• Diagnostic/
Pharmacogenetic/
Nutrigenomics testing
kits
• Conducts sequencing
services and clinical
trials/analysis
• Software for genetic
test result, visualization,
storage, analysis and
annotation
• Integrates genetic tests
and results into
diagnostic and
treatment approaches
• Researchers, scientists,
patients, physicians,
healthy individuals
Sequencing
Technology
Manufacturers
Genetic Test
Developers
Laboratories
Data Analytics
Bioinformatics
Solutions
Hospitals and
Healthcare
Systems
End User
*not in any particular order

8. Overview of Personal Genomics Industry
Sequencing Technology
Manufacturers
Hospitalsand
Healthcare Systems
End User
ResearchInstitutes
Data Analytics
Bioinformatics
Solutions
Genetic Test Developers

9. Data Analytics Bioinformatics Solutions
Platform/Software for genetic sequence
visualization, storage,analysis, interpretation
and correlationto drug and treatment response
Bioinformatics- application of computertechnology to themanagementof biologicalinformation.
Data Analytics- science of examining raw data withthepurposeof drawing conclusionsaboutthatinformation.
www.bioplanet.com/what-is-bioinformatics/
searchdatamanagement.techtarget.com/definition/data-analytics
Challenges：
• Data analysis requires bioinformaticians, long
turnaround time
• Weak or no clinical annotation available
• Multiple sequencing platforms with its own software
• Patient data confidentiality must be ensured
Challenges of traditional Next
Generation Sequencing Workflow
Solution:
Data Analysis Bioinformatics

10. HQ Singapore
Founder Guo Dong Liang (Bioinformatician)
Established 2011
Industry Health & BioTech
Regions US, China, APAC
“Vishuo Biomedical is a Singapore based
healthcare technology company dedicated
to establish personalized medicine for
diagnosis, prognosis and treatment. It delivers
genomic sequence analysis to research
institutes, health screening clinics, hospitals
and pharmaceutical industry.”
Source: http://www.vishuo.com/en/company/
Vishuo: A bioinformatics company
Core Product/Service:
iCMDBTM
(Individual Customized Medicine Database)
Data Analytics Bioinformatics Platform

11. What is Vishuo iCMDBTM?
iCMDBTM
Vishuo’s Data Analytics Bioinformatics Platform
Generates genetic
annotation report
• Application to gene-based drug
discovery and development
• Tailored for clinicians to conduct
personalized treatment for the patients
Powered by
supercomputers
Stores, visualizes,
analyzes and interprets
genetic sequence
With an integrated
drug-gene-relation database
• Integrates drug and genetic
information
• Correlates genetic sequence to
drug treatment and response
Source: Vishuo

12. How does Vishuo iCMDBTM work?
Upload Gene
Sequence
Analysis Report Generation
Vishuo iCMDBTM Database
Coverage: 1200+ Biomarker | Gene alterations | 200+ Diseases | Drugs | 750+ Treatment |Disease-Gene-Drug Association
External Research Data Internal Clinical Data
• High quality public
database and medical
& clinical research
articles
Together the robust and comprehensive database and algorithm give a
reliable analysis and accurate correlation of data for drugs, genes and
diseases.
Real Time Data
• Manually curated drug-
gene corresponding
data
• Historical patient
sequencing data
• Multi-cancer support
data* and treatment
effectiveness data
• Clinical patient data is
collected on a real-time
basis from various
hospitals
*Covering top 20 cancers in China
Proprietary algorithm: Data mining, collection, classification and storing
Sources:
Process:

13. What are the main features of
Vishuo iCMDBTM ?
Compatibility AccuracySpeed
Super computing
power reduces
analysis lead-time
Compatible to all
sequencers
Clinical annotation based on
high quality evidence and
manually curated database
3-5
days
Serve unarticulated needs
Source: Vishuo

14. iCMDBTM Output Report (1)
Data Quality Report
Guides the user on the quality
of the genetic sequence data
(obtained from the sequencing
laboratories/machines) that
was used in the analysis
Source: Vishuo

