The global digital health and health technology market is currently valued at $197 billion (£145 billion), with a forecast of $536 billion (£395 billion) by 2025. What’s fascinating is the growing number of new businesses and investments in this area. Although digital health companies are still relatively new, a majority of them have already gotten some funding. In the coming years, digital health is expected to be one of the most important industries. As such, this article discusses easy steps to follow for a digital health startup.
1. Pick a sector and conduct sufficient market research
There are numerous sectors within the healthcare industry, ranging from biotech and medical diagnostics to medical devices and pharmaceuticals. Therefore, you should consider which sectors you would like your digital healthcare business to focus on. Once you have picked a sector, you should conduct market research. Doing this would help you determine the market size, find key players and the tools you would need. It also enables you to identify and analyse your competition and select mentors you can look up to. For example, if your medical diagnostic sector is your forte, you will want to get familiar with significant players like Thermo Fisher Scientific and their transition into digital health.
2. Find the challenges of your chosen sector
There may be some advantages to selecting a particular sector, but there may be specific challenges associated with it. First, it is essential to know what these challenges are. To do this, you must conduct ample research on the sector. During your research, look out for reasons why other businesses in the sector could not survive as long. This would provide you with information on the challenges of the sector. After this, you can implement various strategies to help your business overcome these obstacles.
3. Find solutions for the challenges
It’s time to start looking for answers to the issues you’ve identified in your chosen sector. One effective way of doing so is by looking at your competition. The aim isn’t to copy them but to learn from their strategies and help you set up one which is unique to your company. You can also brainstorm innovative yet feasible solutions you think your business can offer. Finding the right technological solutions is also essential to find the solutions by either introducing a new one or replacing outdated models.
4. Find a team
Next, you need to create a team. Your team must consist of skilled and like-minded people. This makes operations run smoothly and prevents the need to “train” others early in your business. However, you can also consider outsourcing some roles to professionals to ensure your business starts on the right footing.
5. Index your startup
It’s time to register your firm after you’ve etched your idea in a mind map and hired your staff. There are several possibilities in the United Kingdom, such as a limited liability company, a partnership, etc. The type of business organization you make your business would affect issues such as funding and management. So, be sure to choose wisely.