At the moment, the United States is in the middle of a major shift in the health care economy – and wouldn’t you know – there’s a lot of money to be made at the moment, according to Inc. Numerous health care startups around the world are offering modern, quality products and services to consumers, who are now more informed than ever…
Furthermore, partially thanks to the passage of the 21st Century Cures Act last December, but mostly thanks to the improvement of the national economy, both government and corporate agencies alike are prepared to invest billions of dollars into research and new ideas. And while it’s a pretty good time to become a health care entrepreneur – entering the business is still not easy…
First… Let’s Start With the Good News
Now, according to the Washington Post article we linked to in the previous paragraph, the 21st CCA, which was signed on December 13 last year will increase funding for various medical research and speed up both the development and the approval of experimental medications, inventions and treatments.
And every single one of these paths can offer a great opportunity for an aspiring entrepreneur.
Moreover, as HealthcarelITNews reports, this legislation will provide roughly 6.3 billion dollars to online medical records, precision medicine and mental health. And will a good chunk of that will go to the already-established companies in the industry, startups can still profit.
But as you know, when things look too good to be true… That’s because they probably are…
However… There are Some Bad News as Well
There’s no way to sugar-coat it – accessing the aforementioned funds will definitely present a challenge even for the most resourceful entrepreneurs. On the other hand, while the Act won’t create a complete new bureaucracy, it will still post mandates for established companies to deliver.
And it will take some time before a majority of companies manages to adept and comply with the Act.
While the Trump administration still doesn’t have a positive stance on federally-supported health care, they don’t have the ability to do anything about it at the moment. The Cures Act we keep mentioning has bi-partisan support now and it actually serves the interest of many large corporations.
So on one hand, the money and the need for innovation are there and on the other, larger companies have a distinct advantage when it comes to receiving the funds…
So… What Can You Actually Do?
If you decide to go into business, you’ll be facing a ton of competition. But if you’re still reading at this point, you’re probably still interested – so the question is – what can you do in this situation?
Well, for starters, now’s the time for action so you have to work quickly. And in order to help you get off the ground, here are a couple of things you can do to make the entrance into the industry easier:
First, you need find the most active healthcare meet-ups near you, and start attending them regularly. And just so you know, these meet-up events have grown to the tune of more than 250K health care members around the globe. so you’ll definitely make some useful connections there.
Next, you need to be aware that you have specialized investment clubs around the country that can help you with health care and/or health care IT financing. These clubs will give you a great opportunity to get some training concerning the financial workings of a deal.
After that, you need to familiarize yourself with your particular industry some more and discover who exactly the angel investors are, find out what they are looking for and what your startup can offer them – not just what they can offer you.
Lastly, you need to pay close attention to other health care startups around the country and monitor their activity closely. This will give you an idea about the current trends and allow you to see who’s on the rise. You can easily do this by checking Healthcare IT News’s list of startups from time to time.
And… Where Should You Be Looking
There are no shortcuts or magic formulas here, so you can’t really expect to see success overnight. But enough effort and passion, you can still grab a good piece of the pie. The health care industry is huge and any time a big change occurs, new doors open for younger entrepreneurs.
Now, you don’t have to enter the related services and products market – in reality you have a number of different options, including ancillary areas such as support, communications and operations. Medical consulting is also worth exploring, because medical students require a ton of training and advice. So much so, that most of them hire a UMAT tutor before they even start studying.
Finally… What the Future Holds
People who are planning to enter the health care industry need to think about the future too. So what’s the industry lacking at the moment? Due to the lack of IT workers and innovators in the health care industry, according to Computer World, the industry is currently lacking analytical tools.
For the longest time, overly-complicated bureaucracies have dominated the health care economy around the world – and especially in the United States, but things are rapidly changing. The new consumer expectaions are more geared to speed and efficiency that only disruptive entrepreneurs can really deliver.
And you can’t wait for things to sattle before you start making moves. You have to be willing to take a certain risk and innovate current health care services and products in order to profit and define the direction of industry’s future.