We are fully aware of the challenges faced by individuals in the health entrepreneurship sector in developing a product or a service in the tightly regulated healthcare market, known to be notoriously difficult. You have the health entrepreneurship startup idea!But getting an idea to a patient is not a simple process it is notoriously difficult to develop the idea and then market the health technology. In this article we will discuss about how to get an idea to the clinic.
To Learn more about "The Journey from Idea-to-Fruition", click here
Getting the idea to the patient - Not a simple process
-
Getting an idea to a patient is not a simple process – it is notoriously difficult to develop the idea and then market the health technology.
-
healthcare is a regulated area and approvals for products as well as services are tough to attain. These approvals are much more difficult to obtain than in any regular consumer technologies.
-
These requirements for stringent regulatory approvals and clinical trials mean that health entrepreneurs can face years without substantial incomes and major hurdles for small businesses entrepreneurs.
-
The truth is also that, developing on the idea and growing your business successfully needs strong execution and strategic capabilities which can be learned from successful entrepreneurs who have been there before you.
-
The other challenge is the disconnect we see between local and national organizations, long decision making processes and budget silos.
-
Developing a product in the closely and securely regulated healthcare market is indeed cumbersome and time consuming.
-
Once the ideation stage is over the new entrepreneur has to be able to test the idea and refine the idea, while assumptions made have to be tested in the real world.
-
The focus has to be on building a tested and viable business model from the initial idea.
-
Then is the commercialization of the vetted business idea. There are different areas that need attention and these include selling, product development, and financial modelling among others.
Challenges faced by healthcare providers in bringing the idea to fruition and execution
We find that most healthcare providers are faced with prospects and occasions to innovate and yet they do not know what to do with these “ideas”. While caring for patients they envision ways and methods of doing the same thing in a better fashion and these present themselves as opportunities for healthcare providers.
The value of the idea is not the idea itself, says Dr.Pereras, the author of the book “Innovations and Entrepreneurship in the Healthcare sector”. He avers that many can benefit from innovations and that the value comes from transforming the idea into a product, company or improved process. This transformational stage is the area that that all new entrepreneurs need to be educated about and this is where the expertise is lacking.