Key Factors Facilitating Entrepreneurial Growth in Healthcare

Key Factors Facilitating Entrepreneurial Growth in Healthcare
February 26 12:57 2020

The field of medicine is vast and expansive, encompassing several different areas. One field that goes hand-in-hand with the provision of healthcare services is entrepreneurship. The need for entrepreneurial services stems from the global rise in demand for healthcare and healthcare products. According to the World Health Organization (WHO), the amount of money spent every year on healthcare amounts to about $7.2 trillion, which offers a solid prospect for additional investments in healthcare.

For healthcare to flourish, entrepreneurs collaborate with players performing different tasks in the industry. Some of the areas entrepreneurs are most interested in include biotechnology, pharmaceuticals, physician practices, health insurance, medical device manufacturing, lab services, technology supply, and other specialties.

As the global demand for healthcare is on the rise, so is the level of competition as companies invest more in the industry and diversify their portfolios. Entrepreneurial efforts in healthcare are not different from other ventures except for the high stakes from operating in a risk-averse environment. This is evident in the adoption of new ideas or methods which have to be tested thoroughly before they are proven effective enough for application.

The healthcare industry is changing and adapting to new environmental influences which is why it needs entrepreneurs to continue building sustainable models of operation. Several factors influence the application of entrepreneurial actions in driving growth in healthcare.

Innovation

Innovation in healthcare is driven by the need to improve access and quality, lower cost, increase protection, eliminate wastes, and increase efficiency within various systems. The different players direct much of this drive towards improving the well-being of the overall population.

The innovations propelling growth in the industry are either designed to perform specific tasks in healthcare or are innovations intended for other jobs, which are then adjusted and retrofitted to solve healthcare-related needs. Gene editing and gene editing are examples of innovations in the healthcare industry driving growth.

The need for innovation has been heavily influenced by the increase in the aging population and the prevalence of chronic diseases. In addition to socio-economic issues, these factors are driving the change and pace needed in healthcare innovation. Entrepreneurial output in healthcare is also fueling the need for disruptive innovations to accelerate the evolution of healthcare and attract more investments to the industry.

In recent times innovation has become critical to healthcare and the entrepreneurial efforts directed at revamping it. Innovations are making a significant impact, especially when combined with modern technology.

Technology

Technology is changing the healthcare industry through the advancements of tech-based solutions in developing medicine, medical procedures, and therapeutic tools and equipment. The impact of technology is evident in the role it has played in certain healthcare advancements like organ transplants, genomics, cosmetics, and prosthetics.

The influence of technology in the growth of healthcare is pioneered by brilliant entrepreneurs and technology experts on a continuous mission to provide cutting-edge solutions. One such entrepreneur is Harry Stylli, who has invested and held leadership positions in organizations like OncoCell MDx and Progenity that are committed to supporting advancements in the medical field. These entrepreneurs are making significant progress towards meeting the global demand for healthcare.

One of the key drivers of growth is the adoption of advanced medical device technology by professionals for treatment and diagnosing purposes. These equipments include glucometers, artificial heart pumps, and prosthetic limbs, to mention a few. Technology is also being applied to tasks that require high precision and control, like performing operations using robotic surgery systems.

Wearable technology, artificial intelligence, and machine learning are other technological advancements being heavily utilized in the healthcare space. This tech is used for tracking, monitoring and gathering information for diagnosing purposes, conducting medical and clinical trials, and formulating prescription and treatment algorithms.

Entrepreneurs and investors are also utilizing technology in healthcare administrative duties, billing, management, and decision-making processes. This proves helpful in identifying errors and correcting inefficiencies in older models of healthcare and developing better technology-enabled healthcare models.

Data Protection

The imminent need for creating integrated data solutions is critical to providing security to patients and client’s information. The data support system is a welcome solution for safeguarding all the data processed from healthcare processes like lab tests, patient summaries, purchase histories, research, and treatment solutions. This data-driven approach is facilitating growth in healthcare practices by safeguarding all data and information, which is crucial to service delivery.

Entrepreneurship and healthcare go hand in hand in developing a value-oriented model of operation that maximizes on readily available resources like technology and innovation to drive growth. For the continued growth of the industry, healthcare professionals need to be more business-oriented and utilize predictive analysis and other analytical and tactical skills to determine new ideas worth exploring and work out new ways to diversify their operations.

Other factors that are facilitating entrepreneurial growth in healthcare include the increase in the volume of medical tourism and the formulation of healthcare-friendly government policies. Government policies are integral to entrepreneurship-oriented efforts related to pricing models, operational guidelines, and other healthcare guidelines.

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