15. iCMDBTM Output Report (2)
Clinical Annotation Report
Provides recommendation
on optimal treatment plan
for the patient’s
disease/medical condition
Source: Vishuo

16. Value Propositions
Basis for
targeted
diagnosis
Patients
Research
Institutes
Hospitals
Receive
personalized
treatments
Database
analysis for
clinical
projects

17. Value Propositions – Hospitals
No more trial and error, with life on the line!
• Seeing the unseen
Vishuo’s DNA analysis platform help physicians to ‘see’ beyond their diagnosis ie. symptoms.
• The genes don’t lie
Physician makes fast and accurate medical treatment decisions based on the genetic
predisposition of patients.
• Treat one, treat more
The collection of patients’ genes profiles and disease details allow matching of similar
patients and treatments.
Ultimately, by adopting an advanced technology like Vishuo’s iCMDBTM, hospitals can
potentially have an enhanced reputation from the improved success rates of treatments.

18. Value Propositions – Patients
The right treatment for the right person at the right time, every time! - Obama
http://biomedvic.org.au/symposium/genomic-medicine-symposium/
• Accuracy
Vishuo minimizes the ambiguity between diagnosis and effective treatment by analysing
patients’ DNA profiles and annotating reports by using iCMDB.
• Reduced Cost
Targeted treatment reduces time and medical bills caused by inaccurate diagnosis and
generic treatment.
• Prevention is better than cure
Early prediction and detection allows patient to seek the right treatment before it is too
late.

19. Value Propositions – Research Institutes
From data to clinical breakthrough!
• Clinical research
Research institutes use Vishuo’s database to evaluate and improve their clinical trial
projects.
• Future drug discoveries
Vishuo helps research institutes to learn more about the existing drugs’ functions and
resistance, thus providing information as evidence to create better ones.

20. Customer segments
Vishuo
iCMDBTM
Database and Platform
Provider Customers Indirect customers
Hospitals
Research
Institutes
Customers are the ones
paying for the service
Patient
Indirect customers
interacts with the direct
customers

21. Customer Segments (By needs)
Hospitals
Patient
Research
Institutes
“My patient has a cancer. He has
been undergoing chemotherapy for
some time but has not shown any
positive response. What other
alternative treatments can I propose
for him?” – Dr. Jeff
I want to find more appropriate
treatment for him.
“My clinical research has been
puzzling. I may need to study the
biomarkers (biological parameters)
to understand a drug’s efficacy and
toxicity. Where can I find a
comprehensive database reflecting
actual clinical situation?” – Dr. Funk,
PhD
I want data for evaluation.
“This is my sixth visit to the doctor
since I was diagnosed with breast
cancer. I have tried all kinds of
treatments such as radiotherapy
and chemotherapy. Are these
therapies really working on me?
Do I have better options?” – Ms. Li
I want the right treatment.

22. Targeted Customer Segments
Hospitals
Patient
Research
Institutes
Research Institutes which are
actively involved in clinical and drug
analysis
Patients with genetic related
diseases ie. cancer
All types of
hospitals
Hospitals have
high visits from
patients
TARGET
Specializes in
treating
genetic-
related
diseases ie.
cancer

23. • BeijingPLA 307 Hospital
• BeijingCancer Hospital
• General Hospital of Armed Police Forces
• PLA General Hospital
• Peking University People’s Hospital
• West China Hospital
• China Academy of Medical Science XiYuanHospital
• Mount Sinai Hospital
• TanTock SengHospital
• National UniversityHospital
• Singapore General Hospital
Current Customers
Since the launch of iCMDB in 2013, Vishuo has successfully engaged reputable hospitals as their customers.
Vishuo has continuously expand its customer base and currently has existing customers located across
China, Singapore, US and Thailand. Besides hospitals, Vishuo has also attracted the attention of research
institutes such as A*STAR in Singapore.
• Ramathibodi Hospital

