As the healthcare sector
evolves, health organisations
are turning to tech entrepreneurs to help solve industry challenges. While it
is important to connect start-ups and small and medium enterprises (SMEs) with
those commercial partnerships and opportunities, innovators also need to know
how to build and sell relevant propositions from the start.
Here are six
tips for tech entrepreneurs looking to break into the healthcare market,
which came out of our knowledge sharing and networking event Digital Health
Surgery earlier this year.
Doing business: networking and business models
With healthcare, as with any
sector, you must think about how you can develop a sustainable business model
for the products you are developing. Think about how you will make money from
your service or product from day one. Figure out your routes to market, and the
people you will need to get on-side in order to reach your intended user-base.
There are resources out there
to help – you can join the Knowledge Transfer Network and related groups such
as the Digital Health Special Interest Group, which is working to build a
community in the digital health space.
Working with the NHS
Penetrating the NHS is a
question of connections, and many start-ups worry about getting stuck at the pilot
stage. To avoid this, you must involve clinicians from day one. It is also
crucial to run focused trials and testing. Seek out fellow start-ups and SMEs
who have been successful in getting their products and services in the NHS
system. It is a tough environment to navigate, but there are plenty of
professionals who are more than happy to share their experience. The NHS
provides ongoing reports and resources across a range of platforms, so make
sure you keep up to date.
Accessing and managing data
A question we get asked time
and time again is “Where can I access good data?” Statistical analysis forms
the bedrock of many health tech innovations, and data holders are often poorly
signposted. There are plenty of NHS open data sources as well as open government
data. The Connected Digital Economy Catapult also launched the beta version of
its Open Health Data platform earlier this year, which aims to encourage
innovation through collaborations and making a selection of datasets available
There are also plenty of
pay-for data providers. Once you have established where to get your data, you
need to build a constructive relationship with the holder – for instance, you
don’t want to hit a paywall immediately, a common problem with data providers.
Make sure you cover all bases and get expert advice if you are not sure.
Intellectual property: how to protect and exploit it
Intellectual property is a key
concern for all innovators, not least those working in health. Before launching
your product or service you should have an understanding of how to both protect
and exploit your intellectual property. Another concern is data protection and
privacy – how do you provide a brilliant new technology while still complying
with the rules? This is always a sensitive area in healthcare because you are
dealing with patient data.
Your first point of call
should be the Health and Social Care Information Centre and Clinical Practice
Research Datalink for useful
information and resources concerning all aspects of healthcare data. The
Medicines and Healthcare Products Regulatory Agency is a government body
responsible for regulating all medicines and medical devices in the UK by
ensuring they work and are safe.
Collaborations
In our experience, people
think they want to collaborate but often go into talks without thinking through
what they actually need. Make sure you research potential collaborators and ask
them about their needs and expectations before entering into a partnership.
Funding and investment
In terms of follow-on
investment, there has never been a better time to raise basic risk capital in
Britain than now. But it is important to assess what stage you are at and
whether you’re ready for investment. There are many health investors out there
and if you think you are ready for them, talk to an advisor such as Capital
Enterprise, who match start-ups with suitable investors, or Healthbox, who
create collaborations between investors, entrepreneurs and healthcare industry.
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