In a time where public healthcare systems are overburdened – with many hospitals operating near their capacity and struggling with a shortage of qualified personnel, lack of funding, and limited resources – and people’s interest in health and wellness continues to grow, the role of medical entrepreneurship has become increasingly more important.
Having more healthcare professionals enter the medical entrepreneurship field would benefit everyone. It could lead to more efficient health services, advances in medical research and development, and a healthier population. There are many sectors such as home healthcare, rehabilitation, medical supply sales, alternative healthcare, medical software development, etc. that could use the involvement of more doctors and other health specialists, offering great opportunities for entrepreneurs and startups.
The problem is that while most healthcare providers are excellent professionals in their areas of specialisation, they lack the necessary skills and training to go into entrepreneurship and use their knowledge and expertise in the medical field to develop successful businesses.
That’s why before breaking into the healthcare business, it’s essential that aspiring medical entrepreneurs gain a good understanding of what medical entrepreneurship implies and equip themselves with the know-how and skills they need to thrive in this environment. If you’ve been toying with the idea of becoming a medical entrepreneur, let’s take a look at some of the factors and aspects to keep in mind in order to achieve success in this exciting industry.
Research the market and choose your niche
As we’ve already mentioned, there are multiple healthcare segments that require driven and talented entrepreneurs, so the first thing you have to do is choose a specific domain where you can put your business ideas into practice. For most health professionals, starting a business in their own field of expertise makes the most sense, as they already have a deep understanding of the industry and know exactly what it lacks and how it could be improved. Apart from that, they also have the right connections that would support their business endeavours.
However, if you have your eyes set on a different niche, there’s no rule saying that you can’t look beyond your domain. Just know that the learning curve might be a bit steeper and you’ll have to put in more effort to get your startup off the ground. No matter which path you want to follow, before making any decision in this respect you have to conduct comprehensive market research. Analysing the demand in the markets you want to enter, knowing customers’ pain points and what they expect from businesses operating in the field, and familiarising yourself with the competition will help you make a well-informed decision and increase your chances of success.
Look for investors
No business idea can come to fruition if you don’t have the necessary funds to put it into practice. Unfortunately, vision and expertise cannot compensate for lack of funding, so another very important aspect you have to focus on is looking for investors who are willing to support your idea and provide the resources you require.
Finding someone who can help you finance your business is not easy at all, so the limited options you have can push you to accept any support you can get. However, keep in mind that the investor you choose will have a huge influence on the development of your startup. It’s crucial that you partner up with someone who shares your vision and goals as a medical entrepreneur. Ideally, you’d be able to find an investor with a good understanding of your medical field, but if that’s not possible, at least make sure you choose someone who’s on the same page with you in terms of business vision.
Build your network
One way to increase your chances of finding potential investors is by building your network. Attending conferences, healthcare meetups, and other relevant events in your industry can put you in contact with the right people and thus help you expand your network.
Networking will not only make it easier for you to connect with investors but will also make your transition into the business world a lot smoother. You’ll have the opportunity to meet professionals from various fields such as business and management, consultancy, IT, insurance, and so on. These meetings can prove extremely useful in helping you expand your knowledge in the business field, find inspiration and explore new business opportunities.
Reconcile social purpose and profit
Running a business in the healthcare sector means you have to walk a fine line between profit and purpose. You can’t just focus only on the financial aspects and forget about social responsibility and the moral obligations you have toward consumers.
As a medical entrepreneur, you have to acknowledge that the products/services you provide can have a huge impact on people’s health and wellbeing. It’s not only NHS workers that can be held liable for medical negligence but also businesses operating in the medical industry. Therefore, you have a moral and ethical responsibility to ensure you conduct your business operations in a way that benefits the consumer, and that will bring no harm to them. This means you have to find a strategy to make your business profitable without losing sight of your social purpose.
Always be looking for ways to improve
The pace of technological innovation is faster than ever before and business success is largely based on the ability to keep up with tech advances and breakthroughs. This is especially important in the medical field as healthcare and technology go hand in hand.
If you want to stay relevant and gain a competitive advantage in your niche, you have to keep up with the changing technological advances in healthcare and look for ways to constantly enhance your products and services. There’s always room for improvement, so staying in the know and bringing innovation to the table will help you stand out from the crowd and propel you on the path to success.