As an industry, the healthcare profession is arguably one of the most complex in the world. While often expensive innovation is crucial for growth, countries and businesses alike struggle to keep costs affordable. Politicians work tirelessly to implement laws governing the healthcare industry because of its importance. However, it’s very difficult for innovation to barge it’s way into the industry. This is because it takes so long to find a model that companies can use to deliver their services.
There’s an inherent risk factor whenever a new drug or new service is introduced. When dealing in the commodity of patients, it can never be forgotten that you are dealing with real lives. Chief among the pitfalls is pricing and adapting to federal legislation. But why do some companies fail when others don’t?
Too Ahead of the Curve
In the healthcare industry, companies are continuously playing a waiting game. Normally, companies are incentivized to fund research programs that will help them find a cure for a rare disease. This incentive is called the ‘orphan drug’ laws. However, technology needs to catch up at the administering and patient level. The recent scandal of Elizabeth Holmes’ company, Theranos, shows how fragile the relationship between idea and technology really is. After leaving Stanford University at 19, Elizabeth developed a portable device that would diagnose illness with a drop of the patient’s blood. She raised around $9 billion for her company but ultimately proved that the technology just hasn’t gotten to the point she promised. The whole house of cards is coming down and she’s in the midst of criminal investigations against her.
Tentacle Handling
Traditional businesses strive to receive as much information as possible from their customers. However, the healthcare industry is the exception. Patients give their personal details at will in order to give them the best care possible. Far too much information is exchanged in person. People live busy lives. Hub Services for Pharmaceutical Companies are advancing the ability for patients to access their own data and receive prescriptions online. These types of innovation are what gives patients more flexibility with their healthcare while reducing costs. Their data is all in one place which speeds up the process of delivering care.
Sometimes slow and steady wins the race, and promising products when the technology isn’t there only hurts the consumer. Hub services centralize patient data so companies can provide more options to their customers and not rely on face-to-face only communication.
Be sure to hop into the Savvy Entrepreneur Private Facebook Community to collaborate, learn and grow with your fellow entrepreneurs and business owners.
Similar Posts by Savvy Entrepreneur:
10 Income Reports by Entrepreneurs for Entrepreneurs
https://savvyentrepreneur.co/10-income-reports-by-entrepreneurs-for-entrepreneurs/
Get More Customers Using Your Website, Email Marketing, and Social Media
https://savvyentrepreneur.co/get-more-customers-using-website-email-marketing-social-media/
Mastermind Groups for Entrepreneurs Foster Accountability
https://savvyentrepreneur.co/mastermind-groups-for-entrepreneurs-foster-accountability/
This is a Collaborative Post
