Healthtech is a rapidly growing industry in which technology is used to solve problems in healthcare. It is meant to help improve access, productivity, delivery, and quality of care, as well as potentially reducing costs. According to recent research, people are still investing in healthtechdespite the economy fluctuations. However, building health products is hard and very different from building tech products.
Many innovators from the tech world are looking to the world of healthcare and attempting to disrupt it through other healthtech developments. There are steps for building health products that scale. What are the key things healthtech Singapore founders should know as they leverage this complex industry? Read ahead!
Within the healthcare environment, there are so many stakeholders; often the user, influencer, and payer are not the same. When building a health product,it’s important to understand from the beginning who the stakeholders are and what they value.
You should map out who will use it, who will pay for it and who will make the decisions to implement. This is because this will have a direct influence on what you build, what features it will have, and what the value proposition will be.
Many of today’s Singapore health tech products started as a technology discovery that was then applied to healthcare to try to solve different problems. Often, this is merely a perceived problem because the founders limited experience means that they haven’t understood their target audience and the workflows.
The way many healthcare stakeholders think about this is that they look for solutions that generally solve one of these problems. It’s important that your product solves real problems in healthcare, and the best way to do this is to consult health industry experts and deeply understand your audience. You can read more about Singapore health technology at https://healthtechsingapore.com.sg/.
Finally, you have to pick the right investors. It’s important that founders choose the investors who understand the time and money it will take to successfully build and scale a health product and have realistic expectations. The studies and regulatory process may take years, and revenue and exit expectations should be adjusted accordingly.
There is no doubt that healthcare is ripe for disruption through technology. In addition, there is no shortage of talented entrepreneurs to catalyze disruption. With that in mind, you will be in a position to leverage health technology in the best way possible.
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