ARTICLE DETAIL

How to get an idea to the clinic?

Posted by Health Entrepreneur 01/06/2015

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.

 

 
 

Please login to view full post.
 
 

Archives

November, 2017 (1)

Similar Articles

Advancement in Patient-Focused Oncology Benefit Management

Oncology Analytics Raises $21 Million Series B Financing Led by Oak HC/FT

Read More
Funding Resources for Medical Device Startups

This article is about technology startup accelerators focused on medical device ...

Read More
Harvard Business School - Advanced Management Program - My Experience

A moment arrives in everyone's life when they feel a need to 're-explore' themse...

Read More
Mergers and Acquisitions

Trends show that health care spends are approximately 18 percent of gross domest...

Read More
FDA: A Must-to-Know for Healthcare Entrepreneurs

In early 1900’s, the healthcare scenario in the US was chaotic with the new drug...

Read More

SUBSCRIBE TO NEWSLETTER

Subscribe here for free updates/newsletter

Inspirational Stories

  • Interview with Shanthu Kere, CEO, Palisha

    This health entrepreneur shares his motivational story that started with a "vision" to bring around a change in Oncology care-delivery, culminating in successful acquisition of his company. The journey, however, was fraught with hurdles and uncertainties that he overcame by staying true to his Mission.

    View more
  • Interview with Dr. Nilesh Nangrani

    Learn from an inspiring journey of an accomplished physician entrepreneur. Here he shares his beginnings, his life and his Vision to provide affordable and quality care to everyone, irrespective for their location.

    View more