25/02/2022 by StratHealth Ltd 0 Comments
The Challenges and Opportunities Facing New Healthtech Start-Ups Today
Although fairly new to the industry, health tech startups have helped address the needs of individuals when it comes to taking care of their health. Moreover, these companies aid in concretising every new healthcare strategy introduced in the industry. Lots of opportunities are waiting for these technology-driven businesses knowing that innovation is constantly evolving. However, challenges are also present in different spheres and aspects.
This article will outline both the opportunities and challenges health tech startups may face as they continue to operate in the healthcare industry.
Regardless of how advanced we are with technology, challenges are inevitable in the healthcare industry. Remember, healthcare is a complex system because it involves changes in performance, depending on age, socio-economic realities, behaviour, and others.
If you’re one of the health tech start-ups, take note of the following challenges you may face.
Getting enough financial resources is essential for every company to deliver outstanding results to the public, whether they are selling a product or offering a service. While it’s easy for some to find investors who will fund their vision and plans, it may be challenging for health tech companies, especially start-ups.
The truth is some investors see higher risks in the healthcare space. Therefore, these start-ups have to prove to investors that their invention or product will be beneficial to the healthcare market, which can be time-consuming and require lots of effort.
2. Lack of Infrastructure Support
Breakthroughs in medical or health technology require infrastructure support to bring more benefits to the people. And with healthcare technologies based on remote operations, there will also be a need for streamlined integration, a team of skilled workforce, digital interfaces, supply-chain logistics, etc. These factors will help the company effectively apply their state-of-the-art technologies.
3. Resource Utilisation
Whether they are a startup or not, health tech companies have limited resources and will therefore require proper resource utilisation. Doing so enables them to deploy healthcare technologies more effectively, especially when combined with sustainable and cost-effective solutions.
4. Monetising the HealthTech Product
The demand in the healthcare industry is continuously increasing. With that, you may think that monetising the products developed by experts is easy. However, it’s quite the opposite sometimes, especially when innovation strategies are insufficient.
To attract more funding and meet the demands of the market, what these company startups can do is to make plans based on forecasts and think ahead.
Looking into the bright side, most of the health tech companies don’t only deal with challenges. There are also opportunities waiting for them, especially with the increasing demand for healthcare services.
Here are the following opportunities that companies offering health technology can look forward to:
1. Expansion of Virtual Care Services
Now that almost everyone has access to technology, virtual care services have become more efficient when communicating and providing treatment to patients. Therefore, changing the healthcare strategy of several companies. With that, the start-ups will find the opportunity to grow along with the expansion of virtual care services or a combination of telehealth and in-person checkups.
2. Continuous Cashflow
Due to the COVID-19 pandemic, it has become risky for people to go from one place to another. Hence, companies that don’t usually adapt to digital ways are now transitioning to a modern way of attending to patients—making health technology more useful than it ever was before. Ultimately, these changes will bring a healthy cashflow to health tech companies.
3. Private-Public Partnerships
Private-public partnerships come with several benefits, such as:
- Through public entities, private startups gain access to various resources and capital.
- It broadens the opportunities for both public and private entities.
- The government’s resources can help create high-quality facilities and infrastructure for the latest inventions.
- There will be more efficient development of output.
This type of partnership opens countless doors of possibilities in the healthcare industry, not just for the private health tech but for the government as well.
4. Healthcare E-Commerce
Online shopping has taken over the retail industry in modern times since it makes it easier for individuals to purchase their needs without having to travel to a brick-and-mortar store. With this, it will also be more convenient for patients to receive healthcare supplements at their doorstep. Health tech startups can extend their platform through online channels to give more patients the healthcare they need.
Overcome Challenges and Develop Opportunities with StratHealth Ltd
Whether you are a startup or you’ve already been in the healthcare industry for a long time. StratHealth Ltd can help you come up with a healthcare strategy that helps boost your innovation. Moreover, we make sure to impart our knowledge and expertise to our clients so that they can use disruptive technologies more effectively.
You need innovation and technologies more than you think! Connect with us today on 020 8128 4420 or send an email to email@example.com, and we’ll help you come up with holistic strategies!