Like most people, you’ve probably thought of an idea and wondered, “Why hasn’t someone invented that yet?” Then, if you’re particularly confident, the next thing that pops into your head might be, “Why couldn’t that person be me?”
When people go to business school, a high percentage of them do so with the intention of learning the skills that they need to create the products that will change the world. Many also have intensely personal reasons for that goal. For example, maybe they want to build a new, better medical device and apply the things they learned after being a long-term caregiver for a parent with dementia.
The health care sector, in particular, has plenty of opportunities for entrepreneurs to become associated with what the public sees as the “next big thing.” If you’re someone who’s deciding whether now is the right time to move into the health care space and show others what you can do, it’s crucial to plan your next steps carefully.
Plus, once you’ve made it into the field, one of your ongoing priorities must be to manage your image. That can, to some extent, impact how others see you.
Pinpoint Which Needs You Can Meet
One of the essential things for entrepreneurs to do if they want to break into the health care space is to determine which needs their innovations can solve. The most enduring inventions in health care and elsewhere are typically the ones that can solve the persistent problems people face.
Some innovations meet multiple needs. For example, telemedicine is taking off in health care, and it involves the technologies that allow doctors and patients to interact with each other without physically being in the same room. This approach means that sick people don’t have to spend time in waiting rooms or sitting in traffic to even reach a provider’s office.
Plus, if a person is disabled, elderly, or does not own a car, getting to a doctor’s appointment could be prohibitively difficult. Telemedicine allows them to stay at home without sacrificing the care that they need.
Telemedicine is beneficial for providers, too. For example, they can get approved to treat patients who live in various states, which could increase their earning potential. Moreover, if a provider decides to practice solely through telemedicine, they don’t have to deal with the expenses of paying for office space and related expenses, such as utilities.
Of course, telemedicine is just one example, but it shows you how one option could fulfill many needs, and suit the requirements that different groups have. Whether you are in the health care space currently or want to enter it soon, get specific about how your offering helps people tackle known challenges, and use those points to help your product carve out a niche in the marketplace.
Understand the Regulatory Specifics Surrounding Your Product
As you prepare to bring your health care product to the masses, it’s crucial to ensure you’ve checked all the boxes to give it the best chance of success. You also don’t want to give the impression that you haven’t considered the foundational responsibilities of launching a new health care product on the market.
For example, the U.S. Food and Drug Administration (FDA) is considering regulations for products that use artificial intelligence and machine learning. Whether your product falls into that category or not, spend time researching any regulatory standards you must meet to get approved.
You may also want to start a blog that helps people understand where your product is at regarding the regulatory process. If you have not developed a prototype yet, seeking regulatory approval is a milestone that’s still relatively far away. However, it’s still smart to let the public know that you’re mindful of all the specifics required for making a new health care product available and that you intend to meet them.
One of the ways to keep people informed is by writing a blog that describes how things are going and which phase you are in with your innovation. If you invite readers to give comments, they might have insights you wouldn’t have otherwise considered.
Maintain Social Media Profiles
Being active on social media is an excellent way for entrepreneurs from any field to stay connected with peers, investors, and other relevant parties. Your social media profile can also inform people of your work history or what qualifies you to be a health care entrepreneur. For example, Harry Stylli uses his LinkedIn profile to mention being the CEO and Founder of Progenity, a genetics testing company.
Social media can help you expand your network, and it could even get you connected to people who want to come on board to help with your innovative health care product. If you decide to have a presence on social media profiles, spend time keeping it updated. Then, you’ll assure people that you’re active and doing exciting things that may interest them.
Success as a health care entrepreneur does not happen overnight. But, it’s easier to reach that milestone if you take the time to cultivate both an online and offline presence in the field.
