Disclaimer : Please note that we are not associated with the ICO nor are paid for this review. This is our personal opinion and investors are advised to do their due diligence before investing in the ICO.

Healthcare Industry is one of the biggest sector from business and social impact point of view. Yet it has not able to reach its full potential due to multiple system and geographical problems. It is plagued by centralized and opaque systems around the globe that work in silos and in the best interest of few individuals. On the other hand the most significant stakeholders of the ecosystem i.e. patients, doctors and pharma-research companies suffer due to the bottlenecks faced. Etheal aims to remove these bottlenecks and create a revolution in healthcare industry by creating a blockchain based platform for healthcare professionals.

We have analyzed the ICO based on the below parameters:

1. Necessity or problem statement (12%)

2. White paper (9%)

3. Product Status (10%)

4. Team (10%)

5. ICO Pricing (7%)

6. Business Model/Revenue Source (15%)

7. Token Value Increment Options (15%)

8. Social Media Presence/Hype (10%)

9. Competitors (12%)

Below is the score we have given on each parameter and the overall score for the ICO.

Please continue reading for detailed analysis.

1. Necessity or Problem Statement (12%)

Major issues in the current healthcare system are:

For Patients:

• Cost of healthcare services is increasing rapidly.
• Finding a trusted and affordable care provider is very difficult, especially in a new city.
• It is not easy to find a specialist for a specific symptom.
• Long wait list for treatment for known doctors

For Doctors:

• Reaching relevant patients is very hard and expensive. Doctors are either not tech savvy or incur huge expenses in advertising their services via mediums like Google and Facebook advertising.
• Building trust and reputation in patients is taxing and time consuming activity. However, that reputation is not transferable from one system to other. If the site in which the doctor builds his reputation goes bankrupt, all the effort to build a profile is wasted.
• Doctor has no idea about the trust and authenticity of his patients. He doesn’t have much idea if the registered patient will show up on time or not and how good is he in making the fees payment.

Pharma Companies:

• Reaching global and fragmented market is expensive. As per different researches, cost of medicine increases by 9–10 times due to cost in marketing and communication.
• Reaching the healthcare professionals globally is very difficult and slow process. The use of Medical Representatives to promote the medicines is not only inefficient but also time consuming.
• Reaching out a niche/fragmented segment of patients to do research is very difficult due to state boundaries/borders.

There is a lingering demand from the stakeholders to solve these pressing issues that makes life of patients, doctors very tough. Etheal aims to solve this by creating a blockchain based healthcare platform that will not only have financial but also huge social impact on the healthcare ecosystem. There is an absolute necessity in the space of this kind of innovation and we like the concept. We give them 9 out of 10 for this.

2. White paper (9%)

You can go through their whitepaper in the ‘Details’ tab.

Very well written and exhaustive whitepaper with detailed information about the problem statement, Etheal ecosystem, Etheal Trust Score and Etheal Rank Score, Roadmap etc. They have a dedicated section of the technical architecture which you won’t find in many of the ICOs. We give it 9 out of 10 on this aspect.

3. Product Status (10%)

Though the platform is not yet developed, they have two existing websites www.Doklist.com and www.Doklist.com.br. They have decent traffic to these doctor listing websites and they plan to move this to blockchain as the first phase. Their roadmap is well defined and if implemented with decent adherence to timeline, it has a huge potential of success. .

Though we would have liked to have a hands on experience with the platform before rating the ICO (even if an alpha or beta version of it), I will buy the concept and give them 8 out of 10 for the product status.

4. Team (10%)

Both co-founders Dr. Milahy and Viktor has huge experience behind them and understand the healthcare sector pretty well. We had an interaction with Viktor about his vision and passion about the project and were amazed by his dedication and energy for the project. They have their development and marketing team well set. They also roped in acclaimed personnel like Prof. Bartha and Marcell Toth in their advisory board. In all a very well organized and capable team. We give then 8 out of 10 for team.

5. ICO Pricing (7%)

100 Million tokens at around $1 per token (ICO rate of 1 ETH = 1000 H and current Ethereum value of $1000 USD)  makes the company worth $100 Million, which is on the higher side given that they yet to start the development the platform. Also there are other big players like Patientory and Medicalchain, which eventhough not direct competitors to Etheal, will play a role in success or failure of the project. However, when they announced their ICO, with Ether price of around $300, the valuation of $30 Million becomes more justified and attractive. I hope they will revise their Ethereum-HEAL conversion rate keeping in mind the skyrocketed Ether price. The only negative point is that all the unsold tokens will be kept and not destroyed which may go against the investors. The one thing I liked about their token sale is that there is no exorbitant bonus given at any stage of ICO which is good for investors. 

We give 7 out of 10 for ICO structure and pricing.

6. Business Model/Revenue Source (15%)

Etheal will have primarily 3 revenue generating source. 

1. Medical Tourism
2. Pharmaceutical Communication Research and Advertisements
3. Optimal Advertising Medium

Medical tourism will be a $200 Billion industry worldwide by 2020. If it is able to capture a 0.01% market share of this industry alone, then with a 10x claculation factors, it will make the valuation of the organization at around $ 200 Million, which itself will  be a huge achievement for the start up. And we have not taken into account the other aspects like revenue from pharma companies and other advertising medium.

So if they are able to stick to their roadmap then they have a huge potential to generate multimillion dollar revenue for the investors. We give them 8 out of 10 on this aspect.

7. Token Value Increment Options (15%)

HEAL will be only medium of transaction in the Etheal ecosystem. So its demand will increase as more and more people start using Etheal platform. Also as there will be other peripheral applications built  on top of the ecosystem, it will help increase the demand for HEAL tokens. As the usage of HEAL can easily be replaced by any other currency, including FIAT currencies, we don’t see any absolute need of HEAL tokens. I give them 6 out of 10 in this aspect.

8. Social Media Presence/Hype (10%)

This is one of the major aspects that they need to focus on to make the ICO succeed. Even if they have a great concept and team, somehow they are not able to market themselves well. Their social media presence is rather limited and groups are relatively less active compared to other good ICOs. The hype is pretty less and I give them 6 out of 10 in this aspect.

9. Competitors (12%)

There are many regional players in the space which are currently active in different specific regions. It will be very difficult for Etheal to compete and make a mark in the initial days. Also other players, based on blockchain, like Patientry and Medicalchain will also determine the level of competition that Etheal will face. 

However, if they provide a decent service with ubiquitous platform then they will be able to  easily penetrate the market and achieve their desired target.

Based on their roadmap and capable team, we hope that they will be able to fend of their competitor and capture market share. We give them 7 out of 10 in this aspect.

Based on our analysis we give a overall score of 75.2 out of 100 to Etheal which is decent rating.

It has a very good growth potential and less risk. You you are considering from medium to long term perspective, it will give you handsome return on the investment. So Etheal aims to create a blockchain based platform that can remove the bottlenecks  faced in current healthcare industry and help millions of people who are currently affected by poor healthcare services.