Exploring the Realm of Medical Entrepreneurship
As a direct result of the ever-evolving interdisciplinary nature of the healthcare field, there are countless opportunities for innovation and business development. Medical entrepreneurship involves the development of a product or service that fills a gap in the healthcare system where a certain industrial need is not being met. For example, the target consumer for the products or services being developed could be institutions such as hospitals or clinics, or simply the patients that directly receive these resources.
Because of the flexibility that comes with entrepreneurship, a student who is interested in this career path would have the benefit of choosing which healthcare domain to make an impact in. For example with immunology, the development of new immunoblotting or similar analytic technology would be considered innovation. Even in medical education, different kinds of technologies like VR and 3D printing have been implemented to increase students’ learning engagement and visualization of intricate concepts.
There are an abundant number of areas that you can work in as a healthcare entrepreneur, and really, it’s all dependent on where your passions lie. Here are just a few ideas: invent a medical product or technology, design a method to enhance healthcare delivery and accessibility, or improve the quality and translation of clinical research from bench to bedside. Some healthcare entrepreneurs also often establish their own care delivery centre that is specific to an aspect of care, including rehabilitation or diabetes care.
As new science is released and professionals in healthcare continuously learn advanced methodologies, the need for young entrepreneurs to create new and improved implementation practices for these methodologies, making this career path one of endless opportunities—the sky really is the limit!
Where does innovation begin? Well, it all starts with you and a plan for change. One that aims to solve or make improvements to our health policies, products, technologies, delivery methods, and so much more. The innovation must be new and evidence-based, and address any problem related to healthcare. But what challenges or obstacles might you face? The process will require a lot of collaboration and communication with many individuals involved, as well as consideration of government regulations, funding and costs, and consumer opinions. It’s going to be strenuous, so resilience and perseverance will be key. And above all, you must be ready to take risks!
Medical entrepreneurship won’t be the best path for everyone. However, if you have a creative passion for a particular healthcare issue or disparity in care that you wish to see realized, then you meet the most important requirement! Entrepreneurship is notorious for being a journey of high highs and low lows, but with high risk comes high reward. If you’re interested in learning more about how to get started in medical entrepreneurship, there are some helpful and interesting articles listed on the resources tab on our website!
Your Healthcare Prospectives Team
Sources:
https://www.entrepreneur.com/leadership/making-the-move-from-medicine-to-entrepreneurship/429797
