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3 Challenges You’ll Face When Starting A Business In The Medical Industry

Estimated reading time: 2 mins

The medical industry is one of the most lucrative sectors in the world right now and it’s always a fairly stable industry to be in because people always need healthcare. We often hear about just how much pharmaceutical companies are making out of selling medications to people and it’d be easy to be fooled into thinking that it’s just easy money, but it isn’t. Like any other industry, companies in the medical sector face a lot of challenges. If you’re considering branching out, just bear in mind that you’ll have to deal with these things.

Funding Issues

Unless you’ve been living under a rock, you probably know that the NHS is under a lot of strain at the moment and there is a huge lack of funding. That means that hospitals aren’t always equipped to pay for the latest treatments and equipment. If you set up your own company that is developing new technologies or new medications, you might find that you’ll struggle to get hospital trusts to buy them, especially if the treatments they’re already using are a lot cheaper. You can, of course, sell to private hospitals but that’s only a relatively small market and you might struggle to make a viable business just selling to them and not to the public health services.

The American healthcare industry may be a better market for you but they’ve got their own problems at the moment as well. Rules about funding for healthcare are changing quite drastically and there is no telling what the market will look like once all of those rules come into effect.

Consumer Safety

If you’re producing medication for patients, you need to make absolutely sure that it’s safe. That means looking into the long term effects as well as the short term, otherwise, you might end up with a lawsuit on your hands. That means a lot of testing and data collection, which can be difficult to organize. But if you use a laboratory information management system to organize, catalogue and analyze all of your results, you can be thorough and make sure that you’re not missing any details that could potentially lead to people getting sick from using your products.

Data Protection

Data protection is big news at the moment after a speight of recent cyber attacks on various institutions, some of them hospitals. Protecting the personal data of customers as well as your own is important in any company, but it’s especially important if you hold information about people’s medical issues. If somebody has their credit card information stolen, it’s an inconvenience for them but they’ll get that money back and it won’t be too much of an issue. But if people have their personal medical information stolen, it’ll be far worse for them not knowing who has access to that intimate information. A lot of companies think they’re fine because they sorted out protection when they set up their IT systems but cyber criminals are always adapting their techniques to get around new security measures. That means your systems will quickly become obsolete and you need to be updating them regularly to stay on top of things.

If you can overcome these 3 challenges, you can build a good business in the medical industry.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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