24. How does Vishuo serve its customers?
Patient
Hospitals
Reports
Vishuo’s
iCMDB
1. Patient visits doctor for diagnosis 2. Pathologist uploads patient’s gene
profile into iCMDB Patient’s
DNA
5. Doctor prescribes suitable treatment
based on the report
3. iCMDB analyses
patient’s gene profile
and automatically
generates reports
4. Doctor analyses and verifies
report outcomes
Research
Institutes
1. Research Institute uses iCMDBTM
database for analysis

25. Revenue Models
• Subscription
• Annual subscription for iCMDBTM
• Commission
• Annotation fee
• Fee for Service
• Project based payment
Methods of Value Capture
HospitalsVISHUO iCMDBTM
Subscription fee
and
Annotation fee
Clinical
Annotation
report
Research
Institutes
Fee for service
Research
support
Data
Patient
Service Fee
Service

26. Scope of Activities
Sequencing Technology
Manufacturers Hospitals Patient
Research Institutes
supplier
Service provider
Medical Journals
(e.g. Nature,
Science)
suppliers Service provider
Super Computers and
Network provider

27. Participants in Personal Genomics industry (recap)
Reference: Frost & Sullivan, March 2014, Future of Personalized Genomics (Technical Insights) Impact Assessment of Business Models inDTC Genetic Testing
• Whole genome and
exome sequencing
machine manufacturers
• Diagnostic/
Pharmacogenetic/
Nutrigenomics testing
kits
• Conducts sequencing
services and clinical
trials/analysis
• Software for genetic
test result, visualization,
storage, analysis and
annotation
• Integrates genetic tests
and results into
diagnostic and
treatment approaches
• Researchers, scientists,
patients, physicians,
healthy individuals
Sequencing
Technology
Manufacturers
Genetic Test
Developers
Laboratories
Data Analytics
Bioinformatics
Solutions
Hospitals and
Healthcare
Systems
End User
*not in any particular order

28. Market Competitors
Data Analytics
Bioinformatics Solutions
Sequencing Technology
Manufacturers
Genetic Test Developers
Potential Competitors
Direct Competitors

29. Vishuo vs. Main Direct Competitors
Foundation Medicine & PierianDX workflow
Order Test Specimen
Collection &
Preparation
Gene
Sequencing
Analysis Report
Generation
Vishuo workflow
Upload Gene
Sequence
Analysis Report
Generation
What makes Vishuo better?
Better value proposition:
Hospitals and Research Institute
• First in Asia
• Better report quality
• Protectedprivacy and confidentiality (data is not
stored/analyzed in the cloud)
Patients
• Cheaper annotation fee
• Comprehensive Asian gene database
• Protectedidentity
Hospital does
sequencing
Better analysis and report
quality.
- Proprietaryalgorithm
- Manually curated database
i.e. High Quality References
only
Valuable for physician’s
in making decisions on
medical conditions of
their patients.

30. FDA’s role within Precision Medicine Initiative:
Ensure the Accuracy of Tests
Source: http://www.fda.gov/ScienceResearch/SpecialTopics/PrecisionMedicine/default.htm
http://www.forbes.com/sites/matthewherper/2014/07/31/fda-to-regulate-thousands-of-cancer-genetic-and-other-diagnostics/#44b189465698
Regulations in the US
FDA’s Role in the Precision Medicine
What is FDA Doing Right Now?
• Laboratory diagnostics to
notify FDA about their test.
• Only FDA approved tests
can be sold
Create a regulatory
platform to encourage
innovation and ensuing
accuracy

31. Case: 23andMe
FDA Issues with 23&Me
- Specific tips and guidance on
reducing health risk
- Report does not need
physician’s approval (sent to
consumer directly) Surety on 23&Me
result interpretation
Too much confidence
may result in bad medical
decision
Predicting nature of
the report
FDA’s Concerns:
Source: http://gizmodo.com/23andme-is-back-in-the-genetic-testing-business-with-fd-1737917276

