Are you a start-up or seasoned HealthTech company looking to advance in the industry? Knowing the challenges you’ll face and understanding how to overcome them will make your growth journey far easier. We’ve put together an overview of the top 5 challenges HealthTech companies face, as well as advice on how to overcome them, to help give your HealthTech the best chance of success.
The 5 Challenges HealthTech Companies Face:
-
Harnessing A Clear Vision
-
Money and Funding
-
Duplication over Innovation
-
Policy Makers Behind the Curve
-
Hiring and Staffing Top Talent
Harnessing A Clear Vision
Vision is a key factor when trying to become successful within any industry, but it’s especially vital in HealthTech. The challenge for HealthTech companies is having a unified vision on where the industry should be heading and what they can do to achieve this. With the HealthTech space attracting so many start-ups, there tends to be a greater concern on receiving funding and gaining tangible success rather than on innovating the industry and its technology for the consumer. The solution: place collaborating over competing, place the patient as the focal point when starting up a HealthTech, and co-design systems and platforms that improve functionality, scalability, deliverability, and data quality.
Money And Funding
Money isn’t technically the challenge for companies in the HealthTech industry, but instead, the challenge HealthTech’s are facing is making sure that funding is being funneled to the correct places and equally distributed to help push the industry forward. The funding is there, but sometimes when a HealthTech is starting up, they don’t receive it as quickly as they need it. To resolve this, The National Health Service needs to create a comprehensive digital funding system to reduce the time taken to receive funding and to make sure HealthTech companies are getting the appropriate distribution across the industry. HealthTech companies should have an advisory board of experts within the industry to give their company the perception of legitimacy to potential customers, investors, and partners.
Duplication Over Innovation
HealthTech has become more widely accepted within the healthcare industry which, in-turn, has created a trend of new entrants wanting to join this highly successful market. With a lot of new HealthTech’s starting up, there needs to be processes in place to protect the integrity of the industry so that it can remain focused on the consumer. In turn, companies entering the market are starting to duplicate the same products and services that end up watering down the industry. To solve this, many companies are turning their attention towards compliance and regulations; this will make sure HealthTech companies are placing the importance of bringing innovation that will benefit its users to the forefront of their mission.
Policy Makers Behind The Curve
HealthTech has taken the healthcare sector by storm to meet the demands that have been created by the global Covid-19 pandemic. Digital health solutions have grown at groundbreaking speeds, but policy makes within these sectors must now follow suit. As it stands, there has been a lack of support from senior decision makers that are trying to drive the innovation of merging technology within healthcare solutions. To help aid in this challenge, companies and policy makers need to find a way to get on the same page, create a better system to gain funding, and show stakeholders the importance of solving the very real problems these innovative solutions are made for.
Hiring and Staffing Top Talent
HealthTech companies are faced with heated competition when it comes to hiring HealthTech Talent at the top of the industry. Problems and inconsistencies within the team is one of the main factors that hinder a startup from being successful: if the cooperation between the team fails, so will the startup. And it’s not just about hiring the right people, it’s about hiring the right people at the right time. Sometimes there may be a lack of specialist skills for the technical implementation of a product, other times their lack’s a CMO who acts as an interface between management, marketing, and sales departments. Take the time to find the right candidates at the right time for your startup and be aware of hiring a team that will work well together. Effectively scaling your HealthTech team can often be difficult to navigate, , but Storm3 is here to help.
The HealthTech industry is soaring and Storm3 aims to be at the very heart of it, connecting the top HealthTech talent with the most innovative Healthcare Technology businesses across the globe. Our team of expert consultants have built a network of highly specialized talent, from mid-senior right the way to C-Suite roles across Data & Analytics, Engineering & DevOps, Product Management and Sales & Marketing. If you’re a startup or scale up looking to grow your team, get in touch with our team of expert consultants today!
