Medical entrepreneurs, medpreneurs or docpreneurs are not new terms, but they have recently gained immense popularity as a rising self-sustaining industry. With the increasing concern over public health, many entrepreneurs, primarily experienced professionals from the healthcare industry, have forayed into medical entrepreneurship.
In the last five years, a large number of startups have mushroomed in fields like diagnostic labs medical devices retailing, digitisation and tracking, speciality care and next generation drugs. They are all creating breakthrough innovations and gaining global recognition.
Undoubtedly, there is an outstanding growth opportunity in the healthcare industry and, therefore, entrepreneurs are gearing up to make the best use of untapped opportunities. If you are also aspiring to enter the medical entrepreneurship industry, these tips will help you run your business in a successful and socially sustainable manner.
Begin with market research
In order to venture into this field, it is important to assess the need of the market and tap into the most vulnerable section that shows the highest potential of returns in the future. Extensive market research is the key to finding insights about different specialisations in the industry that needs attention. This will be the starting point of your business. Successful medical entrepreneurs understand substantial needs of the market and leverage untapped segments to fill the void with their products and services.
Maintain profit-welfare balance
Venturing into healthcare industry automatically adds a social responsibility on the entrepreneur to deliver services and technologies that are favourable for general public health. Besides thinking of profit, you’ll have to work your way to meet the requirement of affordable health treatment and services, especially for people below the poverty line.
Being an entrepreneur, for example, offering free of cost speciality care may not be a feasible option, but collaborating with NGOs and government bodies working towards subsidised treatment options for lower class families is a good way to incorporate social responsibility strategies into your business.
Focus on introducing innovative technologies
The healthcare industry still has a long way to go when it comes to technological advancements. Numerous areas need technological innovations to create a smooth healthcare experience for both patients and medical authorities
A report by International Labour Organization (ILO) in 2015 concluded that 56 percent of people living in rural areas worldwide do not have access to essential healthcare services – more than double the figure in urban areas, where 22 percent are not covered.
Hence, medical entrepreneurs can only be successful if they put their focus on innovation to keep up with the changing technological environment in the healthcare sector and stay ahead of the trends prevailing in the current market. From enhancing treatment methods to offering low-cost surgical procedures and delivering state-of-the-art health equipment at reasonable prices, technological innovation can improve medical services and help entrepreneurs gain a competitive advantage over others.
Having clear goals is the key to being a successful entrepreneur, regardless of the field you choose. Medical entrepreneurs must work out certain goals that not only benefit them financially, but also bring disruptions in the health industry. In the end, remember that a bit of charity is always good, especially when it focuses on saving lives.