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A Beginner's Guide to Health Entrepreneurship - Part Two

Posted by Health Entrepreneur 02/19/2016

This article is dedicated to encourage and promote a culture of creativity and innovation in the ideation stage of the entrepreneurial journey. The specific function of ideation and innovation is seen as the discipline whereby the entrepreneur develops new approaches or makes improvements to existing ones - thereby offering sustainable value to customers. Any and all healthcare professionals as well as others desiring to make a mark as entrepreneurs in this segment can benefit from this article which provides a broad guideline to the budding healthcare entrepreneur.

Missed Part One of this article? Click here!

Why you should read this before embarking on your journey

  • a)Choosing the right startup idea will speed up your learning curve and save time, effort and heartache along the process

  • b)There is a huge opportunity cost involved in picking a startup idea which involves a great amount of energy, money, focus, time and dedication to execute the idea. We believe you do not wish to invest in an idea less worthy of your time.

  • c)By fully assimilating these concepts you will know which the best startup idea is for you, and where you will find it too!

Gaps and issues in the healthcare sector, seen today and the opportunities

It’s no mystery that healthcare is fragmented. The system wastes billions of dollars annually and yet fails to deliver the right care. It is indeed clear that the system needs to be fixed! Many of these issues are being attended to by the government – people are forced to take an insurance policy or pay a fine, there are preventive services that citizens are entitled to with no extra costs, and when you get sick health plans cannot cancel your coverage etc.

In spite of all this there are the more subtle problems in the healthcare industry which are today being solved by entrepreneurs. Entrepreneurs are changing the way in which you can manage your health thereby enhancing the manner in which you address lifestyle choices.

Healthcare 21st Century – a glimpse

While headlines are raging with news about health care reform and there is always a debate over public vs private system, there are innumerable opportunities for business within this segment. Whichever way the political debates are going, the truth is that there are plenty of opportunities for new entrepreneurial pursuits in the healthcare segment.

What’s in it for the entrepreneur?

The industry has varied areas of expertise with a complex set of interconnected providers, all working in coordination to ensure our health.

 

A way to classify:

a)Pharmaceuticals, Life Sciences, and Biotechnology​

b)Health Care Equipment and Services
 

But this hardly covers all the areas. The manufacturer of the x-ray machine, the technicians, and the physician – all play a vital role in patient care. This leads us to arrive at a broader classification:

 
  • a)Hospitals, physicians, nursing homes, diagnostic laboratories, pharmaceuticals, chemicals, medical equipment, manufacturers and suppliers

 
  • b)Ancillary services medical equipment and supplies, healthcare services, biotechnology, and alternative medicine.

Let’s look at a few innovative ways in which companies have taken ideas and converted them into healthcare start-ups. Let’s hope these will spur you to come up with ideas for your own “health care industry start-up”.
 

Gym Pact

an innovative healthcare solutions company. This is one platform where you connect with wannabe exercisers and the system holds you accountable with cash; if you do not exercise you pay cash to the folks that do!

 

Wellness FX

a company that uses a tri-monthly blood sample to gauge your inner health while charting progress.

 

Fitbit

provides gadgets and instruments that let you track your distances, calories burned and your sleep cycles.  

 

Rock Health

an innovative healthcare accelerator program which is dedicated to support startups through mentorship, funding and any other required support. Founded by an enterprising team global professionals this platform is meant to kindle the healthcare entrepreneur. Providing two different models of funding, this startup provides incubation program as well as angel investment.

 

Andreessen Horowitz

is an investment fund that has created a fund specifically looking at early stage companies using machine-learning in healthcare (technology)

 

There are many more such innovative solutions made available due to the lacunae and shortages in the existing health care system.

 

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