32. Service offerings
Offers diagnosis and therapeutic
recommendations
Only provide diagnosis
Drug-genetics correlation data
Provides personalized recommendation on
drug and treatments
No recommendations of drugs & treatments;
Data confidentiality Server is localized in the hospital Data is stored in the cloud
Customer privacy
Only collects gene information, not
customer’s identification
Collects customer identification
Involvement of clinical experts
Doctors receives and interprets the report for
the patient
Customers directly reads the report
Sampling
Blood; more reliable, done in accredited
clinics/hospitals
Saliva; self-sampling
Ease of sampling Traditional sampling Sampling kit
References
Strong scientific bases; manually curated
database and high quality references
Relies on text mining and data analytics (might
include low quality information)
Gene database More comprehensive Asian database Mainly Caucasian database
Scope of of services
More comprehensive: gene-related diseases
(i.e. cancer)
More on health and ancestry reports
Value of application Serious medical conditions Personal interest
Vishuo vs. 23andMe

33. Physicians need to
asses the Reports
Physicians make
recommendation
based on their
knowledge too
Only high quality
data are included.
(Tests at clinical trial level are
not primarily recommended )
Vishuo does not
predict but
understands why is it
happening
Regulations in the US
FDA’s Role in the Precision Medicine: Vishuo
FDA’s concerns less likely for Vishuo

34. Strategic Control
• For Vishuo to:
- Sustain Profitability
- Ensure Survival
- Foster Innovation
- Be Responsive to Customers
- Maintain Focus on Quality
Barrier to Entry: Intellectual Property
Network Effects
Complementary Assets
First Mover Advantage in Asia

35. Strategic Control
Distribution Channel:
Present in Australia,
Thailand, Malaysia, China
Marketing Channel:
Medical Conferences &
Exhibitions
Strategic Partner
Life Technologies &
Qiagen
Patents: 6 Patents in China
Trademarks:
Company Name, iCMDB
database
Intellectual
Property
Complementary
Asset
Tacit Knowledge
Proprietaryalgorithm
Patient database

36. Proposed
Improvements

37. https://www.youtube.com/watch?v=HQKFgfMO5Sw
As the knowledge network grows we can
ensure that every patient can get the right
treatment with theright dose at the right time.
Proposed Improvements
Value Proposition
Data Analytics is the Future of Healthcare and the Future of Vishuo
By building up database on each specific
geographical region, more appropriate
treatments can be provided for a particular
demographic group.
The more information we collect and connect, the
better the scientists will understand health.

38. Proposed Improvements
Value Propositions
Deliver better
healthcare
services
Patients
+
Healthy
Individuals
Research
Institutes
+
Pharmaceutical
Companies
Hospitals
Use data as
key business
driver
Increased
quality of
life
Government
Improve
public
health

39. Proposed Improvements
Value Propositions
Hospitals
Further improve (iCMDBTM) :
expand into new applications
(i.e. prenatal test, nutrigenomic tests and analysis)
Healthy Individuals
introduce new services for health-
consious/curious individuals:
(i.e. lifestyle, nutrition and ancestry analysis)
Benefit to Hospital:
Deliver better healthcare services
Benefit to Individual:
Improved quality of life

40. Proposed Improvements
Value Propositions
Formation of strategic partnership for mutual benefits
Pharmaceutical
Companies
Benefits for Vishuo:
1. New source of revenue:
• Provide data
• Develop new platforms for pharma application
2. New treatment options
Benefits for Pharma:
1. Create breakthroughs in drug resistance clinical studies
2. Develop better/new drugs
3. Identify drugs suitable to specific race and disease

41. Proposed Improvements
Value Propositions
Formation of strategic partnership for mutual benefits
Government
Benefits for Vishuo:
1. Government support:
• To help increase awareness about genome testing
and precision medicine
• Enhanced reputation for Vishuo
• Possibility of participating in developing legislations
Benefits for Government:
1. Be at the forefront of healthcare advancement
2. Better understanding of public health and thereby
implement more appropriate healthcare programs

42. Proposed Improvements
Customer Segments
Proposed improvements
Legend:
Vishuo
iCMDBTM
Hospitals
Research
Institutes
Patient
Pharma
Companies
Direct customers
Direct customer
indirect customers
(benefactor)
Healthy
Indivduals
Government

