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Theres been a lot of uncertainty about the possibilities for startup entrepreneurs in the healthcare sector. Biotech is too slow andtoo risky, the naysayers complain, to be a solid venture. Luckily, such old school cowardice is gradually being debunked. In an age where consumers are increasingly in control of theirhealth, the potential for startup success in theindustry has never been more real.

Related: 4 Ways Entrepreneurs Can Innovate in the Healthcare Space

Dr. Tonmoy Sharma didnt come to the United States to be an entrepreneur. By the time he joined the American Psychiatric Association in 2004, he had already studied medicine on three continents and had almost 20 years of experience as a physician. Dr. Sharma opened a six-bed facility to treat addiction in 2009, and now hes CEO of a booming healthcare business, Sovereign Health, thats changing the way addiction is treated. And its surpassed the national average in clinical effectiveness. "With all of the recognitions Sovereign Health has received over the past few years, says Veena Kumari, Sovereigns Chief Scientific Officer, I wasn't surprised to see such impressive clinical outcomes for Sovereign Health's programs.

But many are still surprised to see that successful healthcare and innovative entrepreneurialism have such a fertile overlap. Here are some reasons you should be thinking about making a move to the medical economy.

Theres venture capital looking for the next great startup right now. That money will find someone, and it could be you. The last quarter of 2015 saw 172 VC deals in the biotechnology and medical devices sectors, to the tune of $2 billion in investment capital. How quick is your math? Thats an average investment of about $11.6 million per deal.

If youve got a big idea for the world of medicine, and can organize a team of crackshot scientists(or maybe you have medical background and want to go into business), nows not the time to hold back. Get out there and start pitching for startup capital.

Related: 3 Mobile Solutions to Healthcare Industry Problems

Lets be honest, we dont need another Snapchat. What we do need are better vaccines, more cost-effective medicines, customer friendly healthcare systemsand preventative medicine for the underprivileged. Theres a humanitarian element to this, but theres also the fact that its simply good business. Before anything else, all successful businesses meet a need.

Consumers are increasingly interested in preventative maintenance and personal wellness. This presents myriad opportunities for nonmedical health sectors like the $16 billion yoga industry.

Innovating on the ground floor in wellness doesnt require a PhD, it just takes good business sense and a willingness to help people look out for their own health. How about an app that helps you find healthy options when youre dining out? HealthyOut beat you to that one, but keep thinking in that direction. The next great health and wellness idea is right around the corner.

The medical economy is stable. Healthcare expenses for the average American family are starting to level out. Theyre up by just 4.3 percent this year, the smallest increase the post-9/11 era has seen. This is good for consumers, although health care expenses still put a lot of pressure on most Americans and their employers.

Its also good for entrepreneurs, who can help consumers find ways to make their dollars work for them more efficiently. With good businesses working in their favor, costs dont need to be so high, and innovative companies can still be lucrative. The days of exploitative big pharma preying upon sick Americans are finally on the wane, and that means the little guy can step in and help clean up the mess.

Related: Healthcare Franchises May Be Just What the Doctor Ordered

We may not know what the future holds for Snapchat and Silicon Valley tech, but people will always need healthcare services --which means the healthcare industry isnt going anywhere either. Its a good sector to stake your claim in just for that. So when youre thinking about your next big idea, consider the possibilities in this overlooked dark horse of a startup sector. If you put your efforts to work in the healthcare industry, you just might find it rewarding in all the right ways.

Chirag Kulkarni is a serial entrepreneur and advisor. He is the CEO of Insightfully, which is using AI to discover what employees skills and passions are to reallocate human capital within the enterprise. He has also spoken at Accenture, In...

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3 Reasons Entrepreneurs Should Consider the Opportunities in Healthcare - Entrepreneur

This entry was posted on July 12, 2017 at 4:55 pm and is filed under Preventative Medicine. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. |