You are a Senior Associate at a VC fund and are looking at MedMe for an investment. You are delegating the market sizing analysis to an Analyst on the team.

Company Summary
·       MedMe health, a virtual care and clinical services platform. The web-based platform supports pharmacy scheduling, documentation and clinical services at scale. 
·       Real-time patient engagement, streamlined workflows and automated documentation help to optimise pharmacy operations reducing administrative time and increasing pharmacists availability for remote patient care monitor, direct patient communication and appointment- based services. 
·       Founded in 2019 by CEO NAME_1, Chief Clinical Officer NAME_2, and Chief Product Officer NAME_3, MedMe began serving independent pharmacies at the end of 2020, targeting small operators to start because they were “more nimble” and ready to adapt than larger players.
·       At this time, the Toronto-based Y Combinator graduateLinks to an external site. had amassed a list of over 3,600 Canadian customers ranging from independent pharmacies to some of Canada’s largest pharmacy chains, including Rexall, Shoppers Drug Mart, Guardian, and Pharmasave, which it adapted its platform to serve during the pandemic. 

New funding will support MedMe’s continued growth, product development and expansion into the United States.

You have to provide guidance to your analyst on how they should built a bottom up market sizing. How should they focus their efforts on doing the market sizing analysis? What instructions would you provide them to ensure the Market Sizing analysis is completed correctly? What are key calculations they will need to complete to ensure analysis is useful in your diligence process? What other factors/considerations need to be applied in the analysis?