43. Proposed Improvements
Methods of Value Capture
Revenue Models
• Subscription
• Annual subscription for iCMDBTM
• Commission
• Annotation fee
• Fee for Service
• Project based payment
Hospitals
VISHUO
iCMDBTM
Subscription fee
and
Annotation fee
Clinical
Annotation
report
Research
Institutes
Fee for service
Research support Data
Patient
Service Fee
Service
Proposed improvements
Legend:
Pharma
Companies
Fee for service
Research support
Data
Software
with new algorithm
Subscription fee
Healthy
Individuals
Service Fee
ServiceReport
Government
Exposure
Reputation
Service
Data

44. Sequencing Technology
Manufacturers
Proposed Improvements
Scope of Activities
Vishuo Hospitals
Patient and Healthy Individuals
Research Institutes
supplier
Service
provider
Super Computers and
Network provider
Medical
Journals
(e.g. Nature,
Science)
suppliers
Service provider
supplier
Service
provider
Pharma Companies
Service provider
Provider of drugs/ medicine
Proposed improvements
Legend:
Vishuo should develop new algorithms/
softwares suitable for Pharma applications
Government
Vishuo should have clinics (with in-house
doctors/ dieticians/nutritionists) equipped with
laboratories facilities and sequencing machines
Vishuo should partner with
government in some project
like government subsidized
healthcare studies and
insurance service.

45. Proposed Improvements
Strategic Control: Strengthen IP protection
Trademark
Aggressively apply for
trademarks related to
products, processes,
algorithms, etc.
To aid in:
-Accelerating Brand
Recognition
Patents
Continually file patents
(build patent portfolio in
various countries)
A strong patent portfolio:
- Reflects that Vishuo is
actively participating in
recent advancements in
healthcare
- Can be deployed for
future strategic alliance
- May be licensed out for
additional revenue
TacitKnowledge
Protect and strengthen
existing knowledge base
Will be a source of
competitiveadvantage

46. Proposed Improvements
Strategic Control: Leverage from Network Effects
More Physicians
More Patients
Development of
Data
Better Quality of
Reports
More Business
Opportunities
More
Comprehensive
Database

47. Proposed Improvements
Strategic Control: Build Complementary Assets
ECOSYSTEM
Build a
wider
ecosystem
Have stronger presence
in the industry
Continuous
R&D efforts
Provide high caliber
offerings and enhance
reputation
Strengthen
strategic alliances
in different regions
Increase market
penetration
Active Marketing
Improve consumer
awareness

48. Conclusions &
Recommendations

49. Conclusions and Recommendations (1)
At present, Vishuo’s strongest competency is on genome analysis for medical grade
application.
Their analysis is built and developed on robust and strong scientific (manually
curated database and high quality references) and technology (proprietary
algorithm) validation.
Currently, Vishuo’s biggest value proposition is helping physicians in making
informed critical medical decisions for their patients.
Vishuo does not conduct the genome testing itself but provide intelligent
analysis and interpretation of the data towards gaining more knowledge about
the genome.

50. There is a vast opportunity for Vishuo to
improve its current business model.
Today, the revenue stream is mainly from
analyzing the genome data. In the future,
the large amount of data accumulated
can enable Vishuo to embark on new
services. By doing so, Vishuo can cater to
an even wider range of customer and
have a bigger contribution in providing
personalized healthcare to the community.
The Business Times
September 2, 2015
Vishuo databases aim at targeted medical
treatments
Conclusions and Recommendations (2)

51. Conclusions and Recommendations (3)
To maintain and enhance reliability and
credibility, Vishuo will have to collaborate with
many stakeholders (i.e. government, research
institutes, hospitals and pharmaceutical
companies) to build appropriate standard
procedures and legislation and prevent unrest
in terms of ethical dilemmas and other privacy
issues.
These partnerships can also help to increase
awareness and adoption of Vishuo’s products
and services and thereby be more profitable
and sustainable.

52. The future of Vishuo is promising specially
since the world is increasingly leaning
towards leveraging technology to improve
human life.
Undoubtedly, today’s tech-savvy
generation would like to use technology to
access more efficient and effective health
treatments, diagnosis and services in the
near future.
Conclusions and Recommendations (4)

53. Thank you!