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ema smith

ema00|United States

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How to grow business in Health Care Industry

Sep 11, 2017

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For last decade or so there has been lot of reforms in Health care. The population is ageing and with more money at disposal are demanding better healthcare. Many venture capitalists have funded various technology initiatives in the sector such as wearables, remote monitoring through video chat which has led to boom in number of start-ups. Technology also addresses the concern of decline in productivity which had plagued the Health care for decades.


The problems that Health care entrepreneurs have are very different to those in other sectors. The stringent regulations and entrenched stakeholders more often than not enhance the product’s time to market which makes the challenge unique. The key points to growing business in Health Care industry are as under - 


1. Find right people

The objective is to connect kind of people who are willing to learn with you, those who are friendly with your ideas and have expertise to help the idea get shape of prototype or products. The partners should not take away the momentum of the ideas of your company. The partners should have the prior knowledge of industry especially the prevailing regulations.


2. Familiarity with regulation

Health care sectors have all kinds of regulations. From the Food and Drug Administration’s rules to the Affordable Care Act, it is an industry full of rules which appear unfriendly.  

The idea here is not to get intimidated by the concept of regulation but treat the same as just a process which is to be worked with. When you become versed with the process and ways to walk through it, it will end up becoming your edge over other competitors.


3. Get into the big league

Healthcare industry has been around since ages. Obviously there are big established players already in the biosphere enjoying the first movers advantage and are in position to take greater risks.  It is not possible at all to go around these big names. Instead you have to work with them. Unlike technology based entrepreneurs you cannot disintermediate the big players. Engage with these corporate and government partners in order to speed up the actual goal.


4. Healthcare is for long term

Unlike Tech companies which have extremely rapid growth, the healthcare companies grow at more realistic and organic rate.

The entire sales cycle is elongated because of the hurdles of regulation and significant resistance to change. Immense amount of patience is needed to stay relevant in healthcare. Any initiative will bear fruit in the time frame of five to ten years. Sometimes you might get luckier but if you are not prepared to play long haul then healthcare is not the place for you.


5. Network

Be a part of ecosystem of entrepreneurs who have expertise in the domain area. As long as you are open to work in collaboration and aren’t resistant to be coached you will be successful here. It is not the place to be a rugged individual who is not open to ideas and suggestions. Listen well at all stages.