The medical industry has experienced a big shift in industry standards and expectations in the last few decades.
One of the major differences in their willingness to introduce technological advances into real life practices as routine practice instead of one-off, innovative surgeries aimed to improve the reputation of a hospital.
This has opened the doors for medical start up companies and their innovative ideas, providing them with access to a market that is constantly hungry for new technology.
As a result, there has been a continuous rise in the number of medical start up companies hoping to create the next big product or service every year.
With so many new companies opening their doors every day, however, it’s inevitable that some won’t have what it takes to succeed.
Simon Stertzer, founder of several successful start ups and chairman on the board for Biocardia, had this to say when asked about the biggest mistakes people make when starting a medical start up business:
‘1) Building a company around a product that offers only marginal differentiation, meaning that the advance is only minimal… it is not a breakthrough technology. 2) Poor patent position. 3) Giving away too much of the company early, thus losing control, or conversely, trying to hold onto too much equity, thus not building a strong, invested team.’
It would be fair to say that, from what Simon Stertzer was quoted as saying above, one of the most important things you need to look out for when launching your medical start up is that your product is a breakthrough piece of technology.
Before you can understand whether your start up company is creating a breakthrough piece of technology, however, you need to be aware of current innovations within the healthcare industry.
If you’re reading this article curious about the healthcare innovations of 2019, Digital Authority Partners have posted a comprehensive list of the 7 healthcare innovations you need to know about.
You might not be surprised to know that all of the options on this list are technology-based.
The most important note to take from this is that they are all breakthrough technologies that answer patient’s pain points in efficient ways that the medical industry had previously not thought of before.
Let’s take blockchain as an example.
This piece of technology is revolutionizing the medical space by enabling healthcare professionals to share and analyse critical patient data in real time.
It also gives customers piece of mind about the way their data is handled, as blockchain is more secure that paper medical records and other forms of online digital storage.
Why not take a moment to ask yourself what your business offers that could revolutionise the way the medical industry works, and how this answers a common patient pain point?
Another thing you need to watch out for when creating a medical start up company is how much information you’re giving out about your product or service before its launch.
As a medical start up, sharing too much information about your product or service can kill your company before it’s even gotten started.
This invites copycat companies looking to make a quick buck with the perfect opportunity to steal your product and pass it off as their own.
They may even have the resources to release this before your official launch date, making you look like the bad guys within your specific medical field.
It’s best to keep as much information as possible inside the start up, on a completely need to know basis until the launch date.
We can also learn lessons from the Chicago-Israeli Health Tech Summit, where Dr. Michael Oppenheim’s shared his best advice with 20 of the most promising medical startups in Israel.
One of the most important things Dr. Michael Oppenheim advised the start up companies was to consider how much your technology will interfere with a clinicians current workflow.
Innovative technology in the medical industry is great, but when medical staff are already working with a number of different systems regularly, you need to find out why they should adopt your new technology over the systems they are already using.
Dr. Michael Oppenheim suggested it’s not always something you’re going to get right the first time, so if you can’t come up with an answer straight away, don’t worry… but keep going.
You need to come up with a way of implementing a new technology in a way that makes staff motivated to stop whatever they’re doing elsewhere to do what you’re currently asking them to do, so make it exciting.
Think about the positives of your product, or new things you could introduce into your technology without making it complicated that would draw staff in.
Don’t get carried away during this process and add bells and whistles that may ruin the simplistic functions of your start up technology, however, as this can turn staff away from trying something out and thus, stunt your potential success.
Dr. Michael Oppenheim ended his health tech summit by telling medical start up’s to be realistic about project management timelines.
This is something those working in startup companies forget about far too often, but it’s incredibly important to watch out to make sure you aren’t getting carried away with things.
If your proposals go well, it can be tempting to promise more than you can reasonably offer, but this will have potentially negative backlash if you cannot perform what you have promised on the day.
It’s better to be cautious about your project management timelines than it is to race ahead and end up with burnt out employees and partners who aren’t passionate about your project by the time the launch arrives.
As you can see, there are lots of things you need to watch out for before launching your medical start up company.
It can be easy to feel discouraged, or confused about where to start, but we hope this article has helped to clear up the things that you should be focusing on the most.
To summarize our article, you should be looking at healthcare innovations currently on the market to see how they compare to your own ideas, be as secretive about your own idea as possible, understand how invasive your new technology is to those who will be using it, and be realistic about your project deadlines.
We don’t want to put you off creating a medical start up if you are someone with the next big healthcare innovation, however, so put your all into it and you might just be surprised with the success it brings you.