Healthcare system is everywhere broken and we are all aware of it.This gaps and issues made the entrepreneurs immense the opportunitues to look into and to start their own venture. In this article we will discuss about the issues which are solved by the entrepreneurs.
To learn more about “How do I create that billion-dollar healthcare Idea”, click here!
Gaps and issues with healthcare sector, seen today and the opportunities thereof
Healthcare system everywhere is broken and we are all aware of that. 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.
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 2016 – a glimpse
While the headlines are raging with news about healthcare 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. These can come under the broader heads – medical products, services and equipment to extend, protect and increase the life of a patient.
The two classifications can be defined as:
-
Pharmaceuticals, Life Sciences, and Biotechnology
-
Healthcare 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 as well!
This leads us to arrive at a broader classification:
-
Hospitals, physicians, nursing homes, diagnostic laboratories, pharmacies and sustained by drugs, pharmaceuticals, chemicals, medical equipment, manufacturers and suppliers
-
Ancillary divisions namely medical equipment and supplies, pharmaceutical, healthcare services, biotechnology, and alternative medicines
Innovative ways in which companies have taken ideas and converted them into healthcare startups
Let’s look at a few innovative ways in which companies have taken ideas and converted them into healthcare startups. Let’s hope these will spur you to come up with ideas for your own “healthcare industry startup”.
Gym Pact has been very innovative in offering healthcare solutions. 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 ones that do!
Wellness FX is a company that uses a tri-monthly blood sample to gauge your inner health while charting progress.
Fit Bit provides gadgets and instruments that let you track your distances, calories burned and your sleep cycles.
HealthStart is one such innovative healthcare accelerator program, in India, 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.
In India some of the best healthcare in the world is provided by the private sector. With close to 600 million poor in the urban and rural areas with no access to affordable quality healthcare the per capita healthcare expenditure in India is a fraction of that developing countries like China and Brazil. This low dissemination shows that there is a huge need for private and public investment. Therefore we see that healthcare is the leading focus for investors in India and approximately 70% of social enterprises are concentrated in this sector.
Aavishkaar based in Mumbai, is an investment fund that makes equity investment during early stages of social enterprise, focussing on the base of the pyramid population which includes a variety of sectors like healthcare, agriculture, water and sanitation.
Acumen a non-profit organization in India, raises charitable donations to help the low income sector and their highest priority is the healthcare segment. Founded in 2001 this non-profit has been impacting the lives of millions by providing affordable ambulance services, affordable eye care, healthcare education.
There are many more such innovative solutions made available due to the lacunae and shortages in the existing healthcare system.