Making It Big: How New Ventures Can Break Into The Healthcare Industry

The healthcare industry is a bustling marketplace for new ventures to enter these days. Americans are demanding better quality care at a better price, and recent healthcare reforms have paved the way for disruptive technology and new businesses to make a move into the healthcare industry. There are a number of unaddressed needs and challenges in our healthcare systems that are waiting for the right innovative solution to come along.

Be Mindful of Laws and Regulations That Apply to Your Business

As you work to move your new business into the healthcare industry, keep in mind that it is one of the most highly regulated industries out there, largely because people literally depend on healthcare products and services to save their lives and keep them healthy. Not only do new ventures in healthcare need to build their businesses within the parameters of the Affordable Care Act, but many also need to engage with the Food and Drug Administration (FDA).

While these rules and regulations may seem difficult to navigate and poses potential hurdles to developing your business, they are manageable and your business will get through them. When you need help navigating the law or other regulations that affect your business, you should contact a business lawyer that specializes in those specific matters.

Join a Healthcare-Specific Incubator or Accelerator

There are a number of healthcare-industry specific startup incubators and accelerators that new ventures can apply to and utilize to help get their business off the ground. These incubators help fledgling companies make contacts with potential investors and industry leaders, assist these companies with preparing grant applications, and can offer guidance and support on how to make it big in the healthcare industry. Incubators help to develop small companies into sustainable businesses, and many new ventures use incubators as a stepping stone, and sometimes even a spring-board, to further the success of their business.

Success Doesn’t Happen Overnight

Breaking into the healthcare industry is never quick work. New companies and startups have to demonstrate that they have a useful and practical new product or service that fills a need in the market and also need to build a name and reputation for themselves. There are two main impediments that can delay how quickly a new venture can make it big in healthcare.

First, there is the time and energy requirement that goes into familiarizing others with your products and services, building relationships with industry partners, and creating a network and support structure around your business. Getting noticed isn’t easy work, and while some new entities get a lot of attention when they first enter the healthcare industry, for many new companies and startups it can take several years to establish themselves. Be persistent, resilient, and adapt and grow your business, even if it is slowly – all progress is good progress when trying to make it in the healthcare sector.

Second, regulatory requirements can take a long time to get through as the FDA is not known for its speediness. The good news is, working through the regulatory processes isn’t so much about being difficult as it is about being lengthy. While there is a lot of red tape, your business will get through it if you just stick with it and are patient.

When you need help navigating the law or other regulations that affect your business, you should contact a business lawyer that specializes in those specific matters.

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This entry was posted on Thursday, August 13th, 2015 at 12:26 pm and is filed under Business & Corporate Law. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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